The accounting module allows you to manage your organization easily and efficiently. The aim is that a person with little accounting knowledge can use the main functions.
The accounting record also works on this principle: the interface guides you to easily generate your entries without the risk of accounting inconsistencies.
This article will explain the following points :
- Record a revenue or an expense entry
- Add other information to your accounting entries
- Particular cases
Record a revenue or an expense entry
How to access the page
Go to Accounting> Record an entry > Expense (or revenue). This will bring you to a page with some information to fill in.
The principle is the following: you know the information on the operation, and you just have to fill it in so that the software generates the entry.
Basic information to be filled-in :
- The description; that is the name you will give to the transaction/entry.
- The account; the account linked to the entry, depending on its character.
- The date of the transaction; date of the entry, which will be linked to the relevant accounting period. You will be able to record entries to a fiscal year as long as it is not closed.
- The amount; total amount of the expense/revenue.
- Payment method; determines the account linked to the entry: Bank Account for a payment directly from the bank, Check remittance for a check, Petty cash for cash.
- The linked account: for bank payments (CB, transfer, etc.) or cash (each cash account is linked to a bank account, the software must recognize the linked bank account to generate these entries.
You will be allowed to use one account per record only. However, the advanced accounting entry allows you to freely choose the accounts to be impacted.
Accounting entries generated
Once created, you can find the entry via the Search module by filtering via the date, the amount or the account used. You will find two lines:
- One line for the commitment : the amount paid by a third party, which is a payment effected after a sale.
- Another one for the payment, which may or may not be paid in full at the time of the sale.
By clicking on the detail icon, you can access the accounting entry generated. This also allows you to edit the information filled.
The accounting entry (commitment) impacts :
- The revenue account chosen, as there is a recording of a turnover.
- A Assets and Liabilities account, depending on the type of third party, reflecting their commitment to pay the amount.
The payment entry concerns the following accounts:
- The same class 4 account to signify that the commitment is fully/partially paid.
- A class 5 account corresponding to the means of payment (check, card, cash, etc.)
Add other information to your accounting entries
You can add other optional information to link more data to the entry.
Link an entry to a person
This consists of linking a third party to the entry, which allows:
- To filter entries by members on many pages, including the search module.
- To read by third party subaccount in the General Ledger.
By default, only people in the community are proposed. You can link an entry to a customer or a supplier or if the auxiliary accounting is activated (add article hyperlink). To link an entry to a person, you must have added him/her to your Community.
Add an invoice
You can add an invoice to your expense or revenue by uploading the file. This feature allows you to keep a digital record of the invoice (an efficient way to identify the source of the expense or revenue quickly).
Add a comment
It is possible to add information/data for an entry. To add this information, you may use the comment field.
If an entry is partially paid or has not been settled during the transaction, you may mention a late payment. You may record the transactions as paid, which will be settled later.
When an expense or receipt is not fully paid, it will be considered as debit or credit, which will be monitored as a debit/credit page.
It is not possible to record an early payment to a receipt/expenditure. Therefore, you have to create a commitment entry at the date of the down payment. You can therefore enter:
- An expense/revenue entry (and associated payment) on payment on account.
- A second commitment entry at the date of payment of the remaining balance.
The second expenditure/receipt entry can be grouped with the entry for the down payment. You will then need to group the entries together before recording the payments.
This will allow you to flag the entries to your cash flow dates in your reconciliation.
Payment in installments
If a payment is recurrent, you can choose for the direct debit payment method in several installments by establishing :
- The number of direct debits.
- Their frequency (every X months).
This will create one commitment entry and the same number of payment entries as indicated in the number of installments field.