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Cha
pter 11 – Daily Operations – Postings & Journals
1.
Introduction...478
2.
What is an Journal & Posting and why is it important in Revelation……….…..478
2.1.
Accessing Postings & Journals in Revelation………..480
3.
Debtors Postings/Journals……….………481
3.1.
Invoices (Hand written)……….……….…………..……481
3.2.
Credit Notes (Hand written)………..……….……….…….484
3.3.
Receipts (Payments Received)………..……….……..485
3.4.
Batch Receipts………..………….…..489
3.5.
Adjustment Journals………..………..……..……492
3.6.
Post Dated Payments……….………..……….……492
3.6.1.
Input a PD Payment………..………...…..492
3.6.2.
Amend a PD Payment……….………..….494
3.6.3.
Delete a PD Payment………...………….….494
3.6.4.
Process a PD Payment………..………..……….…….494
3.7.
Inter Account Journals (Between two Debtors)…………..……….498
3.8.
Inter Ledger Journals (Between a Debtor & a Creditor)…….………...498
3.9.
Past Period Journals……….………....………..499
3.10.
Batch Journals & Imports from an external File………500
3.10.1.
Manual Batch Journals………..500
3.10.2.
Import from an external file……….……….………502
3.11.
Allocate an un-allocated credit (Payments not allocated against invoice)….506
3.12.
Refunds, Reversals & R/D Payments………..………..………508
3.13.
Fix Allocations (Re-allocate payments)………..……….…………510
3.13.1.
Fix allocation on a selected account……….510
3.13.2.
Make ALL Credits UN-allocated……….………..…511
4.
Creditors Postings/Journals……….………512
4.1.
Invoices (No Stock)……..………..………….………512
4.2.
Credit Notes (No Stock)……..………..……….…….515
4.3.
Payments……….……….……….……….……..515
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4.6.3.
Delete a PD Payment……….……….……….….523
4.6.4.
Process a PD Payment………….……….524
4.7.
Inter Account Journals (Between two Creditors)……….525
4.8.
Inter Ledger Journals (Between a Creditor & a Debtor)………..527
4.9.
Past Period Journals………....……….…..530
4.10.
Post a VAT only amount……….……….……..530
4.11.
Batch Journals & Imports from an external File…………..………..………..531
4.11.1.
Manual Batch Journals……….…..531
4.11.2.
Import from an external file………...………533
4.12.
Allocate an un-allocated debit (Payments not allocated against invoice)..…538
4.13.
Refunds, Reversals & R/D Payments………..…..………539
4.14.
Fix Allocations (Re-allocate payments)………540
4.14.1.
Fix allocation on a selected account………...540
4.14.2.
Make ALL Credits UN-allocated………..………542
4.15.
Print Creditor’s Payments……….………….…….543
4.15.1.
Print Payments………..…….543
4.15.2.
Add/Amend Payment Layouts……….547
5.
Nominal Postings………..…………..550
5.1.
Journals……….………..…….550
5.2.
Bank Journals……….………..…553
5.3.
Single Contra Journals……….………..….559
5.4.
Vat Payments/Refunds………..…………...559
5.5.
Sundry Payments………...………562
5.6.
Sundry Deposits……….…….571
5.7.
Batch Processing………....571
5.7.1.
Input a New Batch……….………..571
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5.7.3.
Process an Existing Batch………..………575
5.7.4.
Delete an Existing Batch………..……….576
5.7.5.
Clear a Batch files “Busy flag”……….………..576
5.8.
Past Period Journals……….577
5.9.
Reverse a previously posted Journals………..…...579
5.10.
Post Dated Payment………..581
5.10.1.
Input PD Payment.……….………..………..….581
5.10.2.
Amend PD Payment……..………..………...…582
5.10.3.
Delete PD Payment.……..………583
5.10.4.
Process PD Payment………..………...…..583
5.11.
Import Journal from external file………..………..…………..585
5.11.1.
From a Standard Import file……….………..585
5.11.2.
From a VIP Payroll Export File………..………….589
5.12.
Import Journals from CaseWare file………..………..591
5.13.
Post Stock Valuation update Journal……….………592
5.14.
Forex Revaluation Journal……….……….….595
5.15.
Auditors Module……….…600
5.15.1.
Import Adjustment entries made by your Auditors……….…….……....600
5.15.2.
VAT Adjustment Journal………....……….601
Attention
Tip
Hot Tip
Warning!
Smarties
Bright Sparks
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beginning it was as simple as one pig was traded for eightchickens. The problem came about when the status quo was not
equal. “Please supply me with eight chickens now, and as soon as my pig is big enough, I will return the favour”. People had to start keeping record of who owed what. This is where manual Journal books were born.
In 1494 the Italian Monck - Luca Pacioli, was the First person that wrote down and taught on the double bookkeeping principle. This principle states that for every left hand entry in a journal, an equal opposite right hand entry should be journalised, in order to balance the journal. These entries are referred to as a Debit and a Credit.
Today it is widely accepted that Pacioli was indeed the father of modern accounting. He was also the first modern accountant and rendered his expertise this help people like his close friend Leonardo Da Vinci. It would be accurate to state that Pacioli did for accounting what Da Vinci did for Art and Science.
Although modern accounting Software has revolutionised the volume capabilities and have added some very interesting nuances to accounting, the principle remains exactly the same as how Pacioli first stated it.
2
What is a Journal and why is it important in Revelation
A journal entry in accounting is a logging of transactions into accountingjournal items. The journal entry can consist of several items, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced". Journal entries can record unique items or recurring items such as depreciation or bond amortization. In accounting software, journal entries are usually entered using a separate module from accounts payable, which typically has its own sub-ledger that indirectly affects the general sub-ledger; journal entries directly change the account balances on the general ledger. Some data commonly included in journal entries are: Journal entry
number; batch number; type (recurring vs. nonrecurring); amount of money, name, auto-reversing; date; accounting period; and description. Typically, accounting software imposes strict limits on the number of characters in the description; a limit of about 30 characters is not uncommon. This allows all the data for a particular transaction in a journal entry to be displayed on one row.
The balance sheet is a statement showing net worth on a particular date. Journal entries are used to record injections and ejections to such net worth. After recording the transactions through journal entries the revised balance sheet can be prepared. From a business owner’s perspective, the Trial
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Balance forms the heart of accounting and from the Auditors perspective, the Balance sheet is important. Manual Journal entries in Revelation should ideally never be made. The processes that drive the package, like Bank Reconciliation and invoicing, should in theory, do all the necessary Journals on your behalf. It is only in the event of mistakes and auditor input or other extra ordinary circumstances that journals should ever be processed. We know of several businesses that NEVER make any journal entries. The secret to this is that all aspects of Revelation is used to its full capacity. A good example of this would be where the assets Register automatically posts depreciation journals each time the month-end is run. Another good example is Debtors & Creditors Payments that are driven from the Bank Recon process and not via the Journals process.It is however inevitable that at some stage journals would have to be posted. Imagine you have a Creditor that also buys from you. He owes you R 100.00 and you owe him R 100.00. Instead of paying you, he simply tells you to take the money that is owed off their creditors account. Although this is bad practice, it is allowed and ultimately happens on a regular basis in real life. In this event, an Inter-Ledger Journal will have to be posted. The same rings true where the auditors instruct you to write off bad debts. A Journal is still the best way to accomplish this.
Some more reasons why a journal will be posted: Writing off bad debt
Contra Journaling a Debtors and Creditors Account
When the incorrect Debtor’s Account was Debited with a payment received Where the incorrect Creditor’s Account was credited with a payment made. Where non-stock invoices are manually issued to clients.
Where non-stock GRN’s are made for services received from Creditors. Where incorrect accounts were used when posting into the GL.
When manually receiving monies from a Debtor.
When manually posting payments against a Creditors Account. When posting from an external source like a Payroll package.
When adjusting GL values based on external information. A good example here would be where currency of a country is re-valued (Like in Zambia – 2013).
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You may also access Postings to Accounts from the top Dropdown Menu, by clicking on Postings >>Nominal Postings.
Using the Power Bar, you may also customise your own set of buttons to access frequently used functions such as Postings & Journals. Click on the Yellow question mark and then follow the steps.
Once done, you simply click on the button created.
Once you access the “Postings” option, you will be presented with the Debtors/Creditors/Nominal Postings selection.
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3
Debtors Postings/Journals
Debtors Postings are used for a number of reasons. The two most common Debtors Journals are to Produce Debtors Invoices/Credit Notes without stock and to post
payments/receipts for payments received on Debtors accounts. Some other uses for Debtors Postings would include Adjustment Journals, Post Dated Payments, Intern-account Journals, Intern-Ledger Journals, Past Period Journals and Batch Journals.
Batch Journals & Import Journals are used for among other things, to import take-on Balances from other packages into Revelation.
Payment allocations can also be adjusted under this section.
To access the Debtors Ledger postings, click on Postings to Accounts and then select [Debtors ledger (customers)]. Now click on the [Postings] button.
3.1
Invoices (Hand written)
This option is usually used in the service industry where reps produce manual invoices that do not involve stock. You may also use this option to adjust Debtors accounts.
To access the Hand-written Invoices, Click on the [Invoice (hand-written)] button.
Now call up the Debtors account that you would like to post the journal into. Remember to use the normal Selection options available in Revelation (Search keys & Pattern Search).
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3.1.1
Journal Reference
This is a Unique Reference that will be stored alongside the Journal. A good idea is to have separate Journal Reference book in order to assist in Audit process.
3.1.2
Journal Date
As this is not a Past Period Journal, the dat should fall in the Current or next Period. If you enter a date older that the current period, the follwing warning will come up. If you do not change the date (to the current period) the Aging on the Debtors account will change, but the General Ledger will be updated in the current period.
3.1.3
Journal Amount (Incl VAT)
This is the total amount to be added to the Debtors Account. Depending on the “Charge Tax” Setting in the Debtors Account, this must be either an Inclusive or Exclusive Amount. If it is set to Inclusive, the Tax will be Calculdared and placed in the Tax Amount.
3.1.4
Journal Rep & Repname
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3.1.5
Nominal Account Number & Name for this Journal
You should now select the correct GL account to be Credited. The Contra GL account will always be the Debtors Control Account. You may enter as many journal legs as required for this Transaction. If no account is selected, the system General Sales Account will be selected and the entire amount will be contra’d agains this account. The default tax will also be used.
3.1.6
Tax Code for this Journal
Select the tax code for this leg of the transaction. To access the Vat list, press the [F5] key.
3.1.7
Amount for this Journal Leg (Incl Vat)
To calculate an Inclusive Amount from an Exclusive Amount from the Exclusive Amount, input the Exclusive amount and then Press [F5]. Rembmer to use the correct sign in front of the amount. Repeat this for all the legs of the transaction until they add up to the Main total.
3.1.8
Tax Portion for this Journal
This will display the Tax portion for this leg of the Journal. All the legs Tax portions will add up to the total Vat for this Journal.
3.1.9
Sub-Totals so Far
This is the amount deducted from the total amount that has been posted to Nominal Legs so far. Once all the legs have been posted correctly, this amount must equal the total Amount.
3.1.10
Still to Post
This is the amount that must still be posted to Nominal Legs. Once all the legs have been allocated to Nominal Legs, it should be Zero.
3.1.11
Finish/Amend & Narration Options
Once the Journal is completed and ready to be saved, you may either Edit or Cancel the Journal. You may also add a narration for this Journal
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To add from a Pre-programmed list of Narrations, use the [Select from Stored Notes]3.2
Credit Notes (Hand written)
Credit note Journals are exactly the same as Invoices (Hand Written) except the sales accounts will be debited instead of credited. Once the Journal is complete, you will have to allocate the debit against a previous Credit.
To auto-allocate the amount, simply [Enter] on the still owing amount. If you do not want to allocate agains the the oldest amount, use the keyboard arrow keys to navigate to the correct amoun that you would like to allocat against and then either enter the amount to be allocated or press the [Enter] button.
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3.3
Receipts (Payments Received)
If you do not use the Bank Recon Engine or the Invoice Module to post Debtors Payments, you may post receipts/payments received from here. First select the bank account that the payment must be contra’d to. The journal will always be contra’d against the Debtors Control as the one leg of the Journal and the selected bank account as the other.
If enabled, you will be prompted for a Deposit Slip number. If your organization is still depositing cash or Payments, enter the Deposit book number here.
Now read the Deposit Slip information.
In the event that Revelation finds post-dated Payment postings against this account, make sure that the receipt that you are about to post is not the same as the post-dated Receipt posted before and then click [OK].
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3.3.1
Payment Reference
This is an unique number that may be used to track the payment. In the case of Deposits, the Deposit slip number may be entered here.
3.3.2
Receipt Date
Enter the Payment Date.3.3.3
Paymant Amount
Now enter the amount that you are receiving from your client. In the event that discount still has to be calculated and deducted of the amount, you may leave the amount field blank. Once the
allocation s has been complated, you will be given the oppertunity to allow the system to populate the amount for you.
If you chose the option to first leave the amount field blank, you will now be prompted to populate the origional payment amount from the calculated amount by pressing the [Yes] button.
3.3.4
Rep. Code & Name
If you are using the option to pay your rep’s only once the client has paid their account, then you need to select the correct Rep code. Click on the Down arrow or click on the code field and then press the [F5] function key.
3.3.5
Tender Screen
You will now be prompted to enter the correct tender type that was presented for payment. This is used to update the Daily Trasaction report and Cash Reconcilliation options.
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The following Tender type are availible: Cash Payments
Credit/Debit Cards Electronic Transfers (EFT) Vouchers
Other
Mixed Tender
3.3.6
Allocation screen
If you did not leave the amount field blank (in order to calculate the amount), you will now be prompted with the allocation screen. Use the [Enter] button to allocate the amount or the ↑↓ arrow keys to navigate to the correct amount that you would like to allocate against.
To calculate the settlement discount on each amount, insert the discount percentage and then press the [F5] key. You may also insert the amount manually by typing the correct allocated amount against the correct allocation fields instead of the [Enter] key.
3.3.6.1
Auto Allocate
To allocate the Credit amount automatically, press the [Auto Allocate] button. The open Credit will then be allocated against the oldest outstanding Debit amount and then every subsequent open debit until all the credit available is allocated.
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3.3.6.2.1
Auto-allocate Amount from Oldest entry – NO Discount
This option is similar to the “Auto-allocation” option on the previous screen. As before, the credit amount will be allocated from the oldest debit and then against each subsequent Debit until the Credit has been dispersed.
3.3.6.2.2
Auto-allocate Amount from Oldest entry – DEDUCT Discount
This option is the same as described above except that you may also add a Settlement Discount percentage to de deducted from the debits that are being allocated against. Simply enter the percentage discount to be deducted off each of the debit amounts in this allocation.The settlement discount amount will be allocated against each debit line under the Settl. Disc. Column.
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3.3.6.2.3
Search for Document Reference to Allocate to
This little gem will assist in finding a specific debit to be credited. Once selected, you will be prompted for a Reference number. This search will look for an exact match, so make sure that you enter the correct reference.
Once found, the line item that matches the reference code will be high-lighted. Simply click the [Enter] button to allocate the amount against the line item that was found with the search.
3.3.6.2.4
Cancel Allocations made so far and start again
This option will cancel all the allocations made so far and place the system back in the position before the allocation was started. Simply start the allocation process again.
3.3.6.2.5
Cancel this “Allocations Options” window
If you no longer require the allocation help options, you may exit the allocation options by clicking on this option.
3.4
Batch Receipts
Batch postings are used to capture multiple Payments into a single Debtors Journal. These payment receipts may then entered into the selected bank account as multiple entries. To rather post them as a single entry into the bank, make use of the Sundry Deposit Engine under the Nominal Postings.
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As with single receipts, you may enter a Deposit slip number that will be inserted alongside each receipt. The Deposit Slip number will be attached to ALL the deposits that are being posted in this run. When doing Bank Recons, you may then search for all the deposits with a specific slip numberthat was entered here. This will also allow you to display a group total for comparison with the bank
Statement. If you do not want to attach a Deposit Slip Number, you may clear the Deposit field.
If the correct setting has been set in the system Preferences, you may also enter a Hash check total. Once the Receipt Journal is complete, the total for the Journal must equal the Hash total.
To set the Hash total go to System Preferences >> Accounts. Now tick both the Batch Hash prompts.
You may also enter a standard Narration to be posted alongside each entry of the Batch Receipt.
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3.4.1
Contra Journal Bank Account
This is the Bank Account that all the Batch Receipts will be posted against. This is a Display window only. If it is not the correct account, cancel the batch & re-select the account.
3.4.2
Debtors Account Number
Select the correct Debtors account for this leg on the Batch receipt by pressing the [F5] button. Use the normal search functions to select the correct account.
3.4.3
Account Name
This is a display line only. Make sure that this is the correct account that was selected for this leg of the journal.
3.4.4
Date for this leg on the Journal
Each leg of the batch Journal may have its own date.3.4.5
Reference number
Give each Leg of the Journal its own unique Reference number. If the first journal ends on a numeric, the system may auto-increment the rest of the reference number by simply entering on the
Reference field rather than entering a number.
3.4.6
Receipt Amount
This is the Amount that the selected Debtors Account should be reduced by. If you have a Hash total set, the legs of all the journal amounts should add up to the Hash Total.
3.4.7
Sub –Total for this Batch
This is the total of all the legs of the journal up to now.
3.4.8
Hash total for this Journal
This total is set when the Journal is started. At the end of the Journal, the Sub-Total & Hash Total should equal.
Tip: When selecting the Legs of the account, the Debtors aging information will be displayed at the bottom of the Journal panel.
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Although Cheque payments are no longer the norm when making payment, most bank now allow future date payments. Toaccommodate this, Revelation now allows for issuing and receiving Post Dated Payments. Once the due date of the PD payment equals the system date, a reminder will appear. Simply click on the [SHOW PDQ’s] to see a list of all the PDQ’s that has become due for processing.
3.6.1
Input a PD Payment
3.6.1.1
Input Screen
Once you have received the Post-dated Payment from your Client, you may record it on the reminder screen in order to have it displayed when it becomes due. It is important to understand that you are only capturing the reminder at this stage. Once the Payment has become due, you will still have to “Action” the Payment against the account by following the steps as set out in Point 3.8.10. Once you have called up the correct account details, you will be presented with the Post-Dated Payment Input Screen.
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Insert the correct details from your client’s payment unto the Input screen. Please note that not all the Payments are the same but should all follow the same basic principles in terms of Payment numbering etc.3.6.1.2
Payment Number
Insert the Payment Number as it appears on the Payment form
3.6.1.3
Due Date
This is the date that the Payment is due. Once this date aligns with the system date as entered when opening Revelation, the [Show PDQ’s] will become active.
3.6.1.4
Amount
Enter the amount as stipulated on the Payment. Once the Payment is processed, this amount will be debited off the Clients account.
3.6.1.5
Select the Bank Account
Select the Bank Account that this Payment will be paid into. The Default account will always be displayed. Press the [F5] or the down arrow to select another account.3.6.1.6
Narration
Insert a Narration that will appear in the narration field of this payment. If the correct settings are selected, this narration will appear next to the payment on the Statement.
3.6.1.7
Rep
The Rep-Code that is linked to the Clients account will be defaulted here. This is very important when Reps are paid on Debtors Payments rather than on Sales. To change this code, press the [F5] button or click the down arrow.
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3.6.2
Amend a PD Payment
To amend PD Payment, simply call up the correct Debtors account and then select the correct PD Payment that needs to be amended.
The original PD main screen will be displayed. Change the details as required and then click the [Finish] and then the [Save] button. Again you will be offered the opportunity to amend other PDQ’s
3.6.3
Delete a PD Payment
As with Amend PDQ’s, first call up the Account. Now select the PD to be deleted. The PD Main screen will be displayed. To delete the PD, Select [Delete].
3.6.4
Process a PD Payment
To process a PD Payment, you will be prompted to confirm the date.
You will now be offered three options to process the PDQ’s. If you choose the first two options, you will NOT have the option to select an againg period, instead, the Payments wil be posted agains the oldest age period.
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3.6.4.1
Process ALL Payments automatically
This is the preffered way to process high volume PD Payments. When this option is selected, all the PD Payments that are dated as Due, as well as all PD Payments before, will be displayed. To start the Automated process, click the [Begin] or [Enter] button.
Warning: Make a Backup before you start.
3.6.4.2
Process ALL Payments, but prompt for confirmation on each Payment
This option will first prompt you with each PD in a list before it is processed.Before each PD is processed, a confirmation prompt will appear. This will give a final prompt to either [Process Payment] or to [Skip Payment]. One by one the PD’s will be posted. The actual PD and related account will be displayed in the backgound.
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Now allocate the PD Payment amount against each open invoice. Use the ↑↓ arrows to move the allocation marker next to the correct amount. And then press [Enter]. This will take you to the Settelment Discount field. If applicable, insert the discount amount or use [F5] to calculate the correct amount. Now press the [Finish] button to complete this transaction.3.7
Inter-Account Journals (Between two Debtors)
This option is typically used where a payment has been allocated to an incorrect account. The reason that you would rather use this option than to reverse the Payment is because you do not want to create an imbalance in your Bank Journal. It is however not recommended to adjust incorrect invoices and Credit Notes as this option will not correct stock. The first Account that you select, will be displayed on the left of the Journal screen and the second on the right.
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3.7.1
“From Account” Details
This is normally the account that you are going to move the incorrect payment FROM. Logic dictates that because you are removing the incorrect payment from this account, the balance in this account will increase. In the interest of not getting confused, rather re-select your Journal accounts, if this is not the case.
3.7.2
“To Account” Details
This is normally the account that you are going to move the payment TO. As with the “From Account”, logic dictates that as you are adding a payment “To” this account, the Balance of the account will be reduced. As this is the case, you will also be presented with the allocation screen at the end of the Journal.
3.7.3
Input FROM Account Amount
Because this account balance will increase, it is imperative that a positive amount should be inserted here.
3.7.4
Input TO Account Amount
Because this account balance will decrease, it is imperative that a minus amount should be used here.
3.7.5
Journal Reference
Use any reference that you see fit or as company policy dictates.
3.7.6
Journal Date
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If the Debtor’s account that you are posting the payment TO (on the right), is an Open Item Debtor, you will be presented with the allocation screen that will display a list of all the outstanding Debits. Use the ↑↓ Arrows to move the selector to the correct debit. Once aligned with the correct debit, press the [Enter] button. Continue this process until the “Still to be allocated” amount is Zero. To leave the amount as UN-allocated, click on the [Finish] button before allocating any amount.Tip: You may change the Sort screen of the allocation screen by simply clicking on any of the Headers.
3.7.7.2
Balance Forward
When the “To” Account is a Balance Forward Account, you will be presented with two choices before the Journal begins, Auto Allocation and Manual Allocation.
3.7.7.2.1
Balance Forward - Auto Allocation
This selection will automatically allocate the payment against the oldest period onward.
3.7.7.2.2
Balance Forward – Manual Allocation
This option will allow you to select the period that you would like to allocate the payment against. Use the ↓↑ allows on the keyboard to select the correct period. Manually post the amounts against the required period until the “Still to be allocated” amount has been depleted.
Tip: You may also use this method to re-allocate
incorrect aging by using using debit and credit amount agains each period.
3.8
Inter-Ledger Journals (Between a Debtor & a Creditor)
Inter Ledger Journals are Journals between a Debtor’s and Creditor’s Accounts. This is commonly used were your Company has the same institution as a Client and a Supplier. Instead of paying the Supplier as-well-as receiving payment from the Client, it may be decided to off-set the Debit and Credit amounts against each other.
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The Debtors Account will be displayed first and then the Creditors Account. To reduce the amount owing on the Debtors account, remember to use a Minus in front of the amount as this will Credit (make it less). The Creditors account must have a positive amount to balance the journal. Both will display the allocation screen after the posting. Handle this as with the Inter-Account Journals. See: 3.7 for more information.3.9
Past Period Journals
Debtors Past Period Journals allow you to rectify incorrect transactions that relate to periods that have already been Month-ended. Typically this would be the case were a Hand-written Invoice was not added to the Clients account when it was due. The Past Period Journal should be handled with caution as it will adjust Year to date figures. This in turn will mean that certain reports will have to be reprinted. As VAT may not be rectified with the Receiver as a past period posting, the VAT will be added to your current VAT Report. This in turn will mean that your TB turnover and VAT Turnover
will not agree. For this reason, Past Period transactions will be listed separately on the new type VAT Report.
You may post Journals into the Current Financial Year as-well-as the Last Financial Year.
The only difference between a Posting into the Current Financial Year and the Last Financial Year, is that in the case of the Last Financial Year the totals that is supposed to be posted to either the Income or Expense portions of the TB will NOT be posted in the Income or Expense portion of the TB but rather directly to the Liability account called Retained Income/Loss. The reason for this is that at year-end, the Balance of all the Income and Expense accounts are cleared in order to start a new Financial Year.
Also remember that:
1. In Open Item accounts, Credit amounts are posted as Unallocated Credits which you must then allocate to one or more debits in the Current period.
2. Credits in Balance Forward accounts are posted against the Oldest outstanding Age Periods. Use the “Amend age analysis” feature under the Debtors MasterFile to amend this if not correct.
3. If Rep-Codes are attached to Past Period entries, these entries will appear in the Rep Analysis period based on the Date of the entries. If required, print a Historic Rep Analysis for those Periods.
Now call up the required Account. This will call up the Past Period Journal Main Module. Now Post the Journal as you would a Hand-written Journal. See: 3.1 Remember to use the correct date as this will determine the aging and the affected period.
Warning: You need to re-print all the appropriate reports as Past Period Journals alter the Year to date figures.
Warning: Make sure that only authorised staff has access to these Journals and that a Supervisor Password is in place.
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Batch Import Journal Engine.3.10.1
Manual Batch Journals
This module allows Auditors & bookkeepers to manually post large volume Journals into Debtors Accounts. The idea is that the Auditor is handed a box full of hand written invoices and is requested by the client to computerise the entire months Invoices. Debit and Credit Journals may be processed through this process.
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3.10.1.1
Client Account Number
Select the Debtors Account by typing in the first 4 Alpha Digits or by clicking on the down arrow or pressing the [F5] button.
3.10.1.2
Nominal Contra Account for this Journal Leg
Select the Nominal or General Ledger Account that this account must use as a Contra Account.
3.10.1.3
Date for this transaction
The date must fall within the active period. Use a DDMMYY format.
Tip: If you would like to post past period Journals, use the 2nd option [Import the Batch from an external file] The Debtors will be correctly aged according to the past Period date. The transactions will however be logged under the current General Ledger.
3.10.1.4
Reference
This is usually the Invoice, Credit note or payment reference.
3.10.1.5
Amount (Incl.) Vat
This is the Inclusive amount that should be posted to the Debtors Account.
3.10.1.6
Tax Code
Select the correct tax code by overtyping the correct code.
3.10.1.7
Tax Portion
The VAT portion for this leg of the Journal will be displayed here. You may overtype this amount. Only do this if you know what you are doing. If this amount does not line up with the Calculated Tax for this code, a warning will be displayed.
You may now either except the amended VAT Total by clicking [Yes] or you can recalulate the correct Vat by selecting [No] and then use th [F5] key to Re-Calculate the correct amount. If the Vat is amended and left unbalanced, the balance of the VAT will be moved to the Nominal Account selected before. This Transaction will now be listed under the Vat exception List.
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Once all the Lines have been entered and checked, click the [Finish] and then the [Save] button in order to post the Journal.3.10.2
Import from an external file
The Batch Import has two advantages. Firstly it can pull a large amount of Data from an Excel Spreadsheet. Secondly it allows you to post a high volume past dated (Past Period) Batch Journal. The advantage of this process is that you may export the outstanding balances from your clients, out of another outdated Accounting Packages and import them into Revelation. This will allow you to immediately print accurate Statements and send them off to your clients. The Transactions itself will not be aged under the GL but will however be logged under the Current Months Ledger.
Tip: Use Past Period Nominal Journals to age them correctly.
The Import may be done from either an Excel Spreadsheet, a Text File (Comma Delaminated) or a Text File (Tab Delaminated). Because the Excel Spreadsheet is the most common format, we will only be focusing on the format for now. If you have issues using the others, please give the support Centre a call.
When Importing the Journal from Excel it is important to note that there are MANDITORY fields that have to be part of the import. For this import to be successful, you first need to import or create the Debtors masterfile records (you can’t import transactions to an account if there is no account). The followig Fields have to be present in the spreadsheet:
Debtors Accout Number (Account Number) e.g. ABCD001 Invoice Reference (Reference) – up to 8 charaters e.g. 12345678 Date of the Transaction (Date) e.g. YYYYMMDD 2012/12/30 Amount for the Transaction (Including VAT) e.g. 9999.99
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Before the Import starts, you will be prompted with a explenation screen. After reading this, click the [Yes] button to start the import.You may also include additional coloumbs in the spreadsheet:
GL Sales account number. If not present, Revelation will use the General Sales Account (usually 12001)
A VAT Code e.g. 01,02,03. If there was no VAT component linked to an entry, rather leave the Vat CODE field Blank for that entry. If there is a Vat code column in the import file, but NO Vat Amount column, Revelation will calculate the Vat Amount based on the Tax Code (if any). If there is no Tax Code column in the Import file, Revelation will assume there are NO Tax components in any of the entries.
A VAT Amount. Credit amounts will be allocated from the Oldest amounts on the account. Warning: You may NOT import Forex Debtors using this import mechanism.
Hot Tip: Backup before the Import commencses!!!
Tip: Use the Demo file as a starting point. Remove the information in there and replace it with your information.
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Make sure that each of the column’s conform to the specified format below. Once the import starts you will be prompted to confirm if the first line of your spreadsheet is a header line. You should also select the correct sheet name that will be imported (Spreadsheets contain multiple sheets)3.10.2.1
Sheet Name in spreadsheet to be imported
In Excel, you may have numerous Sheets attached to your Spreadsheet. When in Excel, by right clicking on the active Sheet name, you may rename the sheet. In our example import, we have named it “Batch”. In the import process, Revelation will list the available sheets. Click on the down arrow to receive a list of these sheets names and then select the correct one.
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You should also select the correct sheet name that will be imported (Spreadsheet contain multiple sheets).3.10.2.2
Is Line 1 a Column Header
Once the import starts you will be prompted to confirm if the first line of your Spreadsheet is a header line. Header lines in Excel are usually the first line of the column and only serve to help identify the column. They have no calculation value. If you have a header line for the Spreadsheet and you don’t tick this option, Revelation assumes it does have calculation value. This then confuses the import engine and an error condition occurs.
3.10.2.1
Populating the Import screen
Each of the above information pieces must be inserted into its own coulomb in Excel. Once the import starts you will be prompted with a selections screen for each coulomb in order for Revelation to import the correct information. Make sure that each of the columns is aligned.
Before the import starts you will be prompted with the header information on the spreadsheet. The fields in red are manditory fields.
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To begin the import, click on the [Yes] button.The import will now start. This will now populate the Batch Journal engine.
3.10.2.1
Actioning the Batch Import
You have now effectivly used the Excel spreadsheet to populate the Manual Batch Journal Engine. You may now check each of the batch lines as if it is a Manual Batch Journal. Make sure that the information is correct before actioning the Batch.
Warning: As stated before, the Import engine allows you to insert Past Period dates in order to correctly age the import. Once the batch has been populated, do NOT change the past period date’s as you will not be able to change them back to a past date, once you have “fiddled” with them. To complete the import, click on the [Finish] button. Check the accounts carefully to make sure that the import is correct.
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3.11
Allocate an un-allocated credit (Payments not allocated against invoice)
Unallocated payments are payments on OPEN ITEM Debtors accounts that have not been allocated against a specific debit entry. This usually occurs when the person posting the bank, does not know against which invoice/s to allocate a payment. Whilst posting the Credit, the following message will appear in the Cashbook.
Tip: You may print a list of all the Un-allocated Credits by going to the Audit Reports >> Selected Debtors transactions and then tick option “DU”.
When calling up a Debtors account you will notice that the Credit amounts that have not been allocated as yet, will always appear on the top of the current transaction list with a “U” next to them. This indicated that the amounts are still unallocated.
Once you have called up the correct Debtors account that you would like to allocate unallocated credits to, you will be presented with a list of all the outstanding Credits. Select the Credit that you would like to allocate by clicking on the amount and then clicking the [Select] button.
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A grid display will list all the debit amounts that have not been credited as yet. The original debit amount is displayed on the left under “Doc, Value”, and the amount that is still outstanding will be displayed on the right under “Still Owing”.Use your ↑↓ arrow keys to move to the correct Debit that you would like to allocate the credit against and then press the [Enter] button to allocate the entire “Still Owing” amount or simply type in the correct amount into the “Allocation” column and then press [Enter]. Again use ↑↓ to move to the next debit amount until the entire Credit has been allocated. If only part of the Credit has been allocated, you may leave the balance as un-allocated.
Tip: If the Doc.Value and the “Still Owing” is not the same, that indicates that you have previously part-allocated an amount against the original Document Value.
If you have incorrectly allocated an amount against a Debit, you may correct it by clicking on the [Amend Allocation] button. You be presented with an option screen that will allow you to:
Cancel the Allocations made so far and to start again Cancel this “Allocation Options” window
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Once the selected credit has been allocated, you will first be prompted to allocate another Credit against the same account.Now you will be prompted to allocate more un-allocated credits against other accounts.
Note: Due to the complexity of the process, you may not deduct discount when allocating un-allocated Credits. This may change in future versions of the program.
3.12
Refunds, Reversals & R/D Payments
A refund, Reversals and R/D Payments is the processes were a Credit needs to be debited. This may be
because of any number of reasons such as a Bank stopping payment on the Credit or were a payment was allocated against the wrong Bank or Client’s account.
Tip: If the incorrect Debtors account was used, rather use Inter-account Journals to correct incorrectly allocated Debtors accounts as this will avoid a messy bank account.
When effecting Reversals & refunds, you will first be prompted to select the correct bank account that the reversal will be contra’d against.
Hot Tip: If you do not want to use the Inter-account Journal to correct incorrectly posted Payments, but do not want to mess up your current bank account, select your Petty Cash (or similar) Account to effect the reversal against. Now re-post to the correct Debtors account but again use the Petty Cash (or similar) Account for the corrected payment posting.
Once you have selected the correct Bank account you will be prompted for the debtors account details. Now insert the reference, Date and Amount. To complete the Reversal, hit the [Finish] button.
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Tip: Make use of the “Last Payment” details to see the amount and date of the Payment that needs to be reversed.Tip: Remember to include the original discount amount into this reversal.
Once the Reversal is complete, you will be prompted for the next Reversal.
3.13
Fix Allocations (Re-allocate payments)
When Credit entries have been allocated against the wrong Debits, it may be necessary to re-allocate the credits posted so far. This is done by “un-hooking” them from the debits that they have incorrectly been allocated against. Once done, you will be afforded the opportunity to allocate them agains the correct debits. This is only possible for current transactions (Future versions may allow historic re-allocations).
The re-allocations may either be done one-by-one, or you may opt to” un-hook” an entire months credits for a selected debtors account. This option is only recommended for small accounts and only when you are sure what you are doing.
3.13.1
Fix allocation on a selected account
After calling up the correct debtors account, you will be presented with a selection screen. Under the Credit column, choose the amount that you would like to UN-allocate and then press the [Select] button. REMEMBER: If the credit was part of an amount that was allocated against multiple debits, ALL the credits will be un-hooked from the debits.
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Once you have selected the correct credit, confirm the de-allocation by clicking [Yes].You will now have to re-allocate the open credit. Follow the same steps as the origional allocation process. You may also choose to leave the credit as Un-allocated.
3.13.2
Make ALL Credits UN-allocated
When making all the credits UN-allocated for a selected debits account, you do not have to choose a Credit, as the entire Credit range for the active month will be made UN-allocated
Once done, the UN-allocated credits will be moved to the top of the account in order for you to re-allocate.
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Use the “Allocate unallocated Credit” option to re-allocate the Credits.
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4
Creditors Postings/Journals
Creditors Postings used to adjust Creditors accounts. This may be due to payments, VAT Imbalances or to contra either two creditors accounts or to contra against a debtor’s and creditor’s accounts. You may also post Adjustment Journals, Post Dated Payments and Batch Journals.
Batch Journals & Import Journals are used, for among other things, to import take-on Balances from other packages into Revelation.
4.1
Invoices (No Stock)
Hands written invoices are usually used were no stock is involved and Creditors accounts must be updated. A good example would be were utility bills are posted. To access the Hand-written Invoices, Click on the [Invoice (hand-written)] button.
Now call up the Suppliers account that you would like to post the journal into. Remember to use the normal Selection options available in Revelation (Search keys & Pattern Search).
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As this is not a Past Period Journal, the dat should fall in the Current or next Period. If you enter a date older that the current period, the follwing warning will come up. If you do not change the date (to the current period) the Aging on the Debtors account will change, but the General Ledger will be updated in the current period.4.1.3
Journal Amount
This is the total amount to be added to the Supplier’s Account. Depending on the “Charge Tax” Setting in the Creditor’s Account, this must be either an Inclusive or Exclusive Amount. If it is set to Inclusive, the Tax will be Calculdared and placed in the Tax Amount.
4.1.4
Nominal Account Number & Name for this Journal
You should now select the correct GL account to be Credited. The Contra GL account will always be the Creditors Control Account. You may enter as many journal legs as required for this Transaction. If no account is selected, the system General Sales Account will be selected and the entire amount will be contra’d agains this account. The default tax will also be used.
4.1.5
Tax Code for this Journal
Select the tax code for this leg of the transaction. To access the Vat list, press the [F5] key.
4.1.6
Amount for this Journal Leg (Incl. Vat)
To calculate an Inclusive Amount from an Exclusive Amount from the Exclusive Amount, input the Exclusive amount and then Press [F5]. Remember to use the correct sign in front of the amount. Repeat this for all the legs of the transaction until they add up to the Main total.
4.1.7
Tax Portion for this Journal
This will display the Tax portion for this leg of the Journal. All the legs Tax portions will add up to the total Vat for this Journal.
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4.1.8
Sub-Totals so Far
This is the amount deducted from the total amount that has been posted to Nominal Legs so far. Once all the legs have been posted correctly, this amount must equal the total Amount.
4.1.9
Still to Post
This is the amount that must still be posted to Nominal Legs. Once all the legs have been allocated to Nominal Legs, it should be Zero.
4.1.10
Finish / Amend & Narration Options
Once the Journal is completed and ready to be saved, you may either Edit or Cancel the Journal. You may also add a narration for this Journal
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To Finish the Journal, simply hit the [Save] button. You may also [Amend] or add a [Narration].To auto-allocate the amount, simply [Enter] on the still owing amount. If you do not want to allocate against the oldest amount, use the keyboard arrow keys ↑↓ to navigate to the correct amount that you would like to allocate against and then either enter the amount to be allocated or press the [Enter] button.
4.3
Payments
If you do not use the Bank Recon Engine to post Creditors Payments, you may post Payments received from here. First select the bank account that the payment must be contra’d to. The journal will always be contra’d against the Creditors
Control as the one leg of the Journal and the selected bank account as the other.
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You will now be presented with the Standard Journal Payment screen:4.3.1
Browse Transactions
If you would like to post the payments per document number, click on the [Browse transactions] button. This will display a list of all the outstanding Creditors Invoices for this Creditor. Use the [Display], [Clear] and [Select] buttons to assist in populating the Amount field.
4.3.1.1
Display
The display button will assist in making sure that you are paying the correct Creditors Invoice. To pay the Invoice, click the [Select] button.
You may add the invoices one-by-one. This will increase the amount fields. To effectively use this option, leave the amount field blank.
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4.3.1.3
Select
Use the [Select] button directly if you do not want to first view the Invoice.
4.3.2
Payment Reference
This is a unique number that may be used to track the payment. In the case of Deposits, the Deposit slip number may be entered here.
4.3.3
Receipt Date
Enter the Payment Date.4.3.4
Payment Amount
Now enter the amount that you are receiving from your client. In the event that discount still has to be calculated and deducted of the amount, you may leave the amount field blank. Once the
allocation s has been completed, you will be given the opportunity to allow the system to populate the amount for you.
If you chose the option to first leave the amount field blank, you will now be prompted to populate the original payment amount from the calculated amount by pressing the [Yes] button.
4.3.5
Allocation screen
If you did not leave the amount field blank (in order to calculate the amount), you will now be prompted with the allocation screen. Use the [Enter] button to allocate the amount or the ↑↓ arrow keys to navigate to the correct amount that you would like to allocate against.
To calculate the settlement discount on each amount, insert the discount percentage and then press the [F5] key. You may also insert the amount manually by typing the correct allocated amount against the correct allocation fields instead of the [Enter] key.
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You may also use the [Auto Allocation] and the [Allocation Options] to assist in the paymentallocations.
4.3.5.1
Auto Allocate
To allocate the Credit amount automatically, press the [Auto Allocate] button. The open Credit will then be allocated against the oldest outstanding Debit amount and then every subsequent open debit until all the credit available is allocated.
4.3.5.2
Allocation Options
Once in the allocation screen, you may call on some help options to assist in the allocation process. This will include an auto-allocation and search options. Simply click on the [Allocation Options] to access them.
4.3.5.2.1
Auto-allocate Amount from Oldest entry – NO Discount
This option is similar to the “Auto-allocation” option on the previous screen. As before, the credit amount will be allocated from the oldest debit and then against each subsequent Debit until the Credit has been dispersed.
4.3.5.2.2
Auto-allocate Amount from Oldest entry – DEDUCT Discount
This option is the same as described above except that you may also add a Settlement Discount percentage to de deducted from the debits that are being allocated against. Simply enter the percentage discount to be deducted off each of the debit amounts in this allocation.
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Column.4.3.5.2.3
Search for Document Reference to Allocate to
This little gem will assist in finding a specific debit to be credited. Once selected, you will be prompted for a Reference number. This search will look for an exact match, so make sure that you enter the correct reference.
Once found, the line item that matches the reference code will be high-lighted. Simply click the [Enter] button to allocate the amount against the line item that was found with the search.
4.3.5.2.4
Cancel Allocations made so far and start again
This option will cancel all the allocations made so far and place the system back in the position before the allocation was started. Simply start the allocation process again.
4.3.5.2.5
Cancel this “Allocations Options” window
If you no longer require the allocation help options, you may exit the allocation options by clicking on this option.
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4.4
Pay Creditor cash out of the Till
This option works the same as the option described above except that the money will be removed from the till Account. This is usually were small creditors deliver goods to the POS position during times that normal payment are not possible. A good example would be the monthly news stand deliveries early in the morning. You will be prompted to confirm the active users till account where the money will be deducted from. (It uses the active users till account).
Once confirmed, the normal payment screen will be displayed. The till account will be displayed at the bottom in red.
Once complete, you may also print the payment receipt by clicking on the [Print a copy..] option below.
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4.6
Post Dated Payments
Although Cheque payments are no longer the norm when making payment, they are still used in some environments. To accommodate this, Revelation allows for issuing and receiving Post Dated Payments. Once the due date of the PD Payment equals the system date, a reminder will appear. Simply click on the [SHOW PDQ’s] to see a list of all the PDQ’s that has become due for processing.
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4.6.1
Input a PD Payment
4.6.1.1
Post-Dated Payments
Once you have issued the Post-dated Payment from your Client, you may record it on the reminder screen in order to have it displayed when it becomes due. It is important to understand that you are only capturing the reminder at this stage. Once the Payment has become due, you will still have to “Action” the Payment against the account by following the steps as set out in Point 4.8.10. Once you have called up the correct account details, you will be presented with the Post-Dated Payment Input Screen. Insert the correct details from your client’s payment unto the Input screen. Please note that not all the Payments are the same but should all follow the same basic principles in terms of
Payment numbering etc.
4.6.1.2
Payment Number
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Enter the amount as stipulated on the Payment. Once the Payment is processed, this amount will be debited off the Clients account.4.6.1.5
Contra Bank Account
Select the Bank Account that this Payment will be paid into. The Default account will always be displayed. Press the [F5] or the down arrow to select another account.
4.6.1.6
Narration
Insert a Narration that will appear in the narration field of this payment. If the correct settings are selected, this narration will appear next to the payment on the Statement.
4.6.2
Amend a PD Payment
To amend PD Payment, simply call up the correct Creditors account and then select the correct PD Payment that needs to be amended.
The original PD main screen will be displayed. Change the details as required and then click the [Finish] and then the [Save] button. Again you will be offered the opportunity to amend other PDQ’s
4.6.3
Delete a PD Payment
As with Amend PDQ’s, first call up the Account. Now select the PD to be deleted. The PD Main screen will be displayed. To delete the PD, Select [Delete].
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4.6.4
Process a PD Payment
To process a PD Payment, you will be prompted to confirm the date.
You will now be offered three options to process the PDQ’s. If you choose the first two options, you will NOT have the option to select an againg period, instead, the Payments wil be posted agains the oldest age period.
4.6.4.1
Process ALL Payments automatically
This is the preffered way to process high volume PD Payments. When this option is selected, all the PD Payments that are dated as Due, as-well-as all PD Payments before, will be displayed. To start the Automated process, click the [Begin] or [Enter] button.
Warning: Make a Backup before you start.
4.6.4.2
Process ALL automatically, but prompt for confirmation on each Payment
This option will first prompt you with each PD in a list before it is processed.
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4.6.4.3
Select which Payments to process manually (& allocated Aging manually)
This process is a manual posting process that will prompt you with an Allocation screen after each PD has been activated. Manually select each PD Payment and then click on [Select].Now allocate the PD Payment amount against each open invoice. Use the ↑↓ arrows to move the allocation marker next to the correct amount. And then press [Enter]. This will take you to the Settlement Discount field. If applicable, insert the discount amount or use [F5] to calculate the correct amount. Now press the [Finish] button to complete this transaction.
4.7
Inter Account Journals (Between two Creditors)
This option is typically used where a payment has been allocated to an incorrect account. The reason that you would rather use this option than to reverse the Payment is because you do not want to create an imbalance in your Bank Journal. It is however not recommended to adjust incorrect invoices and Credit Notes as this option will not correct stock. The first Account that you select, will be displayed on the left of the Journal screen and the second on the right.
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4.7.1
“From Account” Details
This is normally the account that you are going to move the incorrect payment FROM. Logic dictates that because you are removing the incorrect payment from this account, the balance in this account will increase. In the interest of not getting confused, rather re-select your Journal accounts, if this is not the case.
4.7.2
“TO Account” Details
This is normally the account that you are going to move the payment TO. As with the “From Account”, logic dictates that as you are adding a payment “To” this account, the Balance of the account will be reduced. As this is the case, you will also be presented with the allocation screen at the end of the Journal.
4.7.3
Input FROM Account Amount
Because this account balance will increase, it is imperative that a positive amount should be inserted here.
4.7.4
Input TO Account Amount
Because this account balance will decrease, it is imperative that a minus amount should be used here.
4.7.5
Journal Reference
Use any reference that you see fit or as company policy dictates.
4.7.6
Journal Date
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If the Creditor’s account that you are posting the payment TO (on the right), is an Open ItemCreditor, you will be presented with the allocation screen that will display a list of all the outstanding Debits. Use the ↑↓ Arrows to move the selector to the correct debit. Once aligned with the correct debit, press the [Enter] button. Continue this process until the “Still to be allocated” amount is Zero. To leave the amount as UN-allocated, click on the [Finish] button before allocating any amount.
Tip: You may change the Sort screen of the allocation screen by simply clicking on any of the Headers.
4.7.7.2
Balance Forward
When the “To” Account is a Balance Forward Account, you will be presented with two choices before the Journal begins, Auto Allocation and Manual Allocation.
4.7.7.2.1
Balance Forward – Auto Allocation
This selection will automatically allocate the payment against the oldest period onward.
4.7.7.2.2
Balance Forward – Manual Allocation
This option will allow you to select the period that you would like to allocate the payment against. Use the ↓↑ allows on the keyboard to select the correct period. Manually post the amounts against the required period until the “Still to be allocated” amount has been depleted.
Tip: You may also use this method to re-allocate incorrect aging by using using debit and credit amount agains each period.
4.8
Inter Ledger Journals (Between a Creditor & a Debtor)
Inter Ledger Journals are Journals between a Creditor’s and Debtor’s Accounts. This is commonly used were your Company has the same institution as a Client and a Supplier. Instead of paying the Supplier
as-
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well-as receiving payment from the Client, it may be decided to off-set the Debit and Credit amounts against each other.The Creditors Account will be displayed first and then the Debtors Account. To reduce the amount owing on the Creditors account, remember to use a Minus in front of the amount as this will Credit (make it less). The Debtors account must have a positive amount to balance the journal. Both will display the allocation screen after the posting. Handle this as with the Inter-Account Journals. See: 4.7 for more information.
Once done, you will have to re-allocate the Credit amount agains the open Debit/s.
4.9
Past Period Journals
Creditor’s Past Period Journals allow you to rectify incorrect transactions that relate to periods that have already been Month-ended. Typically this would be the case were a Hand-written Invoice was not added to the Suppliers account when it was due. The Past Period Journal should be handled with caution as it will adjust Year to date figures. This in turn will mean that certain reports will have to be reprinted. As VAT may not be rectified with the Receiver as a past period posting, the VAT will be added to your current VAT Report. This in turn
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The only difference between a Posting into the Current Financial Year and the Last Financial Year, is that in the case of the Last Financial Year the totals that is supposed to be posted to either the Income or Expense portions of the TB will NOT be posted in the Income or Expense portion of the TB but rather directly to the Liability account called Retained Income/Loss. The reason for this is that at year-end, the Balance of all the Income and Expense accounts are cleared in order to start a new Financial Year.Also remember that:
1. In Open Item accounts, Credit amounts are posted as Unallocated Credits which you must then allocate to one or more debits in the Current period.
2. Credits in Balance Forward accounts are posted against the oldest outstanding Age Periods. Use the “Amend age analysis” feature under the Creditors MasterFile to amend this if not correct.
3. If Rep-Codes are attached to Past Period entries, these entries will appear in the Rep Analysis period based on the Date of the entries. If required, print a Historic Rep Analysis for those Periods.
Now call up the required Account. This will call up the Past Period Journal Main Module. Now Post the Journal as you would a Hand-written Journal. See: 4.1 Remember to use the correct date as this will determine the aging and the affected period.
Warning: You need to re-print all the appropriate reports as Past Period Journals alter the Year to date figures.
Warning: Make sure that only authorised staff has access to these Journals and that a Supervisor Password is in place.
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4.10
Post a VAT only amount
When importing stock and/or goods from another country,