Transaction Types - Accounting Setup

Overview 

In accounting, entries are made using transaction types. In BOS Enterprise, there are no default Transaction Types. Instead, you can create all the transaction types you need and specify how these transactions will affect your financial statements. For example, if the accounting block is not ticked, the transaction type will not affect the accounting records or financial statements. 

If your organisation uses multiple entities (like branches or cost-centres), you must link your Bank Account to an Entity.

To set up these transaction types, navigate to Main Menu > Setup >Transactions (or Main Menu > Setup > Accounting > Transaction Types (tab)).

Setups

VAT Control - Specify how the Transaction will affect your VAT Control. Options include:

• + Input (Dr)

• -  Input (Dr) 

• + Output (Cr) 

• - Output(Cr)

Dr Category -  Specify which accounting category the transaction is debiting.  For customers and suppliers, make use of Receivables or Payables. 

Dr Account -  Select a Debit account. This will act as a default account on transactions and should only be selected if the Debit account should be fixed. For example, Customer Receipts that debit a specific bank account. In some cases, you could have multiple accounts that can be debited on one transaction. For example, Expense and Cost of Sales accounts. In this case, leave the selection blank and make the selection on a Transaction. Note, this will always be left blank when debiting Payables or Receivables. 

Cr Category -  Specify which accounting category the transaction is Crediting.  For customers and suppliers, we use Receivables or Payables. 

Cr Account -  Select a Credit account. This will act as a default account on a transaction and should only be set if the Credit account should be fixed. For example, a Supplier Payment that credits a specific bank account. In some cases, you could have multiple accounts that can be credited on one transaction. In this case, leave the selection blank and make the selection on a Transaction. Note, this will always be left blank when crediting Payables or Receivables. 

Display

When multiple Account Categories are linked to a Section (Revenue, Cost of Sales or Expenses), the Categories are displayed as the second-level group in the Statement for Profit or Loss. 

Related Topics

• Reference: Accounting Overview 

• Reference: Approvals

• Reference: Batch Updates

• Reference: Extra Datasets

• Reference: Payments

• Reference: Point of Sale

• Reference: Properties (Creating Transaction Types)

• Reference: Settings (Transactions, Users and Roles)

• Reference: Setup (Setting up Transaction Types)

• Reference: Signatures

• Reference: Transaction Data Pipelines

• Reference: Transactions Overview

• Reference: Views

• Examples