This topic covers how to set-up the Accounting modules within QuickEasy BOSEnterprise.

Discover Accounting Setups

• Accounting Setup Interface

• Accounting Periods

• Currencies

Accounting Setup Interface

Navigation

Main Menu > Setup > Accounting.

Accounting Setups consists of the following tabs:

1. Categories (see below)

2. Accounts

3. VAT Types

4. Transaction Types

5. Credit Terms

6. Settings & Defaults

7. Reporting

1. Categories

The Account Categories contain all the settings that determine how the Trial Balance, Income Statement and Balance Sheet is displayed. The Trial Balance is effectively a combination of the Income Statement and Balance Sheet and will therefore be displayed according to how the Income Statement and Balance Sheet are set up. The screenshot below illustrates a typical setup which can be used for a small to medium sized company.

1. ID - This is the Category Identity number for the Account Category.

2. Description - This is where a Description for the Category is entered.

3. Type - This determines how the Account Category will be displayed in the Income Statement and Balance Sheet. Select and of the following from the drop-down list:

   • Sales - Income Statement

   • Cost of Sales - Income Statement

   • Expenses - Income Statement

   • Equity - Balance Sheet

   • Asset - Balance Sheet

   • Liabilities - Balance Sheet

4. Report - This setting determines whether Accounts will be reported using the Excluding VAT, Including VAT or VAT Amount values of transactions. This setting applies to the Ledger, Account Summary, Trial Balance and Balance Sheet modules.

5. VAT - This specifies whether VAT is Input or Output for the selected Category.

6. Fixed Categories - Fixed Categories for Receivables (Debtors) and Payables (Creditors) are created by the system. These Categories must have an ID of -1 and -2 respectively.

Click Add to create a new Category, or Edit to modify an existing one. The Menu button allows you to Save or Restore the data grid.

2. Accounts

This topic outlines the various Accounts the business uses to track income and expenses.

Accounts are linked to Categories.

You can also use an Installation Script to set-up all the Accounting.

1. Category Filter - This lookup filters the list of Accounts by the Account Category.

2. Search - This allows you search for a specific Account. Enter a description or number in the text field and click Find.

3. Description - This is where a Description for the Account is added.

4. Acc No. - Using Account Numbers is optional and are mostly used when the chart of Accounts is large and confusion might arise from using Account Descriptions only, and for exporting purposes.

5. Category - It is mandatory to link the Account to a Category, which can be selected from a drop-down list. When Accounts are grouped, both the parent and the child Accounts must have the same Category.

6. Currency - The default Currency is listed here.

7. Warning - A warning is displayed here when there is a error on the Account, such as when the child and parent Accounts don't have the same Category.

8. Payables - A Payables (Creditors Control) account needs to be created and linked to the Payables Category.

9. Receivables - A Receivables (Debtors Control) account needs to be created and linked to the Receivables Category

10. Retained Income - A Retained Income account needs to be created an linked to the Equity Category

11. Account Groupings - Accounts which are linked to the same Category can be grouped. The parent Account (in this example the Sales and Wages Account) can not be transacted on, it is only used for Reporting purposes.

3. VAT Types

This outlines the VAT Types for Accounting.

1. Description - This is where a Description for the Account is added.

2. % - This indicates the percentage of VAT that is applied to a Transaction when the VAT Type is selected.

Typical VAT Types would include:

• Standard - 15%

• Exempt - 0%

• Zero-rated - 0%

• VAT Only - 100% (Used in VAT Payment transactions)

Upgrading VAT Types

In BOSEnterprise Version 2019.04, the way No VAT works has been changed.

In previous versions, if a VAT Type was not selected on a Transaction, it was assumed to be No VAT and the VAT fields were hidden in the Transaction and Ledger interface.

In this version, going forward, an explicit No VAT (Value = -1) Item is automatically in the VAT Types lookup - you don’t need to add it to VAT Types in Accounting Setups. The VAT Type field is not hidden by default if a Transaction Type uses No VAT.

• Upgrading databases that use a blank VAT Type setting for No VAT

The Upgrade Script will convert all the Transaction items to VATTYPEID = -1 where VATTYPEID is null. This will also be done in the Transaction Type Settings, i.e., no special action is required.

• Upgrading databases that have an explicit No VAT VAT Type.

The following Procedure (see Procedure below) will convert all the No VAT Transactions to the default No VAT type. Replace the ?? with the ID of the No VAT VAT Type ID.

4. Transaction Types

The Transaction Types tab will display all the Accounting Transaction Types, however you are able to view all Transaction types by unchecking the Accounting Transactions check-box (more below). This tab only allows you to view and edit the existing Transaction Types.

To create new Transaction Types, navigate to Main Menu > Setup > Transaction Types. For more about Transaction Types Setups, click here.

1. Accounting Transactions - If checked, the data grid will only list the Transaction Types where the Accounting column is checked in the Transaction Types Setups.

2. Transaction - This shows the description of the selected Transaction Type, editable under Setup > Transaction Types.

3. Code - This is the Nickname for the Transaction Type.

4. VAT Type (Standard) - These settings are populated from the overall default when a new Transaction Type is created. See Main Menu > Setup > Transaction Types > Items and Inventory. The overall default VAT Types for Standard as well as Forex/Exempt are set in General Settings > Accounting and can also be set for each Transaction Type.

5. VAT Type (Forex / Exempt) - These settings are populated from the overall default when a new Transaction Type is created. See Main Menu > Setup > Transaction Types > Items and Inventory. The overall default VAT Types for Standard as well as Forex/Exempt are set in General Settings > Accounting and can also be set for each Transaction Type.

6. Dr Category - Select from the drop-down list what the Debit Account Category is for this Transaction Type, such as Bank, Cost of Sales, Expenses, and Receivables. This selection determines what data is shown in the Debit Account lookup.

7. Dr Account - Select from the drop-down list which Account will be debited for this Transaction Type, based on the Debit Category lookup. If the Dr Account is left blank the user is free to select these from the lookup list at a Transaction level, or when creating a transaction in the Ledger.

8. Cr Category - Select from the drop-down list what the Credit Account Category is for this Transaction Type, such as Bank, Cost of Sales, Receivables, and Sales. This selection determines what data is shown in the Credit Account lookup.

9. Cr Account - Select from the drop-down list which Account will be credited is for this Transaction Type, if any, based on the Credit Category lookup. If the Cr Account is left blank the user is free to select these from the lookup list at a Transaction level, or when creating a transaction in the Ledger.

10. Default - This sets whether the Transaction Type will be used when creating automated transactions, such as allowing for a Discount on a POS transaction.

5. Credit Terms

This topic shows you where to set the Credit Terms for Accounting.

1. Description - This is where the Description for the Credit Terms is listed.

2. Display as - This sets what will be visible on Templates and the Age Analysis.

3. Days from - This sets when an invoice becomes overdue - X amount of days from the transaction date.

4. Invoice - Select the check box if the Days from applies to the Invoice.

5. Statement - Select the check box if the Days from applies to the Statement.

6. Discount (%) - If a Discount applies to this Credit Term, it is entered here.

6. Settings & Defaults

This topic shows you where to set all the general settings relevant to Accounting.

1. Setting - This shows the General Settings relevant to Accounting. These Settings can also be found in Main Menu > Setup > Settings > General Settings > Accounting. See image below:

2. Value - This drop-down selection is based on the Setting, and specifies default values for each setting.

3. The following Settings are available:

• • Account - Retained Income - This is to identify the Retained Income account.

  • Account - VAT Control - This sets the VAT Control Account that will record all VAT income and expenses. This account is loaded in the startup script.

  • Account Category - Banking - This is the Accounting Category that the Bank account links to, e.g., Bank. Fore more about the Banking Module, click here.

  • Default - Prices - This determines whether or not the default on the price is including or excluding VAT.

  • Default - VAT Type (Forex/Exempt) - This determines the default VAT Type for Forex and Exempt VAT Transactions.

  • Default - VAT Type (Standard) - This determines the default VAT Type for Standard VAT Transactions.

  • Filter - Accounts that update Cost of Sales (e.g., '=2', 'in (1,2,3)') - This determines the Filter that is applied to Accounts that update Cost of Sales.

  • Financial Year - Starting Month - This sets the month of the year that the financial year starts.

  • Setup Costing Rules - Settings that affect the Cost Summary and Cost of Sales Reporting.

  • Setup Cost Updates - Settings that determine how Supplier Cost and Inventory prices are automatically updated.

  • Setup Customer Age Analysis - Settings that affect how the Work in Progress is calculated.

  • Setup Customer Summary - Settings that determine how the Activity chart is calculated.

  • Setup Supplier Age Analysis - Settings that affect how the Work in Progress is calculated.

  • Setup Supplier Summary - Settings that determine how the Activity chart is calculated.

  • Trial Balance: Move -Cr to Dr and -Dr to Cr - This will move the Creditors to Debtors and Debtors to the Creditors.

  • Use Accounting Periods - This will enable Period functionality (more below).

  • VAT % - Default 14%. This is the default % for VAT inclusive transactions.

7. Reporting

This topic shows you where to set the Reporting settings for Accounting.

1. Reports - This lists the Reports available by Description, Nickname and Entity.

2. Description/Code - This shows the Report's Description and Code.

3. Account Category - This shows the name of the Account Category.

4. Type - This show what Account Type is selected.

Accounting Periods

QuickEasy BOS provides Accounting Periods functionality to generate Accounting Reports, (instead of using the Transaction Dates). This is useful for adding backdated Transactions after a Financial period has been closed off as well as for manipulating Cost of Sales Transactions to fall in the same period as the corresponding Sales Transactions.

By default, the Period functionality will be turned off and the Transaction Dates will drive the Accounts Reporting. To Enable the Period functionality, navigate to Main Menu > Setup > Settings > General > Accounting - Use Accounting Periods = Yes. See image below:

How it works

A date field is provided for the Period date. The Period date is only available in the Ledger and visible only when the setting Accounting Periods = Yes.

When the Transaction date is set, the Period date is automatically set to the same date as the Transaction date. When the Period date is set, however, the Transaction date is not updated.

• Close Off Dates - If you are using Periods, the Transaction date may be set to a date which is on or before the Transaction’s Close off date. The Period date will then be set to the first day after the Close off date.

For more about the Transaction Close Off Dates module, click here.

• Customer/Supplier Age Analysis - By default, the Customer/Supplier Age Analysis will work on the Transaction Date. To generate an Age Analysis that matches the Financial Statements when using accounting periods, however, you need to check the Periods check box next to the date filter. See image below:

• Financial Reports (VAT Control, Income Statement, Balance Sheet, Trial Balance) will automatically work on either the Transaction Date or on the Period Date depending on the setting above.

• Ledger - Date Filter - A Period option has been added to the Ledger’s data filter. When it is checked, the date filter searches on the Period Date. By default this is unchecked. See image below:

Currencies

QuickEasy BOS has multi-currency functionality to streamline and simplify Accounting when business is done on an international level.

Navigation

Main Menu > Setup > Settings > General > Currencies

1. Currencies - This allows you to add multiple Currencies. Click on the Edit text in the Value column to add or edit Currencies. See image below:

a. Currencies Tab - The Currencies tab allows you to add multiple currencies. To add a Currency simply click Add and complete the Symbol, Description, RoE (? x Local) and RoE (Local x ?) fields. The date field will automatically populate. All Currency activity is audited.

• • • The Local/Home Currency's value will always be one.

b. History Tab - The History tab records all changes made to Currencies, displaying the RoE Old and RoE New values. See image below:

2. Denominations for Home Currency - Here you can enter all the denominations of the company's Home Currency. See image below:

To add a Denomination simply click Add and complete the Description and Value fields. You are able to load an Image for each Denomination.

• • • To load an image, click on the arrow in the Image column. A window will open, right-click in the empty window and select Load. This will allow you to select the desired Bitmaps (*.bmp) file. If the Image thumbnail appears green, it means that an image has been loaded for that Denomination. See image below:

3. Enable Multi-currency - When this check-box is ticked you'll be able to select alternative Currencies when creating Transactions.

4. Local Currency - This specifies which Currency is the company's Local Currency. The drop-down list will be populated with all the Currencies entered in the Currencies field (1).

5. Major Currency - This specifies the Major Currency.

6. Minor Currency - This specifies the Minor Currency.