This topic covers how to setup the Accounting modules within QuickEasy BOSEnterprise.
Main Menu > Setup > Accounting
Categories
Accounts
VAT Types
Transaction Types
Credit Terms
Settings & Defaults
Reporting
Main Menu > Setup > Accounting > Categories
This topic shows you how to setup the Accounting Categories within QuickEasy BOSEnterprise.
ID - This is the Category Identity number for the Account Category.
Description - This is where a Description for the Category is entered.
Type - This determines how the Account Category will be displayed in the Income Statement and Balance Sheet. Select from a drop-down list.
IS: Sales - CR
IS: Cost of Sales - DR
IS: Expenses - DR
BS: Assets - DR
BS: Equity - CR
BS: Liabilities - CR
Report - The Accounts > Report 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.
VAT - The VAT setting determines which Account Categories must update the VAT Control.
Click Add to create a new Category, or Edit to modify an existing one.
Main Menu > Setup > Accounting > 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 setup all the accounting.
Category filter - This lookup filters the list of accounts by the Account Category.
Description - This is where a Description for the Account is added.
Acc No. - These Account Numbers are optional, and are mostly used for exporting purposes.
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.
Currency - The default Currency is listed here. Currency is setup in General Settings.
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.
Main Menu > Setup > Accounting > VAT Types
This outlines the VAT Types for Accounting.
Description - This is where a Description for the Account is added.
% - 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)
The overall default VAT Types for Standard as well as Forex/Exempt are set in General Settings > Accounting. These are used as the default when Transaction Types are created.
Main Menu > Setup > Accounting > Transaction Types
This shows all the Accounting Transaction Types - ie. the Transaction Types where the Accounting column is checked in the Transaction Types setup.
Transaction - This shows the description of the selected Transaction Type, editable under Setup > Transaction Types.
Code - This is the Nickname for the Transaction Type.
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.
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.
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.
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.
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.
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.
Default - This sets whether the Transaction Type will be used when creating automated transactions, such as allowing for a Discount on a POS transaction.
The Transaction Type > VAT Type Filter setting enables users to restrict which VAT Types may be used in a Transaction. This is done by adding a VAT Type ID filter into the field provided. eg. To restrict a Transaction Type to Standard and Exempt only (using the VAT Types example above), the filter would be 'in (1,2)'.
VAT Types as well as the setting to capture prices Inc/Exc VAT are set at an Item and a Price List level. When an Item is added to a Transaction, the Item's VAT settings will override the Transaction Type's default settings, but only if the VAT Type on the Item falls within the VAT Type filter on the Transaction Type.
Main Menu > Setup > Accounting > Credit Terms
This topic shows you where to set the Credit Terms for Accounting.
Description - This is where the Description for the Credit Terms is listed.
Display as - This sets what will be visible on Templates and the Age Analysis
Days from - This sets when an invoice becomes overdue - X amount of days from the transaction date.
Invoice - Select the check box if the Days from applies to the Invoice.
Statement - Select the check box if the Days from applies to the Statement.
Discount (%) - If a Discount applies to this Credit Term, it is entered here.
Main Menu > Setup > Accounting > Settings & Defaults
This topic shows you where to set all the general settings relevant to Accounting.
Setting - This shows the General Settings relevant to Accounting. For a more detailed explanation on Settings and Defaults for Accounting, click here.
Value - This drop-down selection is based on the Setting, and specifies default values for each setting.
Main Menu > Setup > Accounting > Reporting
This topic shows you where to set the Reporting settings for Accounting.
Reports - This lists the Reports available by Description, Nickname and Entity.
Edit Reports - This shows which Entity is selected.
Account Category - This shows the name of the Account Category.
Type - This show what Account Type is selected.