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Enter accounting transactions

Enter accounting transactions

Follow these steps to enter accounting transactions.
  1. Select
    Actions
    , then
    Enter Transactions
    .
  2. Make sure to select the client.
  3. Select the transaction
    Type
    ,
    Journal
    , and
    Posting period
    . Select
    Enter
     to save the entry.
    • Select the bank account for checks, deposits, payments, and payroll checks.
    • Select
      Deposit
       as the type to record deposits into the selected bank account. Enter a reference, data, description, and amount for the deposit transaction.
      • If you have a deposit template set up, you can select it from the
        Template
         dropdown, and all the fields you’ve included information in the template will fill in.
      • Use the
        Distributions
         tab to distribute the deposit to one or more accounts. If you select a GL account associated with a bank account, the application automatically creates a corresponding proxy transaction.
      • Use the
        Details
         tab to record additional details about the deposit for your own records. For example, you may want to record the exact description and amount for each individual item included in the total deposit, or you may want to enter the amounts deposited broken out by payment type (that is, – cash, check, credit card). If this tab is filled out, this is how the information will show on the deposits tab of the bank reconciliation.
    • When you create a
      Journal
       entry, you'll need to select a journal entry subtype. Note that the Tax Adjustment, Reclassifying, Other, and Potential subtypes will impact only the balance types for which they are included. You can use the
      Balance Definitions
       screen to specify which journal entry subtypes to include in the calculation of each balance type.
      • Adjusting
         – to post entries to unadjusted balances so that they become part of the adjusted trial balance, to correct an error in recorded sales, or to set up prepaid expenses.
      • Eliminating
         – to calculate adjusted balances for the client in a consolidated master client, similar to an Adjusting journal entry for a regular client.
      • Other
         – to prepare financial statements on another comprehensive basis of accounting to combine with the adjusting trial balance to create the other basis trial balance.
      • Potential
         – to record journal entries that may be needed later. Potential journal entries can easily be converted to any other journal entry type.
      • Reclassifying
         – to change the classification for financial statement purposes. Many firms use reclassifying journal entries to move amounts from 1 GL account to another. However, in Accounting CS, you can use it for any purpose. By default, reclassifying journal entries affect only the Report, Tax, and Other balance. But you can change this in the
        Balance Definitions
         screen.
      • Regular
      • Tax Adjustment
         – to modify the presentation of account balances to comply with taxing authority regulations. The tax adjustment subtype doesn't transfer to the general ledger and doesn't transfer forward from 1 period to the next. The adjusted balance is carried forward each period and becomes the unadjusted balance for the next period.
    • When you select
      Payment
       as the
      Type
      , enter a reference, date, Vendor ID (if associated with a Vendor), description (this will fill in automatically if associated with a Vendor), and amount. Payment type transactions are to record vendor and payee payments that don’t need to be printed. For example, they were paid outside of the application.
  4. The application automatically creates
    Proxy Transactions
     (as additions or payments) when you create transactions for which one or more distributions are allocated to a GL account that's assigned to a bank account. The purpose of proxy transactions is to enable the application to correctly calculate the running balance for the bank accounts associated with the distributions. The application doesn't post proxy transactions to the general ledger.

This article applies to:

  • Product: Workpapers CS
  • Subject: Journal entries

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