Enter accounting transactions
Follow these steps to enter accounting transactions.
- SelectActions, thenEnter Transactions.
- Make sure to select the client.
- Select the transactionType,Journal, andPosting period. SelectEnterto save the entry.note
- The screen will change depending on the transaction type you select.
- For 1120, 1120S, or 1065 clients, you can create tax adjusting entries directly to a tax code in theEnter Tax Code Adjustmentsscreen.
- Handwritten checks can't be processed as direct deposit checks. If you saved a vendor check as handwritten but want to process it as a direct deposit check or payment, you need to delete the handwritten check transaction, and then recreate it as an unprinted check.
- For a vendor payment, the method selected in the vendor record determines whether the application creates a check or direct deposit payment when you enter a check transaction. To create a direct deposit allocation, the payment method needs to beDirect Deposit, and theDirect Deposittab of the Vendors screen needs to contain valid direct deposit information with an Approved status. Otherwise the application creates a check.
- Select the bank account for checks, deposits, payments, and payroll checks.
- SelectDepositas 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 theTemplatedropdown, and all the fields you’ve included information in the template will fill in.
- Use theDistributionstab 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 theDetailstab 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.noteFor AR deposits: The amount of detail displayed in this type of transaction depends on whether or not theSplit out deposit detailscheckbox is marked for the deposit transaction in theEnter Depositsscreen.
- If the checkbox is marked, the grid includes a row for each check and credit card payment, a single row for all cash payment amounts combined, and a single row for all cash back amounts combined.
- If the checkbox isn't marked, the application combines all payments and cash back amounts into a single entry in the grid. The amount is the net deposit amount.
- When you create aJournalentry, 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 theBalance Definitionsscreen 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 theBalance Definitionsscreen.
- 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 selectPaymentas theType, 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.note
- When you press TAB (or ENTER, if you marked theUse Enter key to move between fieldscheckbox in theSystemtab of theUser Preferencesscreen) in theReference,ID, andDescriptionfields, the application automatically enters the data in those fields from the last saved transaction. If you don't want to repeat the information from the last saved transaction, you can enter or select new information, pressCTRL + Spacebaron your keyboard to leave the field blank and move to the next field, or disable the auto-filling behavior by marking theDo not auto-fill values from previous transactioncheckbox in theOptionsscreen.
- The application automatically uses the date from the last saved transaction for subsequent transactions, but you can override that date as necessary.
- If the payment is for a one-time payee, you'd use theDescriptionfield without entering in an ID. This is used in situations where you don’t need the payment to be associated with a Vendor.
- The application automatically createsProxy 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.note
- Accounting CS displays proxy transactions only when theEnter Transactionsscreen is in Bank account mode. You can switch between Bank account mode and Journal mode using either of the following methods.
- SelectEditthenOptions, and selectBank AccountorJournalin theData entry methodfield.
- Select the Bank Account Mode icon
on the toolbar in theEnter Transactionsscreen to switch to Bank account mode and the Journal Mode icon
to switch to Journal mode.
- To show the running balance in the Balance column (when the Bank Account method is selected in the Enter Transactions Options screen), you'll need to sort the transactions by date and remove any Searching or Filtering that may eliminate bank transactions.
- You can't modify any of the information in the Transaction Detail section for the proxy transaction, and you can't delete the proxy transaction directly from the proxy transaction record. To change any of this information or to delete the proxy transaction, selectGo To Sourcein theSourcetab and modify the information in the Transaction Detail section or the Distributions tab of the source transaction.
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