GENERAL LEDGER - Rediker Software · 2020-02-13 · 999 accounts can be accommodated in a single group. Editing An Account: 1. Display ‘Chart of Accounts’ screen from the General

FINACS – GENERAL LEDGER Page 1 of 67

GENERAL LEDGER

TABLE OF CONTENTS

1. Financial Year Management ...........................................................................3

2. Setup Accounts ............................................................................................6

Chart of Accounts .........................................................................................6 Funds........................................................................................................14 Cost Centers ..............................................................................................16 Manage Opening Balances ...........................................................................18

3. Receive Petty Cash .....................................................................................21

4. Pay Petty Cash...........................................................................................26

5. Make Payments..........................................................................................31

6. Print Checks ..............................................................................................37

7. Deposit Checks / Cash ................................................................................39

8. Check Register ...........................................................................................42

9. Reconcile Bank Transactions ........................................................................44

10. Reconcile Payments By Credit Card .............................................................47

11. Reconcile Receipts By Credit Card...............................................................50

12. Recurring Journal Voucher Template ...........................................................53

13. Make Journal Entries .................................................................................58

14. Journal Entry Listing .................................................................................63

15. Ledger Transactions..................................................................................64

(Compiled for FINACS v 2.12.002)



1. Financial Year Management

The school financial year is used to monitor and track finances in a particular year. It is

normally divided into 12 accounting periods. This screen allows you can view, create, edit and

close your financial years. You can also manage opening balances for all your accounts from

this screen. The current financial year name is displayed in the title bar of the application.

Transactions that are to be reflected in the current financial year should be in-between the

defined start and end dates.

Note: If future (outside the current financial year) student invoices are created, then

corresponding new financial years are created automatically.

Creating A New Financial Year

Finding A Financial Year

Closing A Financial Year

Creating A New Financial Year:

1. Display ‘Financial Year Management’ screen from the General Ledger menu.

2. Click [New] to create new a year.

3. Enter FINANCIAL YEAR NAME. This name is referred through out the application. For

example you can define a descriptive name to define your accounting / financial year

like 2005 or 2005-06 for the year 2005 - 2006.

4. Enter DESCRIPTION for the year. This is like a memo field and can be used for saving

any information about the created year.


5. Enter the start date of your financial year in the FINANCIAL YEAR START DATE field.

Start Date serves as a default setting for date range in listing and some reports.

6. The FINANCIAL YEAR END DATE is auto generated based on the entered start date.

7. Make sure that the entered start/end dates do not overlap with your existing financial

years.

8. The application, Finacs does not allow overlapping of financial years and warns you for

the same.

9. Click [Save] to record the year.

10. The NUMBER OF PERIODS and the STATUS is displayed once the year is saved. The

application, Finacs always divides the financial year into 12 periods.

11. Click [Cancel] to abort the creation of a new financial year and [Close] to close the

screen.

Finding A Financial Year:


2. Click on the FINANCIAL YEAR NAME lookup […] button for a list of all your years.

3. Select the required year and click [Accept].

4. All the details of the selected financial year are populated in the fields.

Closing A Financial Year:

Though not required it is recommended to close the previous financial year once you start

working in the new financial year. Once a financial year is closed, the application, Finacs does

not allow any transactions in that particular year and the P&L & Book of Accounts accounts are

updated. However, they can be re-opened and closed any number of times.


2. Select the financial year to be closed from the lookup […].

3. Check the CLOSE FINANCIAL YEAR checkbox.

4. Click [Save] to record the change.

Tip:

You can change your financial year from the ‘Change Financial Year’ screen in the File menu.



2. Setup Accounts

Chart of Accounts

The application, Finacs needs a set of accounts to track your business activity. Chart of

Accounts is a systematically arranged list of accounts that is used to classify and track the

types of income your organization has. The chart of accounts screen displays a default list of

accounts based on the selections that you have made in the School Setup Wizard. You can use

them, import your own chart of accounts or create a new set of accounts.

Note: Importing chart of accounts overwrites the existing accounts if present. If transactions

are already made or if the accounts are linked to family/sponsor/customer/vendor, importing

of new chart of accounts is not possible.

Viewing Chart of Accounts

Creating New Account Group

Editing An Account Group

Creating New Accounts

Inactivating/Activating Account Groups or Accounts

Importing Chart of Accounts

Viewing Chart of Accounts:

1. Display ‘Chart of Accounts’ screen from the General Ledger > Setup Accounts menu.


2. The application, Finacs displays a tree structure for Account Groups and Accounts.

3. Click [Expand All] to view all the groups, subgroups and accounts.

4. The application, Finacs allows four main roots ASSET, LIABILITY, INCOME and

EXPENSE. Account Groups and Accounts can be grouped based on the type of posting.

5. You can create any number of GROUPS under the roots. ACCOUNTS are created under

the GROUPS. You can group similar accounts under a group.

6. Accounts form the last level in the chart of accounts tree view i.e. once accounts are

created in a group; no more sub groups are allowed.

7. Color-coding is used to differentiate Groups and Accounts. The tree view displays

accounts groups and sub groups in blue color and the accounts under them in purple

color.

8. Click on the Account Group to view its details.

• The selected ACCOUNT GROUP details like Group Code, Name, Parent Group,

Posting Type & Balance are displayed on the right side of the screen.

• All the accounts present under the group and their respective balances are

displayed on the bottom right side.


9. Click on the Account to view its details.

• The selected ACCOUNT details like Account Name, Group, Code, Type &

Balance are displayed on the right side of the screen.

10. Click [Print Chart of Accounts] to print the list of accounts.

11. Opening balances for all the accounts can be entered from the ‘Manage Opening

Balances’ screen. Click [Enter Balances] to open this screen.

12. Click [Close] to close the screen.

Creating New Account Group:


2. Click [Expand All] to view all the groups, subgroups and accounts in the tree view.

3. Select the parent group under which you wish to create a new sub group. The selected

parent group should not have any accounts under it. Accounts from the last level in

the tree view.

4. The selected ACCOUNT GROUP details like Group Code, Name, Parent Group, Posting

Type & Balance are displayed on the right side of the screen.

5. Click [Create New Account Group] to create a new group. Or, right click on the parent

group under which new group is being created and select [Create New Account Group]

from the popup menu.


6. The next available GROUP CODE in the selected parent group is populated by default.

7. Enter GROUP NAME.

8. You can edit the GROUP CODE & GROUP NAME. However the PARENT GROUP and

POSTING TYPE are not editable. They are populated based on the parent group

definition.

9. A posting type is required for each Account Group. This field indicates the posting type

against which the accounts present under the group or the corresponding account

transactions are posted. Posting can only be of types ASSET, LIABILITY, INCOME, and

EXPENSE.

Note: - If you choose a control type other than the pre-defined control types, the

application, Finacs will apply "OTHER" as the control type.

10. Click [Save] to record the group.

11. The application, Finacs allows any number of groups to be created. However, not more

than three group levels are allowed.

12. Note: If the [Create New Account Group] is not visible, make sure the selected parent

group doesn’t have any accounts present under it. Accounts form the last level in the

tree view, indicating that sub groups cannot be created under groups.

Editing An Account Group:



3. Select the group you wish to modify.



5. Make the necessary changes.

6. Only the GROUP CODE and the GROUP NAME are editable. If the code entered is

already in use and assigned to a different GROUP, the system will prompt to enter a

new code.

7. However the PARENT GROUP and POSTING TYPE are not editable. They are populated

based on the parent group definition.

8. Account groups (including the accounts) can be moved from one parent group to

another. However, both the parent groups should be in the same level.

9. Click [Save] to record the changes and [Cancel] to ignore the changes.


Creating New Accounts:



3. Select the group under which you wish to create a new account.

4. If the selected group has sub groups under it, accounts cannot be created under the

same. Note that accounts form the last level in the chart of accounts tree view.



6. Click [Create New Account] to create a new account. Or, right click on the parent

group under which new account is being created and select [Create New Account]

from the popup menu.

7. Enter name in the ACCOUNT NAME field.

8. The selected group is displayed in the ACCOUNT GROUP field and the next available

ACCOUNT CODE in the selected group is populated in the ACCOUNT CODE field.

However you can edit these values.

9. Select the control type from the ACCOUNT TYPE drop-down list.

10. The application, Finacs needs a control TYPE to distinguish the type of account. Based

on the control type, accounts in the respective screens are populated. For example in

the Setup Vendor screen, all 'Accounts Payable' type accounts are populated, in Setup

Customer screen, all ‘Accounts Receivable’ type accounts are populated.

• Various control types present are: CASH (Cash Accounts), BANK (Bank or

Check Accounts), CC (Credit Card Accounts), REV (Income Accounts), PUR

(Expense Accounts), AR (Accounts Receivable or Customer Accounts), AP

(Accounts Payable or Vendor Accounts), INV (Inventory Accounts), FA (Fixed

Asset Accounts), OTH (Other Accounts), IFB (Fund Balance Account), CLOSE

(Reserves and Surplus Account).

• One IFB account and one CLOSE account are mandatory. Also, only one

account of each of these types should be present in your chart of accounts so

that the system can automatically post the fund balance and the reserves and

surplus when generating balance sheet.

11. Click [Save] to record the account.


12. The application, Finacs allows any number of accounts to be created. However, only

999 accounts can be accommodated in a single group.

Editing An Account:



3. Select the account you wish to modify.

4. The selected ACCOUNT details like Account Name, Parent Group, Code, Posting Type &


5. Make the necessary changes.

6. All the details can be modified. However, care should be taken while changing the

Account Group. If the group is changed, then the account is moved from the existing

group to the new selected group. This might cause a change in the account code.

7. Click [Save] to record the changes and [Cancel] to ignore the changes.

Inactivating/Activating Account Groups or Accounts:

Once an account group or account is created, you cannot delete them completely from the

database. However you can make them inactive. When you make a group or an account

inactive, the application, Finacs stores the information, but hides it from all the lists.

To inactivate an account:


2. Select the account you wish to make inactive.

3. The selected ACCOUNT details like Account Name, Parent Group, Code, Posting Type &


4. Select the INACTIVE checkbox and click [Save] to record the changes.

5. Once inactivated, the application, Finacs stores the information, but hides it from all

the lists. Thus, no transactions can be made on the particular account.

To inactivate an account group:


2. Select the group you wish to make inactive.




4. Select the INACTIVE checkbox and click [Save] to record the changes.

5. Make sure all the sub groups and accounts present under the selected group are

inactive to make the parent group inactive.

Importing Chart of Accounts:

The application, Finacs provides a default chart of accounts when a new school is created.

These can be overridden by a new set of accounts. However, this has to be done before you

make any transactions on the existing accounts.

Note: Importing chart of accounts overwrites the existing accounts if present. If transactions

are already made or if the accounts are linked to family/sponsor/customer/vendor, importing

of new chart of accounts is not possible.


2. Click [Import Accounts].

3. You can import a new set of accounts in any one of the following methods:

a. Using the application, Finacs ' Predefined Chart of Accounts: The application,

Finacs provides a predefined list of accounts that is widely used in school

accounting. You can view the list by clicking the [View Template] button.

b. Importing Chart of Accounts From Excel: Select this if you are using a different

accounting package and wish to transfer the existing list of accounts. The

application, Finacs provides an excel template for importing your list of

accounts. You can copy the list in any one of the formats and import it. To


import the file: 1. Select Import Chart of Accounts From Excel option. 2. Enter

the location of the file or click […] to locate the file.

4. Click [Ok] to create a new set of accounts.


Funds

Funds are established to control the financial operations of an organization. Fund in accounting

terms can be taken as an entity with a self-balancing set of accounts recording cash and other

financial resources along with related liabilities and equities or balances.

The application, Finacs works on the basis of funds and in order for any transaction to process

at least one fund must be defined. A default fund is provided when a new school is created. If

you wish to add new funds, you can do so here. You can also edit and make inactive any fund

from this screen.

Adding New Funds

Finding A Fund

Editing A Fund

Inactivating/Activating Fund

Adding New Funds:

1. Display ‘Funds’ screen from the General Ledger > Setup Accounts menu.

2. All the funds are displayed in the grid.

3. The screen opens in NEW mode with the focus in the FUND CODE field, allowing you to

directly create new funds.

4. Enter FUND CODE. If the code entered is already in use and assigned to a different

fund, the system will prompt you to enter a new code.

5. Enter FUND NAME. You can enter up to 50 characters for the fund name.

6. Both the FUND CODE and FUND NAME are mandatory fields.

7. Click [Save] to record the information.

8. Once created, you cannot delete a Fund. However you can make it inactive.


9. Click [Cancel] to abort the creation of new fund code.

10. Click [Close] to close the form.

Finding A Fund:

1. Display ‘Funds' screen from the General Ledger > Setup Accounts menu.

2. The screen will open in NEW mode for directly creating new funds. Click [Cancel] for

VIEW mode.

3. You can find a fund in any of the following methods:

• All the funds are listed in the grid. You can scroll through the records to find

the code.

• Also, to sort the list according to Code or Name, click on the respective column

headers.

• If the fund code is known, then enter in the CODE field and press the {Tab}

key to populate the details.

Editing A Fund:

1. Display ‘Funds' screen from the General Ledger > Setup Accounts menu.

2. All the funds are listed in the grid. You can scroll through the records to find the code.

Refer ‘Finding A Fund’ section on more help on finding a fund.

3. Double click on the code in the grid. The FUND code and NAME are displayed in the

textboxes. Make the required changes.

4. FUND CODE cannot be modified, as it is required to uniquely identify the fund.

5. Click [Save] to save your changes or [Cancel] to ignore the changes.

6. Click [Close] to close the form. Closing the form without saving the data will pop up a

warning message to save the changes. Click [No] to ignore the changes. Click [Yes] to

save the changes and to close the screen and click [Cancel] to go back to the ‘Funds’

screen.

Inactivating/Activating Funds:

When you make a fund inactive the application, Finacs stores the information, but hides the

code from all the lists i.e. you cannot use this fund to make any future transactions. At least

one active fund should be present for running the application.

1. Display ‘Funds’ screen from the General Ledger > Setup Accounts menu.

2. Select the fund to be made inactive.

3. Select INACTIVE option.

4. Click [Save] to record the changes.

5. You can reactivate the code by selecting the ACTIVE option in this screen.


Cost Centers

Cost centers are like departments or sections, which incur some expenditure. The application,

Finacs allows you to set up various cost centers and link transactions to them. You can later

view reports or filter transactions based on your cost centers. For example: you can create a

cost center named Primary School and assign all your primary school transactions to it. This

helps you to track your primary school expenses and related expenditure. Any number of cost

centers can be created.

Cost centers are optional and you can still make transactions without linking them to any cost

centers.

Adding New Cost Centers

Finding A Cost Center

Editing A Cost Center

Inactivating/Activating Cost Centers

Adding New Cost Centers:

1. Display ‘Cost Centers’ screen from the General Ledger > Setup Accounts menu.

2. All the cost centers are displayed in the grid.

3. The screen opens in NEW mode with the focus in the COST CENTER CODE field,

allowing you to directly create new cost centers.

4. Enter COST CENTER CODE. If the code entered is already in use and assigned to a

different cost center, the system will prompt you to enter a new code.

5. Enter COST CENTER NAME. You can enter up to 50 characters for the cost center

name.


6. Both the COST CENTER CODE and COST CENTER NAME are mandatory fields.


8. Once created, you cannot delete a Cost Center. However you can make it inactive.

9. Click [Cancel] to abort the creation of new code.

10. Click [Close] to close the form.

Finding A Cost Center:

1. Display ‘Cost Centers' screen from the General Ledger > Setup Accounts menu.

2. The screen will open in NEW mode for directly creating new cost centers. Click

[Cancel] for VIEW mode.

3. You can find a Cost Centers in any of the following methods:

a. All the cost centers are listed in the grid. You can scroll through the records to

find the code.

b. Also, to sort the list according to Code or Name, click on the respective column

headers.

c. If the cost center code is known, then enter in the COST CENTER CODE field

and press the {Tab} key to populate the details.

Editing A Cost Center:

1. Display ‘Cost Centers' screen from the General Ledger > Setup Accounts menu.

2. All the cost centers defined are listed in the grid. You can scroll through the records to

find the code. Refer ‘Finding A Cost Center’ section on more help on finding a code.

3. Double click on the code in the grid. The selected COST CENTER CODE and COST

CENTER NAME are displayed in the textboxes. Make the required changes.

4. COST CENTER CODE cannot be modified, as it is required to uniquely identify the cost

center.




save the changes and to close the screen and click [Cancel] to go back to the ‘Cost

Centers’ screen.

Inactivating/Activating Cost Centers:

When you make a cost center inactive the application, Finacs stores the information, but hides

the code from all the lists i.e. you cannot use this cost center to make any future transactions.

Cost centers are optional.

1. Display ‘Cost Centers’ screen from the General Ledger > Setup Accounts menu.

2. Select the cost center to be made inactive.

3. Select INACTIVE option.

4. Click [Save] to record the changes.

5. You can reactivate the code by selecting the ACTIVE option in this screen.


Manage Opening Balances

Opening Balance is the amount of money that is present in an account as on the financial year

start date. These balances can be entered manually or updated from the previous financial

year. This screen allows you to manage opening balances of all your asset and liability

accounts. Select the fund from the FUND drop-down to view opening balances based on the

selected fund.

If you have opening balances for your accounts before using the application, Finacs, enter

them here. The application, Finacs requires opening balances to be entered only for your first

financial year. For the successive years, you can update the opening balances from the

previous years.

Viewing Opening Balances

Entering Opening Balances

Entering Opening Balances for AR and AP Accounts

Viewing Opening Balances:

1. Display the ‘Manage Opening Balance’ screen. Click [Manage Opening Balances] from

the ‘Financial Year Management’ screen or click [Enter Balances] from the ‘Chart of

Accounts’ screen.

2. Select fund from the FUND drop-down list.

3. All the balance sheet accounts are displayed.

4. The list also displays Code, Account Name, Opening Balance, Cr/Dr Balance, Group

Name, Posting Type and Control Type against each account.

5. Click on the column headers to sort the list.

6. The debit (positive) and the credit (negative) opening balances are color coded for

easy differentiation.


Entering Opening Balances:

If you are using the application, Finacs for the first time or working in the first financial year

then follow the steps given below to enter the opening balances. For all consecutive years click

[Update Opening Balances from Pervious Years] to automatically update previous year’s

balances.

Note: The application, Finacs does not allow manually entry of opening balances if previous

year’s data is present. It automatically updates all the accounts when the update balances is

clicked. If any adjustments are required in the previous year account balances: you need to

login to the previous year and create the necessary JVs.

1. Display the ‘Manage Opening Balance’ screen and select the FUND drop-down list.

2. All your balance sheet accounts are displayed.

3. By default the application, Finacs enters zero as opening balances for all these

accounts.

4. Click or double–click on the OPENING BALANCE cell for the appropriate account and

enter amount.

5. For positive or debit balances select DR from the DR/CR column and for negative or

credit balances, select DR from the DR/CR column. The debit and the credit opening

balances are color coded accordingly.

6. Also, while entering credit amounts, instead of entering the amount and selecting CR

from the DR/CR cell, you can directly enter ‘-’ along with the amount. For example you

can enter ‘–10,000’ directly.

7. Follow the above steps for all your accounts.

8. For Accounts Receivable and Accounts Payable account types, you need to enter the

sub-accounts’ opening balances.

9. Make sure the credit total and debit total is equal before saving. This ensures that the

previous years balance sheet tallies and the account balances are accurate.

10. Click [Save] to record.


Entering Opening Balances for Accounts Receivable and Accounts Payable:

Customers and Vendor opening balances are to be entered in the ‘Manage Vendor/Customer

Opening Balance’ screen. When you are entering customers’ opening balances, you are

actually adding to the Accounts Receivable account. Similarly, when entering the opening

balances for vendors’ accounts, you are adding to the Accounts Payable account.

1. Display the ‘Manage Opening Balance’ screen and select the FUND drop-down list.

2. All your balance sheet accounts are displayed.

3. Double click on the appropriate account that has sub-accounts. Alternatively, you can

also click [Manage Vendor/Customer Opening Balance] button.

4. The ‘Manage Vendor/Customer Opening Balance’ screen is opened.

5. Select the control account from the CONTROL ACCOUNT drop-down list.

6. All the sub-accounts in the selected account are displayed.

7. By default the application, Finacs enters zero as opening balances for all these

accounts.

8. Click or double–click on the OPENING BALANCE cell for the appropriate account and

enter amount.

9. For positive or debit balances select DR from the DR/CR column and for negative or

credit balances, select DR from the DR/CR column. The debit and the credit opening

balances are color coded accordingly.

10. Also, while entering credit amounts, instead of entering the amount and selecting CR

from the DR/CR cell, you can directly enter ‘-’ along with the amount. For example you

can enter ‘–10,000’ directly.

11. Make sure the credit total and debit total is equal before saving. This ensures that the

previous years balance sheet tallies and the account balances are accurate.

12. Click [Save] to record.


3. Receive Petty Cash

You can enter petty cash receipts in this screen. The receipts affect petty cash accounts and

can be made against student families, sponsors, customers, or vendors. There can also be

payments made by one-time customers or walk-in individuals for a service you provided. They

need not be related to any earlier recorded transaction. This is reflected in your Book of

Accounts by debiting the Petty Cash Account and crediting the selected account in the grid.

Creating Petty Cash Receipts

Finding Petty Cash Receipts

Editing Petty Cash Receipts

Voiding Petty Cash Receipts

Creating Petty Cash Receipts:

1. Display ‘Receive Petty Cash’ from the General Ledger menu.

2. The screen opens in NEW mode with the focus in the COLLECT FROM field, allowing

you to directly create new petty cash receipts.

3. TRANSACTION NUMBER is a system generated unique number used of distinguishing

the transaction. It is created once the transaction is saved. Transaction number is

displayed in all the reports and the ledger transactions.

4. Select a petty cash account from the RECEIVE INTO combo. This selected account gets

debited. This screen is generally used to capture transactions made, using a petty

cash account. However any cash account can be selected from the dropdown account

list.

5. Enter a REFERENCE NUMBER for the voucher. Reference number is also auto

generated by the system, but it is editable. For example you can enter reference

numbers to group the receipts entered in a particular month etc.


6. Enter the name of the person against whom the voucher is made in the COLLECT

FROM field.

7. Enter Date and Amount of cash received.

8. Current date is populated in the DATE field by default. You can edit the date to reflect

the date of voucher.

9. We can key in the account code directly in ACCOUNT CODE cell and tab out then the

corresponding cells will populate automatically in accounts grid. Or, you can pull the

Account from the Lookup […] button present in the ACCOUNT NAME cell.

In the accounts grid, enter the Account Code from which the amount should be credited.

• Click in the ACCOUNT NAME cell for the lookup icon […] to be displayed. Click

on the icon to bring up the account lookup screen with a list of all your

accounts. Select an account and click [Accept].

• You can create new accounts General Ledger > Setup Accounts > Chart of

Accounts screen.

• Or, click [Add] in the Account - Lookup screen to directly add new accounts.

Select the item and click [Accept].

10. Enter the CREDIT amount.

11. Select all the accounts that are to be credited and enter the credit amounts.

12. The sum of all the credit amounts in the accounts grid should match the debit amount

in the header.


13. Enter Cost Center and Narration (optional). You can set the default cost center in

Application Setup under Utilities menu. You can set a cost center to populate every

time you create a payment voucher by setting it as default in Application Setup from

Utilities menu.

14. Click [Save] to record the transaction. The selected Petty Cash account in the header

is debited and the detail grid accounts are credited.

15. Click [Cancel] to abort and [Close] to close the form.

16. Once saved, the TRANSACTION NUMBER is generated. The [Print] button is enabled

allowing you print the invoice.

17. The printed transaction displays all the accounts involved in the selected voucher. The

report header and footer details can be set using 'Report Header' under Utilities menu.

18. Use the [Change Fund] button to change the FUND or COST CENTER for the current

transaction. You can set the required fund and cost center to populate every time you

open the screen by defining them in the Application Setup screen from the Utilities

menu. The selected fund for the transaction can also be viewed on the title bar of the

screen.

Finding Petty Cash Receipts:


2. The screen will open in NEW mode for directly creating new transactions. Click


3. You can find a petty cash transaction in any of the following methods:

• If the transaction number is known, then enter the number in the

TRANSACTION NUMBER field and press {Tab} key to populate all the

transaction details.

• Else, click the search screen icon next to the TRANSACTION NUMBER to list all

the transactions. Select a transaction and click [Accept].


4. All the accounts debited and credited in the selected voucher are displayed.

Editing Petty Cash Receipts:

You can edit Petty Cash transactions details like reference number, voucher date, transaction

amount, or accounts. Transaction number cannot be edited, as it is a system-generated

number.




3. Select the transaction to be edited either by entering the TRANSACTION NUMBER or

by selecting the transaction from the search screen.

4. All the details for the selected petty cash transaction are populated. Reference

number, voucher date, transaction amount, or accounts can be modified.

5. Make the required changes and click [Save].

6. Click [Cancel] to ignore the changes.



save the changes and to close the screen and click [Cancel] to go back to the 'Vendor

Credits' screen.

Voiding Petty Cash Receipts:

Voiding will change the transaction amount to zero and the corresponding posting in the Book

of Accounts will be nullified. Once voided, further transactions are not possible.


2. Find the transaction either by entering the TRANSACTION NUMBER or by selecting the

transaction from the search screen.

3. All the details for the selected petty cash transaction are populated.

4. Click [Void].

5. Voiding will change the transaction amount to zero and the corresponding posting in

the Book of Accounts will be nullified.


Tip:

• You can setup a default Petty Cash account in the Application Setup preferences under

Utilities menu. This default account is populated each time the Receive Petty Cash screen

is opened.


4. Pay Petty Cash

You can enter petty cash payments in this screen. The payments affect petty cash accounts

and can be made against student families, sponsors, customers, or vendors. They can be

reimbursements made to employees or payments made to any individuals who paid business

expenses with their personal funds or advanced accounts. They need not be related to any

earlier recorded transaction. This is reflected in your Book of Accounts by crediting the Petty

Cash Account and debiting the selected account in the grid.

Creating Petty Cash Payments

Finding Petty Cash Payments

Editing Petty Cash Payments

Voiding Petty Cash Payments

Creating Petty Cash Payments:

1. Display ‘Pay Petty Cash’ from the General Ledger menu.

2. The screen opens in NEW mode with the focus in the PAID TO field, allowing you to

directly create new petty cash payments.

3. TRANSACTION NUMBER is a system generated unique number used of distinguishing

the transaction. It is created once the transaction is saved. Transaction number is

displayed in all the reports and the ledger transactions.

4. Select a petty cash account from the PAY FROM combo. This selected account gets

credited. This screen is generally used to capture transactions made, using a petty

cash account. However any cash account can be selected from the dropdown account

list.



numbers to group the payments made in a particular month etc.


6. Enter the name of the person against whom the voucher is made in the PAID TO field.

7. Enter Date and Amount of cash paid.



19. We can key in the item code directly in ACCOUNT CODE cell and tab out then the



We can also enter the Account Code to which the amount should be debited in

accounts grid.





Accounts screen.



9. Enter the DEBIT amount.

10. Select all the accounts that are to be debited and enter the debit amounts. If Budget is

defined and the budgeted amount for the selected accounts exceed, the user is


notified based on the selected budget validations. Refer ‘Budget Management’ and

‘Budget Validations’ for more details.

11. The sum of all the debit amounts in the detail grid should match the credit amount in

the header.

12. Enter Cost Center and Narration (optional). You can set the default cost center in

Application Setup under Utilities menu. You can set a cost center to populate every

time you create a payment voucher by setting it as default in Application Setup from

Utilities menu.

13. Click [Save] to record the transaction. The selected Petty Cash account in the header

is credited and the detail grid accounts are debited.


15. Once saved, the TRANSACTION NUMBER is generated. The [Print] button is enabled

allowing you print the invoice.







screen.

Finding Petty Cash Payments:




3. You can find a petty cash transaction in any of the following methods:

• If the transaction number is known, then enter the number in the

TRANSACTION NUMBER field and press {Tab} key to populate all the


• Else, click the search screen icon next to the TRANSACTION NUMBER to list all

the transactions. Select a transaction and click [Accept].



Editing Petty Cash payments:

You can edit Petty Cash transactions details like reference number, voucher date, transaction

amount, or accounts and save. Transaction number cannot be edited, as it is a system-

generated number.




3. Select the transaction to be edited either by entering the TRANSACTION NUMBER or

by selecting the transaction from the search screen.

4. All the details for the selected petty cash transaction are populated. Reference

number, voucher date, transaction amount, or accounts can be modified.





save the changes and to close the screen and click [Cancel] to go back to the 'Vendor

Credits' screen.

Voiding Petty Cash Receipts:

Voiding will change the invoice amount to zero and the corresponding posting in the Book of

Accounts will be nullified. Once voided, further transactions are not possible.


2. Find the transaction either by entering the TRANSACTION NUMBER or by selecting the

transaction from the search screen.

3. All the details for the selected petty cash transaction are populated.

4. Click [Void].


5. Voiding will change the transaction amount to zero and the corresponding posting in

the Book of Accounts will be nullified.

Tip:

• Setup a default Petty Cash account in the Application Setup preferences under Utilities

menu. This default account is populated each time the ‘Pay Petty Cash’ screen is opened.


5. Make Payments

You can view bills and make payments for Customers, Family/Sponsors, and Staff here. The

payment grid lists all your unapplied credits, payments and JV Credits against the selected

contact as of date. Mode of payment can be through cash, check or through credit card. The

payment transaction indicates that the payment is made to the contact and the paid amount is

reflected in their balance. This is reflected in your Book of Accounts by debiting the contact’s

account and crediting the corresponding cash/bank/credit card accounts.

Payments can be made against unapplied credits/payments or can be advance payments. The

application, Finacs allows advance payments, which can later be adjusted. Also, multiple

accounts having debits and credits can be added for more flexibility and to make the

transaction reflect in all the selected accounts.

Making Other Payments

Finding Other Payments

Editing Other Payments

Voiding Other Payments

Making Other Payments:

1. Display the ' Make Payments’ screen from the General Ledger menu.


2. The screen opens in NEW mode allowing you to directly make payments.

3. Select the contact type from the MAKE PAYMENT TO combo. Based on the type selected

the PAY TO combo is populated.

4. Choose CASH as your mode of payment for cash payments, CHECK for check payments &

CREDIT CARD for credit card payments. By default mode of payment is CHECK.

5. Based on the payment method, the accounts list in the PAY FROM combo will be

populated.

• If cash option is selected then only accounts those are defined, as CASH are listed.

For check option, accounts that are defined as CHECK or whose control type is

CHECK are listed. Similarly for credit card option, accounts defined as CREDIT

CARD are listed.

• You can create new accounts in General Ledger > Setup Accounts > Chart of

Accounts.

• To refresh the list with any newly created accounts, re-open the screen.

• Also, you can define default accounts to populate every time a mode of payment is

selected by setting them as default in Application Setup from Utilities menu.

(Select the appropriate accounts for the fields – Cash On Hand, Checks on Hand

and Credit Card Receipt for the default settings.)

6. Select an account from the PAY FROM drop-down list. This cash / bank / credit card

account is credited once the transaction is saved.

7. For Cash and Credit Card payments, a TRANSACTION NUMBER is generated. A transaction

number is a system generated unique number used of distinguishing the transaction. It is

created once the transaction is saved. Transaction number is displayed in all the reports

and ledger transactions.

8. For Check payments, CHECK NUMBER is generated once the check is printed. Reference

number is displayed in all the reports and the ledger transactions.

9. The TRANSACTION DATE will display current date. This can be changed to reflect the

actual date of payment.

10. Select the contact from the PAY TO drop-down list.

• If you have selected OTHER CUSTOMERS as contact type in the MAKE PAYMENT

TO combo, the PAY TO drop-down displays all the customers in your list. Similarly

if you have selected FAMILY/SPONSORS as contact type, the PAY TO combo

displays all the student family/sponsors in your list. Same with Staff. If you have

selected OTHERS, then any name can be entered in the PAY TO field.


• You can pay only customers, family/sponsors and staff present in your current list.

If you do not find a contact’s name in the drop-down list, you can add the person

to your company's list by clicking [Add New] button.

• Clicking [Add New] opens Setup Customer or Setup Family/Sponsor or Setup Staff

screen based on the contact type selected in the MAKE PAYMENT combo.

11. All the unapplied payments, credits and JV credits for the selected contact are listed in the

BILL DETAILS tab.

12. Select one or more transactions against which you wish to pay. The selection will assume

that you are clearing the whole AMOUNT DUE and will populate the full amount in the

AMOUNT PAID column.

13. If you wish to edit the payment amount, change the amount in the AMOUNT PAID column.

14. The total of all the AMOUNT PAID columns is displayed in the AMOUNT field. The Amount

in words is populated based on AMOUNT field.

15. For check payments, the amount being credited from the bank is displayed in the CHECK

AMOUNT field. In this case, the AMOUNT IN WORDS reflects the CHECK AMOUNT.

16. If you wish to make advance payments or payments that are not made against any

transactions, then click the ADVANCE PAYMENT checkbox. (This is only enabled for Staff in

earlier versions.)

17. This disables the BILL DETAILS tab and allows you to directly enter the payment amount

in the AMOUNT field.

18. Also, when making payments to OTHERS (contacts who are not in your list); it acts as

advance payments where payments are not made against any transactions. The BILL

DETAILS tab and allows you to directly enter the payment amount in the AMOUNT field.

19. The ACCOUNT DETAILS tab displays the accounts that are affected in the current

transaction.

• By default the selected cash/bank/credit card account that is being credited and

the vendor account that is being debited is displayed.

• The DEBIT and CREDIT amounts are displayed based on the selected bills in the

BILL DETAILS tab. (The total of the AMOUNT PAID columns is displayed.)


• The debit amount against the vendor cannot be edited in the ACCOUNT DETAILS

tab. To change this amount, make the necessary changes in the BILL DETAILS

tab.

• The credit amount from the cash/bank/credit card account can be edited. For bank

payments, this amount is displayed in the CHECK AMOUNT field and is the actual

amount that is being credited.

20. Multiple accounts with the corresponding debit and credit amounts can be selected in the

ACCOUNTS TAB. The total debits and credits should match before saving the transaction.

• To add accounts, click in the ACCOUNT NAME cell for the lookup icon […] to be

displayed. Click on the icon to bring up the account lookup screen with a list of all

your accounts. Select an account and click [Accept].


Accounts.

• Or, click [Add] in the Account Code - Lookup screen to directly add new accounts.

21. If Budget is defined and the budgeted amount for the selected accounts exceed, the user

is notified based on the selected budget validations. Refer ‘Budget Management’ and



23. Once saved, for cash /credit card transactions, the TRANSACTION NUMBER is generated

and the [Print Receipt] button is enabled allowing you print the payment receipt.

24. For check payments, the check number still says <To Be Printed>. To print the check,

click the [Print Check] button. The check will be printed with the next available check

number for the selected bank account.

25. You can print and reprint all your issued checks later from the 'Print Check' screen. Refer

‘Printing Issued Checks’ section for more details.



open the screen by defining them in the Application Setup screen from the Utilities menu.

The selected fund for the transaction can also be viewed on the title bar of the screen.


Finding Other Payments:

1. Display the 'Make Payments’ screen from the General Ledger menu.

2. The screen will open in NEW mode for directly making new vendor payments. Click


3. You can find a payment transaction in any of the following methods:

• Click on the TRANSACTION NUMBER search icon to bring up a search screen. Click

[Retrieve] without using any filters to list all the existing payment transactions.

Select the transaction and click [Accept].

• If the transaction number is known, enter code in TRANSACTION NUMBER field

and press the {Tab} key to populate transaction details.


4. The vouchers that are involved in the selected payment are displayed in the BILL DETAILS

tab and the accounts affected in the selected transaction are listed in the Account Details

tab.

Editing Other Payments:

You can edit existing payment transactions by adding or deleting accounts that are affected by

the transaction. However, the header section details like the transaction DATE, AMOUNT and

CHECK AMOUNT cannot be edited. You can void the transaction and create new if any of the

above mentioned header section details are to be modified.

1. Display 'Make Payments' screen from the General Ledger menu.

2. The screen will open in NEW mode for directly making new vendor payments. Click


3. Click on the TRANSACTION NUMBER search icon to bring up a search screen. Click

[Retrieve] without using any filters to list all the existing payment transactions. Select

the transaction and click [Accept].

4. The TRANSACTION NUMBER, DATE, AMOUNT, PAYMENT METHOD, etc., are displayed

in the header section and the invoices against which the payment is made are

displayed in the BILL DETAILS tab. The accounts affected in the selected transaction

are listed in the ACCOUNT DETAILS tab.

5. You cannot change the mode of payment. However, the account details can be

changed.

6. Multiple accounts with the corresponding debit and credit amounts can be selected in

the ACCOUNTS TAB. The total debits and credits should match before saving the

transaction.

• To add accounts, click in the ACCOUNT CODE cell for the lookup icon […] to be

displayed. Click on the icon to bring up the account lookup screen with a list of all

your accounts. Select an account and click [Accept].


Accounts.

• Or, click [Add] in the Account Code - Lookup screen to directly add new accounts.

7. Make the required changed and click {[Save]} to record the information.




save the changes and to close the screen and click [Cancel] to go back to the ‘Make

Payments' screen.

Voiding Other Payments:

Voiding will change the payment amount to zero and the corresponding posting in the Book of

Accounts will be nullified. If you wish to void an invoice that has been partially paid or fully

paid, then the payments or credits made on the invoice must be voided first before voiding the

invoice.

1. Display the Transaction Summary Listing screen for the corresponding customer,

family/sponsor, or staff. For example, open Transaction Summary Listing – Customer

for opening customer payments, open Transaction Summary Listing – Family/Sponsor

for opening family/sponsor payments and so on. For payments made to OTHERS, void

can be made from the Ledger Transaction screen.

2. Select the contact from the CONTACT drop down list.

3. Select the Payment Transaction to be made inactive.

4. Click [Void].

Tip:

If you do not find the Customer’s, or Family/Sponsor’s or Staff’s name in the drop-down list,

make sure the type of contact selected from the MAKE PAYMENT TO drop-down list is right.


6. Print Checks

You can print all the issued checks here. The screen lists all your unprinted checks for the

selected bank account. You can print one or all the checks. To view checks in a given date

range and enter the TO and FROM date. Or, select SHOW ALL option to view all the unprinted

checks.

1. Load your checks into the printer.

2. Display the ‘Print Checks’ screen from the General Ledger menu.

3. From the BANK ACCOUNT drop-down list, choose the bank account.

4. Click [Retrieve] to populate the unprinted checks in the selected bank account.

5. Choose SHOW ALL option to view all the unprinted checks. By default the checks that

are not printed in the current month are displayed. If you wish to see checks in a

different date range, enter TO and FROM date and click [Retrieve].

6. The CHECK NUMBER column displays ‘To Be Printed’ for all checks indicating that

these checks are to be printed. Once printed, a check number is assigned to them.


7. Enter the NEXT CHECK NUMBER to be printed. By default the next check number for

the selected bank is populated based on previous prints.

8. Click SELECT ALL checkbox to select all the checks present in the list. If you only wish

to print few checks, then individually select the checks to be printed.

9. Click [Print] to print all the selected checks.

10. The Check Print Dialog screen pops up with the various printing options.

• The next check number for the selected bank is populated by default.

• Select the CHECK FORMAT and NUMBER OF CHECKS per page.

• Click [Print] to print all the selected checks or [Close] the Check Print Dialog

screen.

11. Once printed, these checks are not listed in the ‘Print Checks’ screen. You can view the

printed checks information in the ‘Check Register’ screen.

Tip:

If you do not see the your unprinted checks in the screen, make sure you are looking at the

correct bank account and the date range.

You can also print checks immediately after making the transaction from the respective

screens.


7. Deposit Checks / Cash

You can deposit received checks / cash here. The screen lists all your un-deposited checks and

cash transactions in the selected account. To view transactions in a given date range and

enter the TO and FROM date. Or, select SHOW ALL option to view all the un-deposited

transactions.

Deposit Received Checks / Cash

To Find Deposited Transactions

To Mark Direct Deposits

Deposit Received Checks / Cash:

1. Display the ‘Deposit Checks / Cash’ screen from the General Ledger menu.

2. The screen opens in NEW mode, allowing you to directly deposit checks / cash

received.

3. DEPOSIT NUMBER is a system generated unique number used of distinguishing the

transaction. It is created once the transaction is saved. Deposit number is displayed in

all the reports and the ledger transactions.


the date of transaction.

5. Enter remarks in the MEMO field.

6. Select CHECK option to deposit checks and CASH option to deposit cash.

7. Choose the account from which you wish to deposit checks in the FROM ACCOUNT

drop-down list. If cash option is selected then only accounts, which are defined as,

CASH are listed. For check option, accounts that are defined as CHECK or whose

control type is CHECK are listed.

8. Click [Retrieve] to populate the checks / cash in the selected account.


9. Choose SHOW ALL option to view all the un-deposited transactions. By default the

checks / cash that are not deposited in the current month are displayed. If you wish to

see checks / cash in a different date range, enter TO and FROM date and click

[Retrieve].

10. Select the account to which you wish to deposit in the TO ACCOUNT drop-down list.

11. Click SELECT ALL checkbox to select all the checks or cash transactions present in the

list. If you only wish to deposit few checks / cash transactions, individually select the

transactions.

12. Click [Deposit Checks] to deposit all the selected checks or [Deposit Cash] to deposit

all the selected cash transactions.

13. Once deposited, the DEPOSIT NUMBER is generated. The [Print Deposited Checks List]

button is enabled, allowing you to print the list of deposited checks / cash.

14. A Journal Voucher is created to record the deposit transaction. The selected FROM

ACCOUNT is credited and the TO ACCOUNT is debited with the transaction amount.


To find deposited transactions:



received. Click [Cancel] for VIEW mode.

3. You can find a deposit transaction in any of the following methods:

• If the deposit number is known, then enter the number in the DEPOSIT

NUMBER field and press {Tab} key.

• Else, click the search screen icon next to the DEPOSIT NUMBER to list all the

transactions. Select a transaction and click [Accept].


4. All the deposit details like checks / cash transactions deposited, from/to

accounts, deposit date are populated.

5. Click [Print Deposited Checks List] to print the list of checks / cash deposited in the

selected transaction.

To Mark Direct Deposits:



received.

3. DEPOSIT NUMBER is a system generated unique number used of distinguishing the

transaction. It is created once the transaction is saved. However, for DIRECT

DEPOSITS, no deposit number is created and the selected transactions are just

marked as deposited.


the date of transaction.

5. Enter remarks in the MEMO field.

6. Select CHECK option to deposit checks and CASH option to deposit cash.

7. Choose the account from which you wish to mark the checks as deposited in the FROM

ACCOUNT drop-down list. If cash option is selected then only accounts, which are

defined as, CASH are listed. For check option, accounts that are defined as CHECK or

whose control type is CHECK are listed.

8. Click [Retrieve] to populate the checks / cash in the selected account.

9. Choose SHOW ALL option to view all the un-deposited transactions. By default the

checks / cash that are not deposited in the current month are displayed. If you wish to

see checks / cash in a different date range, enter TO and FROM date and click

[Retrieve].

10. The TO ACCOUNT is not required for direct deposit checks.

11. Click SELECT ALL checkbox to select all the checks or cash transactions present in the

list. If you only wish to deposit few checks / cash transactions, individually select the

transactions.

12. Click [Mark As Deposited] to mark all the selected checks / cash transactions as

deposited.

13. Once marked as deposited, the [Print Deposited Checks List] button is enabled,

allowing you to print the list of deposited checks / cash. A DEPOSIT NUMBER is not

created as marking just updates the selected transactions.



8. Check Register

You can view all issued checks here. The screen lists the status of all your issued checks for

the selected bank account. You can print, reprint or void the checks. given view checks in a

date range and enter the TO and FROM date. Or, select SHOW ALL option to view all the

issued checks.

To Print/Reprint Checks

To Void Checks

To Print/Reprint Checks:

1. Load your checks into the printer.

2. Display the ‘Check Register’ screen from the General Ledger menu.


4. Click [Retrieve] to populate the issued checks in the selected bank account.

5. Choose SHOW ALL option to view all the checks. By default the checks that are issued

in the current month are displayed. If you wish to see checks issued in a different date

range, enter TO and FROM date and click [Retrieve].

6. The STATUS and PRINTED columns describe the current status or position of the

check.

7. The CHECK NUMBER column displays ‘To Be Printed’ for unprinted checks and the

check number for the printed checks.

8. To print or reprint, enter the CHECK NUMBER to be printed. By default the next check

number for the selected bank is populated based on previous prints.


9. Select the check to be printed. Click [Print Check].

10. To reprint, select the check to be reprinted and click [Reprint Check].

11. In both cases, you can only select a single check.

12. The Check Print Dialog screen pops up with the various printing options.

• The next check number for the selected bank is populated by default.

• Select the CHECK TYPE and NUMBER OF CHECKS per page.

• Click [Print] to print all the selected checks or [Close] the Check Print Dialog

screen.

To Void Checks:

1. Display the ‘Check Register’ screen from the General Ledger menu.


3. Click [Retrieve] to populate the issued checks in the selected bank account.

4. Choose SHOW ALL option to view all the checks. By default the checks that are issued

in the current month are displayed. If you wish to see checks issued in a different date

range, enter TO and FROM date and click [Retrieve].

5. Select the checks to be voided. Click SELECT ALL to select all the checks.

6. Click [Void] to void all the selected checks.

7. Voiding will change the check amount to zero and the corresponding posting in the

Book of Accounts will be nullified.

8. Click [Clear] to clear the details and [Close] the screen.

Tip:

• If you do not see the checks in the screen, make sure you are looking at the correct bank

account and the date range.

• You can also print checks immediately after making the transaction from the respective

screens.


9. Reconcile Bank Transactions

Reconciliation allows you to match your bank accounts’ balances and FINACS records. It is

important to reconcile all your bank accounts on regular basis or whenever you receive a bank

statement. This ensures accuracy of all your school records.

To Reconcile Bank Account

To View Reconciled Transactions

To Reconcile Bank Account:

1. Display ‘Bank Reconciliation’ screen from the General Ledger Menu.

2. The screen opens in NEW mode with the focus in the BANK ACCOUNT field, allowing

you to directly reconcile transactions.

3. RECONCILE ID is a system generated unique number used of distinguishing the

transaction. It is created once the transaction is saved. Reconcile number is displayed

in all the reports.

4. Current date is populated in the RECONCILE DATE field. You can change the date to

reflect the actual date of reconcile.

5. Select the bank account to be reconciled from the BANK ACCOUNT drop-down list. All

your accounts or control type BANK are displayed in the list.


6. The most recent reconciled balance for the selected account is populated in the

PREVIOUS RECONCILE BALANCE field. The date on which the last reconciliation has

taken place is displayed in the AS ON date field.

7. The selected BANK ACCOUNT’S balance as per the application, Finacs records is

displayed in BALANCE AS PER BANK STATEMENT field.

8. The grid displays all the transactions for the selected bank. They can be payments

made, checks deposited, or any journal entries made to the selected bank.

9. Select all the transactions you wish to reconcile by marking the checkboxes. Mark the

SELECT ALL checkbox to select all the transactions for reconciling.

10. For each transaction, make sure the transaction amount matches with the amount on

the bank statement. Recheck the transactions, if the amounts do not match.

11. CHECKS NOT PRESENTED includes all the issued checks from the list, which are not

deposited by the contact. CHECKS NOT CLEARED includes all the received checks from

the list, which are not deposited by the school.

12. Enter the bank’s closing balance in the BALANCE AS PER BANK STATEMENT field.

13. If your bank statement includes interest earned or service charges that are not

present in the application, Finacs records, you need to make journal entries to for the

same.

14. Click [Make Journal Entry] to open the ‘Journal Entries’ screen. Select the accounts

you wish to use to track the service charges (credit the bank account) and interest

earned (debit the bank account). Create an entry and click [Save]. Usually expense

accounts are used to track your service charges and income accounts to track your

bank’s interest earned amounts. The reconciliation screen is updated with the journal

entries made in INTEREST EARNED and SERVICE CHARGES fields.


15. After selecting all your transactions, check the DIFFERENCE field. If the difference is

zero, your account balances with your bank’s statement. Else, if the difference is not

zero, your account balance does not match with the bank’s balance. Recheck the

transactions, opening closing balances for the selected account for the later case.

16. Click [Reconcile] to reconcile your bank account for the selected period.

17. Once reconciled, the RECONCILE ID is created and the [Print Statement] button is

enabled. The printed report displayed all the transactions reconciled and the balance

details.

18. Click [Cancel] to abort or [Close] to close the screen.

To View Reconciled Transactions:

1. Display ‘Bank Reconciliation’ screen from the General Ledger Menu.

2. The screen opens in NEW mode with the focus in the BANK ACCOUNT field, allowing

you to directly reconcile transactions. Click [Cancel] for VIEW mode.

3. To view existing reconciled transactions:

• Click on the RECONCILE ID search icon to bring up a search screen. Click

[Retrieve] without using any filters to list all the existing reconciled

transactions. Select the transaction and click [Accept].

• If the reconcile number is known, enter code in RECONCILE ID field and press

the {Tab} key to populate reconciliation details.

4. The transactions that are involved in the selected reconciliation are displayed in the

grid and other details like Reconcile Date, Bank Balances, Finacs Balances, Interest,

and Service Charges etc. are displayed in their respective fields.

5. Past reconciliation transactions are only for viewing and cannot be edited.


10. Reconcile Payments By Credit Card

Reconciliation allows you to match your credit card’s balances and the FINACS records. It is

important to reconcile all your credit card payments on regular basis or whenever you receive

a statement. This ensures accuracy of all your school records.

To Reconcile Credit Card Payments


To Reconcile Credit Card Payments:

1. Display ‘Reconcile Payments By Credit Card’ screen from the General Ledger Menu.

2. The screen opens in NEW mode with the focus in the CREDIT CARD ACCOUNT field,

allowing you to directly reconcile transactions.



in all the reports.



5. Select the account to be reconciled from the CREDIT CARD ACCOUNT drop-down list.

All your accounts or control type CREDIT CARD are displayed in the list.





7. The selected ACCOUNT’S balance as per the application, Finacs records is displayed in

BALANCE AS PER CREDIT CARD STATEMENT field.

8. The grid displays all the transactions for the selected account. They credit card

payments from the selected credit card.




the credit card statement. Recheck the transactions, if the amounts do not match.

11. PAYMENTS NOT PRESENTED includes all the payments from the list, which are not

affected in the account or deposited by the contact.

12. Enter the card’s closing balance in the BALANCE AS PER CREDIT CARD STATEMENT

field.

13. If your card statement includes any service charges or service charges that are not

present in the application, Finacs records, you need to make journal entries to for the

same.


you wish to use to track the service charges (credit the credit card account) and

interest earned (debit the credit card account). Create an entry and click [Save].

Usually expense accounts are used to track your service. The reconciliation screen is

updated with the journal entries made in INTEREST EARNED and SERVICE CHARGES

fields.


zero, your account balances with your card’s statement. Else, if the difference is not

zero, your account balance does not match with the card’s balance. Recheck the


16. Click [Reconcile] to reconcile your credit card account for the selected period.




details.



1. Display ‘Reconcile Payments By Credit Card’ screen from the General Ledger Menu.


allowing you to directly reconcile transactions. Click [Cancel] for VIEW mode.



[Retrieve] without using any filters to list all the existing reconciled

transactions. Select the transaction and click [Accept].

• If the reconcile number is known, enter code in RECONCILE ID field and press

the {Tab} key to populate reconciliation details.

4. The transactions that are involved in the selected reconciliation are displayed in the

grid and other details like Reconcile Date, Balances, Finacs Balances, Interest, and

Service Charges etc. are displayed in their respective fields.



11. Reconcile Receipts By Credit Card

Reconciliation allows you to match your credit card’s balances and the application, Finacs

records. It is important to reconcile all your credit card receipts on regular basis or whenever

you receive a statement. This ensures accuracy of all your school records.

To Reconcile Credit Card Receipts


To Reconcile Credit Card Receipts:

1. Display ‘Reconcile Receipts By Credit Card’ screen from the General Ledger Menu.


allowing you to directly reconcile transactions.



in all the reports.



5. Select the account to be reconciled from the CREDIT CARD ACCOUNT drop-down list.

All your accounts or control type CREDIT CARD are displayed in the list.





7. The selected ACCOUNT’S balance as per the application, Finacs records is displayed in

BALANCE AS PER CREDIT CARD STATEMENT field.

8. The grid displays all the transactions for the selected account. They credit card

receipts for the selected credit card.




the credit card statement. Recheck the transactions, if the amounts do not match.

11. PAYMENTS NOT PRESENTED includes all the payments from the list, which are not

affected in the account or deposited by the contact.

12. Enter the card’s closing balance in the BALANCE AS PER CREDIT CARD STATEMENT

field.

13. If your card statement includes interest earned or service charges that are not present

in the application, Finacs records, you need to make journal entries to for the same.


you wish to use to track the service charges (credit the credit card account) and

interest earned (debit the credit card account). Create an entry and click [Save].

Usually expense accounts are used to track your service charges and income accounts

to track your bank’s interest earned amounts. The reconciliation screen is updated

with the journal entries made in INTEREST EARNED and SERVICE CHARGES fields.


zero, your account balances with your card’s statement. Else, if the difference is not

zero, your account balance does not match with the card’s balance. Recheck the


16. Click [Reconcile] to reconcile your credit card account for the selected period.




details.



1. Display ‘Reconcile Receipts By Credit Card’ screen from the General Ledger Menu.


allowing you to directly reconcile transactions. Click [Cancel] for VIEW mode.



[Retrieve] without using any filters to list all the existing reconciled transactions.

Select the transaction and click [Accept].

• If the reconcile number is known, enter code in RECONCILE ID field and press the

{Tab} key to populate reconciliation details.

4. The transactions that are involved in the selected reconciliation are displayed in the grid

and other details like Reconcile Date, Balances, Finacs Balances, Interest, and Service

Charges etc. are displayed in their respective fields.



12. Recurring Journal Voucher Template

You can create Journal Voucher templates in this screen. A JV template is a stored list of funds

transfer from one account to another without any cash being received or any check being

written. These templates can be called from the ‘Make Journal Entries’ program to make

adjustments in the daily transactions. For example you can create a template called ‘Template

1' for vendor ‘XXX’ and make the necessary funds transfer. Ensure that the total amount in

the Debit columns is equal to the total amount in the Credit columns. While using the ‘Make

Journal Entries’ program to make a fund transfer for a particular vendor, you can directly call

this template instead of manually entering the transactions.

You can also set a recurrence date for recording a JV that is frequent. This option comes

especially handy if there a large number of sub-accounts/ vendors against whom you have to

create a JV. A Journal Voucher Template is a ‘Master’ and there are no transactions conducted

using this screen.

Creating New Journal Voucher Template

Finding A Journal Voucher Template

Editing A Journal Voucher Template

Inactivating/Activating A Journal Voucher Template

Creating New Journal Voucher Template:

1. Display the 'Recurring Journal Voucher Template' screen from the General Ledger

menu.

2. The screen is displayed in the NEW mode, with the focus in the TEMPLATE NAME field,

allowing you to directly add a name for the new template.

3. Enter TEMPLATE NAME. The application, Finacs requires a unique name to distinguish

each template. It can be alpha numeric. If the name entered is already in use and

assigned to a different template, the system will prompt you to enter a new name.

4. Enter JV REMARKS. You can enter a description for the JV Template you are creating.


5. Select ACCOUNT NAME from the lookup […] button. Based on the Account Name

selected, the Sub Account Name needs to be entered also, if the Account Name

selected is a ‘Control Type Account’, then

• You can create new Account Name by going to General Ledger> Setup

Accounts > Chart of Accounts screen.

• To refresh the list with any newly created payment terms, you need to re-open

the screen.

6. We can key in the item code directly in ACCOUNT NAME cell and tab out, then the

corresponding cells will populate automatically in the accounts grid.

7. We can also enter the Account Codes from which the amounts should be credited and

debited in accounts grid.





Accounts screen.



8. If Sub Accounts are present for the selected main accounts, enter the sub-account

code and name.

9. The difference between the debit and credit amounts should be zero. If Budget is




10. To setup a recurrence pattern, click [Setup Recurrence].

11. A new screen where you can setup recurrence for the selected Journal Voucher

Template is opened. You can specify the number of times this Journal Voucher

Template should apply and also indicate how the service can recur in this screen. You

can either enter the recurrence dates manually or use the automatic recurrence

pattern functionality and get dates like 'Day 1 of every 2 months' or 'The First Monday

of every 1 month'.

12. In case you wish to reapply or change the distribution, click [Clear Recurrence] to

clear the grid and reapply.


13. To change the Fund or the Cost Center, click the [Change Fund] button.

14. Click [Save] to save the template.

15. Once saved, the [Print] button is enabled allowing you print the voucher.



17. Click [Cancel] to abort the creation of new template or click [Close] to close the form.

Finding A Journal Voucher Template:

1. Display ‘Recurring Journal Voucher’ screen from the General Ledger menu.

2. The screen will open in NEW mode for directly creating templates. Click [Cancel] for

VIEW mode.

3. You can find existing templates any of the following methods:

• If the Template Name is known, then enter the name in the TEMPLATE NAME

field and press the {Tab} key to populate its details.

• If the Template Name is not known then, click on the search icon to bring up a

search screen. Click [Retrieve] without using any filters to list all the existing

template names. Select the template can click [Accept].


4. The template details are populated in the grid.

Editing A Journal Voucher Template:


2. The screen will open in NEW mode for directly creating templates. Click [Cancel] for

VIEW mode.

3. Select the template to be edited. You can enter the template name or select from the

search screen.

4. The selected template details are displayed in the grid.

5. Template details like remarks, account names, recurrence dates and amount values

entered in the debit and credit columns can be edited.

6. Additional accounts can be added or existing accounts can be deleted.

7. We can select the account name in the ACCOUNT NAME cell Lookup.

• To add an account, click on the cell for the lookup icon […] to be displayed.

Click on the icon to bring up the lookup screen with a list of all your account

types. Select an account and click [Accept].

• To delete an account from the template, select the required account and click

{Del}.




save the changes and to close the screen and click [Cancel] to go back to the 'Create

Template' screen.

Inactivating/Activating A Journal Voucher Template:

When you make a Journal Voucher Template as inactive, the application, Finacs hides the

template name and does not display it in all the lists i.e. you cannot further use the template

for any further transactions.



2. Select the template to be made inactive.

3. Select the INACTIVE? checkbox present next to TEMPLATE NAME field.

4. Once inactivated, the template details cannot be modified and they cannot be billed

further.

5. You can reactivate the template by clearing the INACTIVE? Checkbox in this screen.


13. Make Journal Entries Journal Entry is made to record business transaction that increases funds in one account and

decreases funds in another account without cash being received or a check being written. The

total amount in the Debit columns is equal to the total amount in the Credit columns. You can

use journal entries if you do not wish to record it with the other kinds of daily transactions like

sales or purchases.

A Journal Entry is used in the following situations:

1. For special transactions like selling or depreciation of assets.

2. To reverse, adjust, or correct errors made in the recording other transactions.

3. To make year-end adjustments to your financial records.

4. Also, for some day-today transactions of they are made directly into an asset or liability

account.

Creating Journal Entries

Finding Journal Entries

Editing Journal Entries

Voiding Journal Entries

Creating Journal Entries:

1. Display ‘Make Journal Entries’ screen from the General Ledger menu.

2. The screen opens in NEW mode allowing you to directly create new journal voucher

transaction.

3. JOURNAL VOUCHER NUMBER is a system generated unique number used of

distinguishing the transaction. It is created once the transaction is saved. Transaction

number is displayed in all the reports and the ledger transactions.




numbers to group the entries made in a particular month etc.



6. The account grid captures the accounts and related information from which funds are

transferred.

7. We can key in the item code directly in ACCOUNT CODE cell and tab out then the



We can also enter the Account Codes from which the amounts should be credited and

debited.





Accounts screen.




8. If Sub Accounts are present for the selected main accounts, enter the sub-account

code and name.

9. The difference between the debit and credit amounts should be zero. If Budget is




10. To change the Fund or the Cost Center, click the [Change Fund] button.

11. Click [Save] to record the transaction.


13. Once saved, the JOURNAL VOUCHER NUMBER is generated. The [Print] button is

enabled allowing you print the invoice.







screen.

Finding Journal Entries:





3. You can find a journal entry transaction in any of the following methods:

• If the journal voucher number is known, then enter the number in the

JOURNAL VOUCHER NUMBER field and press {Tab} key to populate all the


• Else, click the search screen icon next to the JOURNAL VOUCHER NUMBER to

list all the transactions. Select a transaction and click [Accept].


Editing Journal Entries:

You can edit Journal Entry transaction details like reference number, voucher date, transaction

amounts, or accounts. Journal Voucher Number cannot be edited, as it is a system-generated

number.




3. Select the transaction to be edited either by entering the JOURNAL VOUCHER

NUMBER or by selecting the transaction from the search screen.

4. All the details for the selected journal entry transaction are populated.

Reference number, voucher date, transaction amounts, or accounts can be

modified.



7. Click [Close] to close the form. Closing the form without saving the data will

pop up a warning message to save the changes. Click [No] to ignore the

changes. Click [Yes] to save the changes and to close the screen and click

[Cancel] to go back to the 'Journal Entries’ screen.

Voiding Journal Entries:


When you void a transaction, further modifications are not possible. Voiding will change the

transactions amounts to zero and the corresponding posting in the Book of Accounts will be

nullified.


2. Find the transaction to be edited either by entering the JOURNAL VOUCHER

NUMBER or by selecting the transaction from the search screen.

3. All the details for the selected transaction are populated.

4. Click [Void].

5. Voiding will change the transaction amount to zero and the corresponding

posting in the Book of Accounts will be nullified.


14. Journal Entry Listing

The list displays all the journal entries made in the selected date range.

You can sort the list according to Journal Number or Amount or Created Date by clicking on

their respective column headers.

1. To view journal entries:

• Select the FROM and TO date to list the entries in a date range.

• Click [Retrieve] button to list the journal vouchers.

2. Click [New] to create new vouchers.

3. To edit an existing voucher, select a transaction and click [Edit].


15. Ledger Transactions

You can view all transactions for the selected ledger account here. The list also displays

transaction details like Voucher Date, Number, Transaction Type, Customer/ Vendor Name,

Debit, Credit, and Balance Amounts for each transaction.

You can search for transactions based on a group, account, sub ledger, fund or cost center.

This list can be saved for later references by printing or exporting to excel

To View Sub-Ledger Transactions

To View Account Transactions

To View Group Transactions

To View Sub-Ledger Transactions:

1. Display the ‘Ledger Transaction’ screen from the General Ledger menu.

2. SUB LEDGER includes all your contacts like Family/Sponsors, Customers and Vendors.

3. If the family/sponsor, customer or vendor code is known, then enter the code in the

Sub-Ledger first field and press {Tab} to populate the name.


4. If the contact code is not known, then click the Sub-Ledger search screen icon to

populate all your contacts. Select the appropriate account and click [Accept].

5. The ACCOUNT and GROUP are populated automatically.

6. Click [Retrieve] to list all his/her transactions.

7. You can filter these results based on a date range by entering FROM/TO date or can

also filter based on FUND/COST CENTER.

8. The list displays all the transaction details with opening and closing balances against

the selected sub-ledger. OPENING BALANCE indicates the debit or credit balance

present in the account before the selected start date. BALANCE column in the list

indicates the running balance after each transaction and the CLOSING BALANCE the

net balance against the sub ledger.

9. Click [Print] or [Export to Excel] if you wish to save the list.

10. For example, if you wish to list all the transactions for a customer C0001, enter the

code in the Sub-Ledger field and tab out. The customer’s name is displayed. Also, the

customer’s account ‘AR-Customers’ and account group ‘Accounts Receivables’ are auto

populated. Enter a date range and click [Retrieve] to list all his/her transactions.

To View Account Transactions:


2. ACCOUNT includes all the accounts in your chart of accounts. Some accounts have

sub-ledgers and some do not. For example, AR-Customers account may have all your

customers linked to it, whereas your Bank account does not have any sub ledgers.

3. If the account code is known, then enter the code in the Account first field and press

{Tab} to populate the name.


4. If the account code is not known, then click the Account search screen icon to

populate all the accounts. Select the appropriate account and click [Accept].

5. The Group and Account is populated automatically.

6. Click [Retrieve] to list all the transactions.




the selected Account. OPENING BALANCE indicates the debit or credit balance present

in the account before the selected start date. BALANCE column in the list indicates the

running balance after each transaction and the CLOSING BALANCE the net balance

against the sub ledger.


10. For example, if you wish to list all the transactions for your bank account, enter the

code in the Account field and tab out. The account’s name and group is auto

populated. Enter a date range and click [Retrieve] to list all his/her transactions.

11. You can list the transactions for all your customers by entering the customers’ account

code in the Account field and leaving the Sub-Ledger field empty.

To View Group Transactions:


2. GROUP includes all the account groups in your chart of accounts. Only the last level

groups have accounts under them i.e. only the last level groups have transactions.

3. If the group code is known, then enter the code in the Group first field and press

{Tab} to populate the name.

4. If the group code is not known, then click the Group search screen icon to populate

the entire group. Select the appropriate group and click [Accept].


5. The Group name is populated automatically.

6. Click [Retrieve] to list all the transactions.




the selected Group. OPENING BALANCE indicates the debit or credit balance present in

the group before the selected start date. BALANCE column in the list indicates the

running balance after each transaction and the CLOSING BALANCE the net balance

against the group.


Documents

GENERAL LEDGER - Rediker Software · 2020-02-13 · 999 accounts can be accommodated in a single group. Editing An Account: 1. Display ‘Chart of Accounts’ screen from the General