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Automatic Posting of GL Transactions

This configuration page allows a Loan Performer user to automate some recurrent manual transactions, that can be grouped in one transaction for example, payment of staff salaries, allowances, rent payment etc. However, it could even be just a single transaction, not necessarily a group, for example payment of rent.

How do you automate recurrent manual transactions?

To automate recurrent manual transactions go to System/Configuration/Automatic Posting of GL Transactions

and the following screen appear:

• Transaction Name: in this text-box, enter the general name of the transaction group, for example, "Salaries and wages". The text-box to it's right will remain empty until you save the group of transactions and after that will be updated with the saved "Transaction Name" in the drop-down box with the listing of all saved "Transaction Names".
• Account: Choose the account on which you are going to post the transaction e.g. "540000". If you need to create a new account, click the button "New", create a new account in your "Chart of Accounts" and click the button "Return" on the "Chart of Accounts" screen. You will see a new "Refresh" button next to the "Account" text-box. Click on that button in order to update the list of accounts with the newly created one.
• Descr: Enter the transaction description into the "Descr." text box, for example, "Anne's Salary". Enter the amount into "Debit" or "Credit" text box (depending on the type of transaction) e.g 650,000 . Click on the button "Add" and the transaction will appear in the table below.
• The "Description" will remain the same, since it is the same transaction.
• Enter the amount into "Debit" or "Credit" text box (depending on the type of transaction). Click on the button "Add".
• For purposes of the "double-entry" principle, go back to the "Account" drop-down box and choose the double-entry account for balancing the entry. Normally the "Cash or Bank" account is used for that purpose, but it depends on the way your accounting is organized
• In this way you have created an automatic entry of one transaction. If the transactions in the group are several, as it is the case with, for example, staff salaries, you can continue entering all your staff member salaries under the "Salaries" "Transaction Name".
• The "Total Debit" and "Credit" text-boxes in the lower part of the screen will show the total amounts for the group of transactions.

• Note that:
  1. You will be able to save the transactions only if the accounts are balanced.
  
  2. You will still be able to modify these transactions in the menu Accounts/Transactions, but generally it will speed up the entry of manual GL transactions.
  

• When you finish entering all transactions for the particular group, click the "Save" button. After saving the group of transactions you will get the message asking if you would like to continue with another entry as seen below

• Click"Yes" and enter another group of transactions or "No" to cancel the process.
• You can modify/delete transactions by highlighting them in the table and using "Update"/"Delete" buttons.
• Click the "Clear" button to clear the screen.
• Click on the Close button to quit.

Related Topics

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