SUP202 – Tips & Tricks: Receipts and Payments Journal

This function is designed to allow you to process general receipts and payments directly to a General Ledger account without the need to create a sundry Supplier of Customer account. In the past, this could always be processed through the General Journal function but was a little complex. Now all you have to do is to select the Bank account from which you wish to process, then switch between the Receipts and Payments tabs to enter the relevant transactions as illustrated below. A batch can have a combination of both receipts and payments or can just have payments or receipts on their own.

The Update Bank In Detail option at the bottom of the screen affords you the ability to post one contra entry to the bank account as a summary figure, of or whether you would like to post a contra entry to the bank account for each transaction in the batch.

If the batch transactions are of a nature that you process regularly such as bank charges or debit orders, you can save the batch of transactions for recall later, alleviating the need to have to recapture the batch details again. Simply recall the batch, amend the transactions and update accordingly.

Feature Location

The Receipts and Payments Journal is donated by the icon underneath, and is found in the General Ledger Section, the main as well as the Main section under processing items, and is also located in the Cashbook function in the Business section of the application.

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SUP105 – Segmented General Ledger

The General Ledger Segmentation function was designed to allow business to have extended General Ledger reporting capabilities in organisations with Multiple Branches and/ or departments, with the ability to filter and report on one or more of the segments. This facility has also been designed to complement the account set by warehouse function, allowing us to have a segment integration by item or item category by warehouse, allowing profitability to even be reported on a product line basis. Another market for this is in the issuance and control of Grants or Fund Management whereby we can report on the individual projects managed within the specific fund(s).

Another limitation that has been overcome is that of departments with departmental allocations previously being done at a document level basis. With the segmented General Ledger you can now process integrations document line item.

Setting Up General Ledger Segmentations
This will be explained in 2 separate sections, ie clients converting an existing company, and creating a new company. Note that the ability to add segments is available to both scenarios at can be done at any time.

Upgrading an Existing Company

Existing Segments
When you upgrade from a pre-General Ledger Segmentation company, on conversion the current Sub-Accounts will automatically become the second segment, and will allow you to report by the values in this segment. You can see from the screen that we had 2 sub-account settings in the Original Company Data namely 0000 and 0500. All we need do now is to name the segments and report accordingly.

Adding Segments
You can then redefine the General Ledger Segments as required with the ability to add new segments as seen below.

Remapping Accounts
Once the new segment has been created, we now need to map the original accounts to the new segments accounts to transfer the transaction history accordingly.

Creating a New Company
When creating a new company there are a number of options afforded to you.
The Manual Setup option as seen here, allows you to define your own segment lengths while the other options below will install the 4-4 account segment structure with the sample data, but allow you to adjust at a later stage. The first segment is reserved for the account number and can have a minimum quantity of 3 digits, that are numerical only, while the other segments are limited to 10 segments 50 characters in total, and can be set as Alpha, Numeric or, Alphanumeric as defined above.

Building or Creating Accounts

Using the Account Builder
You can also setup your segments and then import your accounts. The account builder function allows you to build your required accounts with the Segment definitions being added as they are selected.

General Ledger Reporting
The general ledger reporting function caters for up to 3 combinations of filters in most of the ledger Reports. In addition, you can select one or more of the segments to give you an unsurpassed multi-dimensional financial view of your business.

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SUP085 – GL Open Item Allocations

The purpose of this function is twofold. Firstly it allows you to “allocate” or suppress from view, transactions that offset each other, allowing you to only see the relevant “outstanding” entries. Secondly, the system is used to auto-allocate transactions during the adjusting process, allowing you to suppress the original and reversal entries on the fly, leaving only the original entry as unallocated.

Manual Reconciliation

Objective
You would generally use this facility to reconcile accounts such as cash clearing accounts or general provisions and accrual accounts where you would like to offset amounts or entries against each other.

Processing
To process open-account allocations, first, select the icon in the General Ledger processing screen and select the account to allocate against. The system will list all transactions in the account whether allocated or not. This will allow you to reallocate previously allocated transactions should you require.

In the screen below you will see that we have offset a loan of R2000 against 2 of the repayments (in red) where the system has automatically applied an adjusted entry in Orange.

Reports
You can now run the General Ledger Transaction report showing All transactions or only the Unallocated Transactions.


Showing ALL transactions


Or showing UNALLOCATED Transactions Only

Automated Reconciliation

Objective
One of the main control features in Palladium is that we write a reversing Journal Entry for all adjusted transactions. This is good accounting practice and corporate governance, but can result in an extensive number of transactions in your General Ledger accounts.

Processing
To overcome this, Palladium automatically reconciles the original transaction with its General Ledger reversal on the fly, allowing users the ability to show all transactions or only the “unaffected’ or unreconciled entries.

Prevention
To prevent excessive transactions we would like to remind you of the Document Info feature that allows you to amend non-financial information, such as a sales representative as on sales documents as will not create any General Ledger Entries unlike the Adjust feature found on the same document.

 

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