Transactions income & expense accounting

Transactions table

The transactions are entered in the Transactions table.
For every transaction, enter the date, document number, description, income or expense, the account and the category.

• Income/Expenses: enter the amount coming in or going out.
• Account: enter one of the Estate accounts (cash, bank, post, clients, suppliers...).
• Category: a category related to an income or expense is being entered, or the counterpart account for estate movements is entered.

The Income and Expense Accounting allows to manage operations in a similar way to the Double-entry accounting, except for movements between two Categories that require two entry rows.

Speeding up the recording of the transactions

In order to accelerate the recording of the transactions, you can use:

• The Smart fill function that allows the automatic auto-complete of data that have already been entered at an earlier date.
• The Recurring transactions function, used to memorize recurring transactions into an appropriate table.
• Importing  bank or postal account statements, to automatically import transactions from bank, postal or credit card statements.

The columns of the Transactions table

The main columns of the Transactions table are listed below. The display of the columns changes according to the selected View.

You can add additional system columns as well as your own columns via Data → Columns setup.

Date
Enter the date of the incoming or outgoing transaction

Doc
A Doc number is entered. Usually, the document number identical to the paper document is assigned; this allows you to easily retrieve the documents after some time.

Description
Enter a description to identify the incoming or outgoing transaction.

Income
Enter the incoming amount.

Expenses
Enter the outgoing amount.

Account
Enter the estate accounts (cash, bank, post office, customers, suppliers ..)

• If it is an income the amount should be recorded as a positive on the account.
• If it is an expense the amount should be recorded as a negative on the account.

Category
Enter an income or expense category, as defined in the Categories table, or an Account.

• Entering a Category:
  This is used to attribute income or expense to an item. The sign of the Category follows the sign of the account.
  • If it is an income the amount should be recorded as a positive.
  • If it is an expense the amount should be recorded as a negative.
• Entering an Account:
  This is used to move amounts from one estate account to another. On the account entered in the Category column the amount is then entered the opposite way. The transaction functions as in double-entry accounting:
  • If it is an income the amount should be recorded as a negative.
  • If it is an expense the amount should be recorded as a positive.

Category Description
In this column, the description of the category, inserted in the Categories table, is automatically taken.
If in the Categories table the description of a category is modified, in order to visualize the new text in the Category Description column of the Transactions table, it is necessary to recalculate the accounting.

Recording expenses or income

When recording a movement, the Account column should indicate the account from which the amount enters or exits.

The Category column indicates the category of expense or income.

In the Account/Category card, the amount will be recorded in positive if it is an income and in negative if it is an expense.

Movements between estate accounts

In the Category column it is possible to enter an estate account as well, present in the Accounts table.

For example, in order to record an income in the Cash from a withdrawal on the bank, the transaction is done as follows:

• In the Income column, the incoming amount is entered.
• In the Account column the Cash account is entered.

• In the Category column the Bank account is inserted.

The program will record the amount in positive into the Cash account and in negative into the Bank account.

Thanks to this recording mode, you can record on a single row any direct movement between two estate accounts, as for double entry (see example in the image above, first transaction).

Transactions with multiple movements

When you need to record a transaction that is to be split across multiple accounts or categories, you must enter multiple rows of transactions.

Below we show an example (see registration Doc. 11).
Multiple bills are paid through the bank.

• Enter the same date and document number in all the rows that affect the same transaction. This allows you to easily locate a transaction with multiple entries.
• In the first row, enter the total amount in the Expenses column if it is a payment, or in the Income column if it is deposit.
• In the Account column, enter the liquidity account (account through which you pay or collect). The Category column in the first row remains empty.
• In the following rows, enter the amount of the invoice paid or collected on each row (the Expenses column or the Income column),
  Each invoice will be entered on a separate row.
  The Account column remains empty.
• In the Category column, enter the category for each row to identify the entry or entry of the movement.

 Examples of transactions with VAT

In order to manage transactions with VAT, it is necessary to have set up an Income / Expense template with VAT options.

Additional columns for VAT

Depending on the type of Income / Expense accounts setup (with or without VAT) there are additional columns where VAT data is entered.

VAT Code
Enter the VAT code referring to a sale or a cost. There must be a code in the VAT Codes table.

Refer to the Transactions page for explanations of VAT codes and further information.

In the Account and Category columns, instead of entering the account and category number you can also write the text you wish to find.
The software will show you the list with all the accounts and categories containing the entered text. With the Arrow down key you can move directly in the list and select the desired account number by pressing the Enter key.

To display the movements of an account or a category, click on the small blue symbol in each cell after entry of the transactions.

Account and category card

In the account or category card, the presentation of the transactions is very similar to the ones of the Transactions table.

If you enter further transactions or make changes (always operated in the Transactions table), you can update the account/category card by clicking the Refresh icon on the right side of the screen.