This module will guide you through the process of entering transactions.
The system has a fully integrated accounting system, and each insolvent entity has its own Chart of Accounts, based on standard configurable templates.
You will be taken through each type of financial transaction to gain an understanding of basic data entry.
After this module, you will be able to:
- Navigate around the accounts.
- Set up and edit Bank Accounts
- Enter Payments (Cash Transaction)
- Enter Receipts (Cash Transaction)
- Enter Invoices (Accounts Receivable)
- Receive Payments on Invoices (Accounts Receivable)
- Enter Bills (Accounts Payable)
- Pay Bills (Accounts Payable)
- Bank Reconciliations
Navigating around the Accounts.
To view all accounts in the Chart of Accounts for your particular Job, click Financials > Accounts.
This is the area to view the Chart of Accounts. To omit all of the nil activity accounts, you tick the "Hide Nil Activity" checkbox.
Setting up and Editing Bank Accounts
You may need to set up a new bank account for a Job and use it as the Entity’s main trading account.
The default bank account is the main bank account for the Entity’s external administration receipts and payments.
Setting up a new Bank Account
- Click on Financials > Accounts > Add Account (Refer to the previous screenshot)
- A new Account screen pops up, select Assets- Bank from the Account type drop-down arrow, enter the following details as shown, then click on the next tab
- In the Bank details tab, enter the bank address BSB & Acc. No then click Ok
Note: You can right-click on Bank account or any account and click Edit
Recording Transactions
There are two options to record Receipt or Payment
- From the main screen of the job click Transactions > Make Payment or Receive Payment
- From the Cashbook, Open Cash at Bank account, select Make Payment or Receive Payment
Either option you choose to use, the receipt or payment window will open, fill out the required details, and once you finished click Save and Exit
Receipt
Payment
Producing Transaction Reports
Click Reports and Forms > Financial Reports > Transaction Reports > Account Transaction Detail Listing.
Accounts Receivable
INSOL tracks Accounts Receivable (pre-appointment) and Accounts Receivable (post-appointment) separately.
Like the opening balances of a bank account, Accounts Receivable (pre-appointment) are entered as assets due to the requirement to track a ROCAP Value, ERV, and Amount Realised.
Accordingly, there is an asset capture window designed for accounts receivable (pre-appointment). As you will see, pre-appointment debtors are collected in the same way as normal or post-appointment debtors.
Importing is the easiest way to enter pre-appointment debtors.
However, you enter Post-Appointment Debtors much like the entry of an invoice in any contemporary accounting system.
Entering Invoices (Post-Appointment)
- Click Transactions > New Credit Sale/ Asset Realisation
- A credit sale form will appear, enter the details as shown below
Note: From the Account drop-down, make sure to select Accounts Receivable (Trading)(Post-Appointment), so you can enter Expenses and Revenue Transactions
Receiving Payment on Account.
After creating the invoice, now you can receive the funds in your bank account. Please note that INSOL doesn't distinguish between Pre and Post Appointment Debtors
- Click Transactions > Receive Dbtor Payment
- From the customer drop-down select the required debtor
- Enter the amount paid, cheque No., Ref and payment type
- If you have a few outstanding invoices for the same customer, once you enter the amount paid, INSOL will allocate the amount to pay the oldest invoices first
- Tick the box next to the payment to apply the allocation
Purchase Orders
Purchase orders recongnise an appointee's commitment or obligation to future expenditure without creating a liability in the general ledger. The liability will usually be recognised when the goods are received or the service is performed. Purchase orders could also be used as a budgeting tool.
Enter Purchase Order
- Click Transaction > Accounts Payable > New Purchase Order
Descriptions of accounts payable features
| Account |
There are several selections for an account:
|
| Payable From |
You can select an account to pay from now or leave the selection when you are paying the invoice. If a PO is created with a blank account set, any corresponding invoices will preserve the same pay from the account. This allows you to set ahead of time the bank account from which you intend to make payment. |
| Po Type |
You have 3 options on how to close the purchase order once it is invoiced. Review your options below:
Reducing (Remains open until the PO total is fully invoiced): You are preparing more than one invoice over a period of time for the PO and it will not be closed until the last invoice for the balance of the PO is raised. |
| PO Date | Date PO rised |
| PO No. |
If you leave the field blank, the Insol-generated transaction number will be used as the PO number. Alternatively, enter your own PO number. |
Note:
- You could attach supporting Documentation using either drag and drop or New Document Via the document toolbar
Converting a Purchase order into an Account Payable Entry
Go to Purchase Orders register by clicking Transactions > Accounts Payable > Purchase Order Listing.
Double-click on the PO to open it. then click Create Invoice to convert the PO into Account Payable.
Click OK for the warring message, Enter the invoice number, then Save and Exit
Note: You can select multiple Pos to convert to APs by ticking the box next to each transaction, or by clicking the Orange tick.
Creating Account Payable
Accounts Payable tracks liabilities incurred during the trading period whilst a Company is under control.
To enter New Account Payable, from the toolbar Click Transactions > New Account Payable. In the pop-up AP screen, enter all the required details then click Save and Exit
Paying Accounts Payable
To pay outstanding accounts payable, click Transactions > Make Supplier Payment.
The below screen pop-up, from the drop down arrow pick up the supplier you want to pay, Fill out the form and save and exit.
Switching between AP & PO Registers
The Purchase Order (“PO”) and Accounts Payable (“AP”) registers now contain a tab which allows you to switch between the AP and PO register without exiting the form. Switching does not change the currently applied filers and selections
Allocating Receipts & Payments
The system allaws you to allocate receipts and payments to certain accounts.
To allocate payment click Transactions > Make Payment
| Account | Allocation |
| Assets Realisation Costs | Allocate against an Asset |
| Accounts Receivable (Post & Pre Appointment) | Allocate aganist and invoice |
| Wages / PAYG | Allocate against Employee |
Reconciling The Bank Account
Bank reconciliations match bank statements to the system accounting entries. The system allows for previous bank reconciliations to be viewed or undone.
The system allows you to save unfinished reconciliations without being finalised, to allow for partial reconciliations, which may be completed later.
Bank Accounts must be reconciled up to the relevant date for preparing ASIC Forms containing financial transactions, such as the Form 5605.
Open the Bank account > Click Reconcile, the Reconciliation form will pop up.
- Select Reconciliation as <New Reconciliation> and enter the Reconciliation date as required, then enter the Balance as per the bank statement.
- Now select or tick off transactions that appear on the bank statement.
Once you are satisfied with the reconciliation, you may choose to print the reconciliation. Click Finalise once done. The below warning will appear
When the color code is Green or Orange INSOl will allow you to click continue after checking the warrning doesn't apply . But if the color code is Red, you will not be able to Finalise the bank reconciliation till you attend to the warrning message.
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