Entry Types - Setup Tutorials

Overview#

• Transactions are the records in accounting data. These records are captured using Entry Types.
• Setting up Entry Types for different accounting transactions speeds up the process of capturing transactions and also ensures consistency.

💡These tutorials explain how to create and modify Entry Types.

How to Create Default Entry Types#

In QuickEasy BOS Professional the default Entry Types are already created.

1. Click Update Generators (button) to generate the numbering sequence for the transactions (required when adding additional Branches and Entry Types for each).

Default Column Entries#

Each Entry Type is a default for a specific function. These functions are assigned using the Entry Type codes.

• Customer Invoice (CI)
• Customer Credit Note (CC)
• Customer Discount (CD): Required to clear the outstanding balances (Clear Outstanding).
• Customer Refund (CF)
• Customer Receipt (CR)
• Customer Overpayment (CO): Required for the Clear Overpayment function in the Ledger.
• Supplier Invoice (SI)
• Supplier Debit Note (SDN)
• Supplier Discount (SD): Required to automatically record discounts or clear outstanding balances (Clear Outstanding).
• Supplier Refund (SF)
• Supplier Payment (SP)
• Supplier Overpayment (SO): Required for the Clear Overpayment function in the Ledger.
• Customer Forex Gain (CFG)
• Customer Forex Loss (CFL)
• Supplier Forex Gain (SFG)
• Supplier Forex Loss (SFL)
• Opening Balance (OB): Used to create the Opening Balance Entry Types. Typically, you need three Opening Balance Entry Types for Customers, Suppliers and General Ledger Accounts.
• VAT Payment: Required for the VAT Payments and is excluded from a VAT Reconciliation transaction.

How to Create a New Entry Type#

1. Click Add Entry Type and fill in the details as follows:
   1. Description = Enter a description of the Entry Type (e.g. Customer Invoice).
   2. Code = Enter a code that appears in the Ledger to identify the source of the entry (e.g. CI).
   3. Default = Certain Entry Types are pre-created. Select one from the dropdown list, or else leave the field blank.
      • Note: Press Ctrl + Delete to clear an entry if one was selected when browsing the dropdown list.
   4. Branch = Select a branch from the dropdown list.
      • Note: This field only appears if branches are used. Selecting a branch restricts Transactions to the selected branch only. It cannot be set for fixed accounting transactions: Customer Invoices, Customer Credit Notes, Supplier Invoices and Supplier Debit Notes.
   5. Expense (CoS) = Check the checkbox if the entries are part of Cost of Sales.
   6. Default (PDC) = Certain default entries are already created for organisations that use Post-dated Cheques (PDC). Select an Entry Type from the dropdown list, or else leave this field blank.
      • Note: Press Ctrl + Delete to clear an entry if one was selected when browsing the dropdown list.
   7. Add Item on New: Automatically add a new record when the New button is clicked.
   8. Multi-Currency = Check the checkbox if this Entry Type involves Foreign Currencies.
   9. VAT Type = Select the default VAT Type for this Entry Type.
   10. Exc / Inc = Choose whether the numbers you enter are VAT Inclusive (Inc) or VAT Exclusive (Exc).
   11. VAT Type (Forex) = Select the default VAT Type for transactions in a Foreign Currency.
       • Note: This block is greyed out if multi-Currency is unchecked.
   12. Debit = Choose Customer, Supplier, Ledger or Bank, and optionally select a default account from the dropdown list next to it.
   13. Credit = Choose Customer, Supplier, Ledger or Bank, and optionally select a default account from the dropdown list next to it.
       • Note: This choice limits the type of account you can select when using this Entry Type.
   14. Status = Check all the statuses that apply to this Entry Type:
       • Editing: The transaction may be edited when in the particular status.
       • Accounting: The transaction is posted to the Ledger when in this status.
       • Inventory: The transaction affects inventory (e.g. reserves inventory).
       • Note: Right-click a status and select Delete to remove it, or Move Up or Move Down to change the order of the statuses.
       • A Default = New status is required for each Entry Type.
2. Click Save (button).

How to Create an Entry Type from an Existing Entry Type#

1. Double-click an existing Entry Type to open it.
2. Click Copy (button) > Confirm that you want to copy it.
3. Make any changes to the copied Entry Type.
4. Click Save (button).

How to Edit an Existing Entry Type#

1. Double-click an existing Entry Type to open it.
2. Make any changes required in Edit Entry Type mode.
3. Click Close (button).

How to Decide if an Entry Type is Needed#

1. Create a new Entry Type if:
   • You often capture transactions with the same credit or debit account (set that account as the default debit or credit entry).
   • The same transactions are being allocated to different accounts (you can prefill the correct account).
   • It could simplify or speed up capturing transactions.