HorseTrak Accounting System

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1 HorseTrak Accounting System For Users of HT Gold and HT Deluxe General In this manual we explain the operation of the accounting features of HorseTrak Software. While teaching the principles of accounting is beyond the scope of what we do, we attempt to explain some of the fundamental operations of an accounting system before getting into the actual details of HorseTrak s implementation. If you are not familiar with accounting we strongly suggest you retain professional accounting assistance for setting up, and possibly using, the HorseTrak accounting features. Concepts The accounting system in HorseTrak 2003 is designed around a chart of accounts that allows the tracking of your organizations costs and expenses in categories you choose. You choose categories to the detail required and then choose summary categories that some of the detail categories sum into. Perhaps a way to think of this is to label a big box Total Costs and give it a number. Now take several smaller boxes for feed cost, service cost, and health cost. Give each of the smaller boxes a number and then place them in the Total Costs box and imagine that the big box automatically knows the amount of costs in the smaller boxes. By looking in any of the smaller boxes you will know the cost for that particular cost category. By looking at the big box, you know all of your costs in a glance. The big box can be thought of as a summary account and each of the smaller boxes can be thought of as posting account. You can continue this process for as much or little detail as you require, not just for costs but for all the activity in your organization. Then take all the numbers from your boxes and write them in a chart describing what number is for what category and if that category summarizes to another (little box number goes into which big box number.) This chart of numbers and descriptions is a chart of accounts. Having a Chart of Accounts is a good start, but you will need to keep track of activity on a periodic basis: be it monthly, quarterly or annually. Extending the analogy above, instead of one set of boxes, create twelve sets, one for each month of the year. Each set of boxes has all the same account numbers and activity types, but only activity for the month represented by a particular box set goes into that set. Essentially, each of the twelve sets of boxes represents an accounting period. When a box is open you can freely add information. When a box is closed you are saying that you believe it is correct and there should be no changes to it. Finally when all the business reports have been generated out of the box, you lock it so that nothing can change it at all.

2 With a chart of accounts and accounting periods established, you need a tool to keep track of your activities until you are ready to place those activities in their appropriate boxes. This tool is called the general ledger. The general ledger is a means of recording activity in generalized categories, giving you the opportunity to add, change, and delete to assure accuracy before placing into the boxes. The categories of the general ledger are called journals. Each journal records information for a particular kind of activity. In most systems you will find a receivables journal (money you collect,) a payables journal (money you spend,) an inventory journal (records costs and value of goods you stock,) and a general journal that allows manual entry of activity that doesn t fit in the other journals. Each of the journals allows you to record the value, date, and accounts (boxes) where a particular activity shall be placed. Together the journals comprise the general ledger. Having recorded your activity in the journals, it becomes time to actually place it into all the appropriate boxes and tally up what values have been placed there. This activity is called posting. Each journal allows selection of activity to post, selection of that period and then the ability to automatically sort its activity into the boxes creating totals as it does so. When a posting activity is completed you can examine all the account balances (how much in each box for this month) that resulted from that operation. The system even takes care of making sure all the big boxes reflect the totals of the smaller boxes it holds. Combine the totals from three consecutive months and you have quarterly totals. Combine the totals from all twelve sets of boxes and you have a yearly total. Posting allows the reporting of results of your activities on Profit and Loss (P&L) statements and balance sheets. Given the general overview, a little more detail on the types of accounts and journals is called for. After understanding these a bit better, we will get into how you use the tools in HorseTrak Software to accomplish the tasks described in this section. Chart of Accounts The Chart of Accounts is a list of account numbers with descriptions where you will tally activities. The accounts are of the following types: Assets Asset accounts carry the balances of the assets of your organization. Every organization has liquid (frequently and easily changed) and fixed (difficult or can t be changed) assets. Example of a liquid asset would be your checking account balance; a fixed asset would be the value of your office furniture. We say carry the balance because the value from one month is carried to the next. Liabilities Liability accounts contain the balances of liabilities your organization is or will be responsible for. Liabilities can be either short or long term and include such

3 items as the payables you owe your vendors (generally short term) and the interest on the mortgage for your ranch (generally long term.) Liability accounts also carry balances forward from one accounting period to the next. Equity Equity accounts hold the balance of value that owners, partners, and investors hold in your organization, essentially recording the value of each entities or persons share of the pie. Equity accounts also transfer balances forward to consecutive accounting periods. Revenue Revenue accounts record the monies and values coming into your organization. These are the receipts you accept from customers and clients. Generally revenue accounts do not carry balances forward, but rather record the amounts received in each accounting period. By summing balances from appropriate periods (months) you can know the total collected over any given portion of the year. Expense Expense accounts record the monies and values going out of your organization. These are the amounts you pay vendors, utility and service providers. Expense accounts generally do not carry balances forward from one month to the next, but rather record the monies spent in each accounting period. Once again, summing appropriate periods will tell you the amount spent over a given portion of the year. General Ledger This is the collection of journals that allow the recording of your organizations activity. Each of the sub-journals provides means of entering a particular type of valued or accounting activity. These sub-journals and their general function are: General Journal The general journal allows manual entry of a value into, or against, specific accounts, in specific periods as required by your organization. This is useful for entering starting balances when beginning an accounting system, maintaining infrequent activity like depreciation and taxes, or correcting balances from any of the other sub-journals. Payables Journal The payables journal records the activity resulting from your organization spending money. These are the invoices you receive from your vendors and service providers and the payments to the same.

4 Receivables Journal The receivables journal records the activity that brings money and revenue into your organization. This is the invoices you send to, and payments you receive from your customers and clients. Inventory Journal The inventory journal records the activity of items going into and out of your inventory. At any given moment the items you have on your shelves, in your barn or warehouse, have an asset value. This journal records the activity that produces that value. The inventory journal can also record the movement of items from one location to the next within your organization making it possible to track where things are kept. Entry vs. Posting It is important to understand that having entered the invoices you sent to your customers, or received from your vendors into the receivables or payables sections respectively does not reflect in your chart of account balances automatically. Putting the information in the system comprises entry, but there is another step required, for audit purposes, to reflect the information in the appropriate accounts and periods. This process of selecting transactions and putting them in the accounts for a period is called posting. Before posting you must assure that the transactions you wish to post have chart of account numbers that they will be sorted into. Having assured the account numbers are present, you select those transactions that shall go in a given period, tell the system which period, and hit the button. When the process completes your account balances will be reflected in the appropriate accounts for that period. We ll get into the actual HorseTrak implementation of this in the next sections of the manual.

5 HorseTrak Accounting The following sections of this manual describe the actual operation and use of the accounting tools provided in HorseTrak Software. The design philosophy of the system was to provide a nearly complete set of tools with maximum simplicity of use. There is always a trade-off between versatility and complexity and HorseTrak has strived to land as nearly in the middle as possible. The next sections will assist you in using what is provided. Quick Setup VAT/GST/Sales Tax Setup Because of the wide diversity of taxes used in the world, HorseTrak has provided a means of setting up various taxes that can be applied to individual clients and vendors. This mechanism is simply a label and a percentage that you enter representing a particular tax type. To get to the tax setup screens select Business and Forms General Accounting - Edit VAT Categories. Selecting the VAT Categories menu option will bring you to the VAT browse screen as shown on the next page.

6 This screen shows a list of any entered categories with their respective percentages. Click on Insert to add a category, Change to modify an existing category label or percentage, or Delete to eliminate a category. Deleting should only be done if the category has not been used within the system. Clicking the Close button will close this window and return to the menus. If Insert or Change is clicked it will bring you to this entry screen: Type in the label as you wish it to appear on your invoice or purchase order and enter the percentage of the tax. Click the OK button to save your entries, Cancel to throw those changes away. Currency Setup HorseTrak Software supports multiple currencies to allow international trade. If your organization requires this feature then you will need to enter your default currency and the foreign currencies with their appropriate exchange rates. The default currency always has exchange rates set to one and all data is assumed to be maintained as this currency within the system. When printing invoices or

7 purchase orders, the clients or vendors respective currency is read by the system and converted to for the print out. The values maintained within the system are still at the default currency value. To maintain the currencies select Business and Forms General Accounting Edit Currencies as shown in the following image Clicking on this menu option will bring you to the currencies browse screen which displays and allows entry/editing of the required currencies as shown:

8 By clicking either the Insert or Change buttons you can add or modify the currencies and their respective exchange rates within the system. Clicking either of these buttons will bring you to the following update screen: The fields on this screen are as follows: Symbol: This is the symbol used to represent the currency on invoices and printed documents that use the currency. I.E. $ for dollars Sys Default: Check this box if the currency being entered is the system default. All clients and vendors that do not have a currency selected are assumed to be using this currency. If multiple currencies are being used in the system, one of

9 them must have this box checked. The system will allow only one currency to have this box checked. Description: The verbal description for the currency. I.E. Dollars, Yen, Lira Exchange Sell: This is the exchange rate applied when selling the default currency back to exchange facilities. The default currency will be multiplied by this factor on purchase orders. Generally this value is lower than the corresponding Exchange Buy rate described next. Exchange Buy: This is the exchange rate applied when buying currency from and exchange facility. The default currency will be multiplied by this factor on invoices. Generally this value is higher than the preceding Exchange Sell rate as it usually cost more to buy a currency than to sell it. If you go and exchange your currency for a foreign currency, this is the rate applied. If you try re-exchanging the foreign currency for your currency, you will receive less than the amount you originally started with. After modifying the appropriate values on the update screen, click the OK button to save the changes, or the Cancel button to discard them. Chart of Accounts Setup This section describes setting up your Chart of Accounts in HorseTrak software. It does not tell how to define the Chart of Accounts for your organization. HorseTrak comes with a default chart of accounts that can serve as a starting point and be modified to suit your organizational requirements. To get to the Chart of Accounts maintenance screens, select Business and Forms General Accounting Chart of Accounts as shown:

10 This screen shows some of the predefined accounts. You can modify this list by clicking the appropriate buttons. You can click Insert to add an account, Change to modify an account, or Delete to completely remove an account from the system. If the accounting system has been in use, be sure that an account you are deleting or modifying does not have activity posted against it. The columns in the browse correspond to the fields described for the update screen shown below.

11 Account: This field contains the account number you have chosen for this account. Account numbers can take any form you desire, containing numbers, letters, dashes and underscore characters. Summary Account: Checking this box indicates that the account is a summary account. A summary account is one that has values from other accounts summed into it. Account Type: Click the appropriate radio button to indicate the account type. These account types were described in the concepts portion near the beginning of this manual. Summarize To: This field contains the number of the account that the account being currently defined will summarize to. Summary accounts can also summarize to other summary accounts. I.E. Feed Revenue (one posting account) sums together with Tack Revenue (another posting account) into the summary account Sales Revenue which in turn summarizes into the Total Receivables summary account. A lookup button is provided to select the account you wish to summarize to if you do not know it directly. After entering the required information, click the OK button to save it, or click the Cancel button to discard those changes. GL Interface Setup The GL Interface (General Ledger Interface) provides a way for the system to automatically assign accounts to transactions within the system. Of particular

12 interest at this time are the receivable, payable, tax, and inventory categories as these are used by the system and will be described in further detail below. You will see other categories for costs of goods sold, but these are not fully implemented in this version of HorseTrak. To get to the GL Interface setup select Business and Forms General Accounting Edit GL Interface Accounts as shown. This will bring you to the GL Interface Browse window shown.

13 You will note that this browse differs from the other browses you have been introduced to as the only option is Change. The reason for this is that the categories, or Action Modules, are predefined by the program and there would be no utility in allowing user addition and bad effects allowing deletion. Each of the action modules is used by some part of the program to automatically assign accounts from the chart of accounts to the transactions being generated in that part of the program. The inventory section uses the inventory categories, payables the payables and so forth. How each of these categories is used will be described further, but first the basis of modifying the accounts used. By highlighting one of the categories and clicking the Change button, you will be brought to the following screen: By clicking the Credit Account button you can select the account that this module will apply credits to. Then clicking the Debit Account button allows

14 selection of the account the transaction debit amount will be applied to. HorseTrak (and most accounting systems) require that all transactions have balanced amounts credited and debited. The exception to this rule is in the General Journal where an unbalanced credit or debit can be produced for correcting individual accounts. The categories currently used (not all are yet, but will be in future upgrades) are described below Module Where Used How Used INVENTORYADJUSTIN Inventory Transaction Maintenance If an inbound adjustment INVENTORYADJUSTOUT Inventory Transaction Maintenance If an outbound adjustment INVENTORYGENERAL Inventory Transaction Maintenance and Inventory Receipt Entry If other inventory GL Interface categories are not set. INVENTORYISSUE Inventory Transaction If transaction is an INVENTORYRECEIPT Maintenance Inventory Transaction Maintenance and Inventory Receipt Entry outbound issue If transaction is marked as an inventory receipt PAYABLESVAT Payable Line Entry If the word VAT is in the payable line item description PAYABLESGST Payable Line Entry If the word GST is in the payable line item description PAYABLESSALESTAX Payable Line Entry If the words Sales Tax are in the payable line item description PAYABLESTAX Payable Line Entry If the word Tax and not Sales Tax are in the payable line item description PAYABLESSERVICE Payable Line Entry If the word Service is in the payable line item description PAYABLESHEALTH Payable Line Entry If the word Health is in the payable line item description PAYABLESLESSON Payable Line Entry If the word Lesson is in the payable line item description PAYABLESBOARDING Payable Line Entry If the word Boarding is in the payable line item

15 description PAYABLESFEEDING Payable Line Entry If the word Feeding is in the payable line item description PAYABLESLATECHARGE Payable Line Entry If the words Late Charge are in the payable line item description PAYABLESFINANCE Payable Line Entry If the word Finance is in the payable line item description PAYABLESINVENTORY Payable Line Entry If the word Inventory is in the payable line item description RECEIVABLESBOARDING Schedule Service Done RECEIVABLESFEED RECEIVABLESLESSON` Scheduled Service Done Scheduled Service Done and Lessons If the word Board is in the description or service name If the word Feed is in the description or service name If the word Lesson is in the scheduled service description or name. Attempted first for lesson billing generation. RECEIVABLESFINANCE Client Billing Used for the finance charge transaction generated during client billing RECEIVABLESLATE Client Billing Used for the late charge transaction generated during client billing RECEIVABLESVAT Client Billing Used for the tax transaction generated during client billing if the VAT label has VAT in it RECEIVABLESTAX Client Billing Used for the tax transaction generated during client billing if the VAT label has Tax in it and VAT was not used RECEIVABLESGENERAL Client billing, Scheduled Services, Health, Lessons Used if the specific category in the GL interface is not entered

16 General Accounting The next several sections cover the general accounting portions of the system, including general journal entry. The payables, receivables, and inventory sections will be covered in detail in sections of their own. Viewing Account Balances As transactions are posted into the general ledger, the system updates balances for used accounts from the chart of accounts, for the appropriate periods. These balances can be viewed from this menu option. To get to the account balance screen select Business and Forms General Accounting Account Balance as shown: Selecting this menu option will bring you to the account balance browse window as shown. As there are no transaction posted in the system used for this manual the browse is empty. As posting occurs accounts and the periods they were posted to appear on this screen. Note that there are no edit buttons on this screen as account balances are maintained automatically through posting and journal entries.

17 Maintaining Accounting Periods Accounting periods correspond to the months in the year. Before the system can post to a period it has to be generated and/or marked as active. The system will not post to closed or locked accounting periods. To get to accounting period maintenance select Business and Forms General Accounting Accounting Periods as shown:

18 Making this selection will bring you to the Accounting Period browse screen as shown: The Accounting Period browse screen provides tools for changing status or generating accounting periods in groups or individually. The status of periods can be one of the three following: Active with this status the system will allow posting to the given period Closed with this status the system will not allow posting, but the closed status indicates it may be used in the future. Locked This status is usually applied to periods that have already had financial reports generated for and as such absolutely should not be changed. If you need to change a group of periods to one status or another you can do so by clicking in the left hand column of the browse to mark the desired periods with a check mark (called tagging.) After all the desired periods are tagged, click on the appropriate button to mark all tagged periods to the status indicated. If you click on the Insert button you can manually enter a single accounting period using the update screen shown and described below. The Change button allows you to change the status of a previously entered or generated period.

19 The screen above shows the Accounting Period update screen. Enter the indicated information, select the appropriate status and click the OK button to save your changes or click Cancel to discard them. General Journal Entry General Journal entries are used to enter starting balances, enter infrequent transactions or those not directly provided for, or to correct period balances for individual accounts. To get to the general journal entry tools select Business and Forms General Accounting General Journal Entry as shown:

20 Selecting this menu option will bring you to the general journal browse window shown: Any entered journal entries can be displayed on this screen by clicking the appropriate posting status you wish to display. New journal entries are created

21 by clicking on the Insert button. You can edit existing, un-posted journal entries by clicking on the Change button, or delete un-posted entries by clicking on Delete. Manage clearance to the accounting sections is required to delete transactions. You can also post journal entries to the general ledger from the browse screen. Posting in covered in the next section of this manual. If you click on the Insert or Change buttons, you will be brought to the journal entry screen shown: The fields on this screen are as follows: Entry Date: This field is auto-populated with the system date when the journal entry is created. Journal Ref Num: This field is auto-populated with increasing, consecutive numbers as each entry is created and cannot be edited. Description: Enter a general description for the purpose of the journal entry in this field Credit Account: Click the Account button next to credit account to select an account from the chart of accounts that a credit amount is to be applied to. Credit Amount: Enter the amount to be credited to the account selected in the credit account field. The amount will not be reflected in the account or period balance until the entry is posted (discussed below.) The period that the entry is to be posted to is also selected at posting time.

22 Debit Account: Click the Account button next to the debit amount field to select an account from the chart of accounts that a debit amount is to be applied to. Debit Amount: Enter the amount that is to be debited to the account selected in the debit account field. User: If using Deluxe this field will be auto populated with the logged in user making the entry. If in Gold, then the user making the entry should type their name in here. Posting Date, Batch ID, Transaction ID: These three fields reflect information after the journal entry has been posted and cannot be edited. It should be noted that you do not have to enter both credit and debit accounts or amounts. Journal entry allows individual credits or debits. Nor do the amounts have to be equal, so it can be used to change two accounts simultaneously. After you have entered the desired accounts and amounts on the Journal Entry screen, click the OK button to save the information, or click Cancel to discard whatever changes have been made. Posting to the General Ledger (Chart of Accounts) The HorseTrak Accounting system does not automatically place transactions into accounts and accounting periods. Instead a process is provided for doing several transactions of a kind in a batch. Each of the sub-journals: General Journal, Payables, Receivables, and Inventory, are posted from their respective browse screens. We will describe the general posting operation here, and then provide specifics for each of the sub-journals in their respective sections. The general operation is to go to the browse screen for the desired sub-journal. This can be accomplished either through the menu for that sub-journal, or from the posting menu. The posting menu is shown in the following image:

23 Testing For Un-Posted Transactions HorseTrak Accounting provides a tool to test what un-posted transactions exist in the system and could be posted. To get to this option select Business and Forms General Accounting Post to General Ledger Menu Check for Unposted Transactions as shown in the above image. Making this select will bring you to the check for transactions window shown below: By entering a start and end date you can tell the system to look for transactions entered in that date range. After entering the appropriate start and end dates, clicking the Count Transactions button will cause the system to go to each of

24 the sub-journals and count un-posted transactions in that sub-journal. The numbers indicated in the UnPosted column are all un-posted transactions for that journal. The numbers indicated in the Eligible column are those that have accounts for posting assigned to them. Transactions in the payables, receivables, and inventory journals must have both credit and debit accounts to be eligible for posting. Transactions in the general journal may have one or both accounts. Posting Journal Entries To post general journal entries to the chart of accounts, the general ledger, go to the Journal Entry browse screen by selecting Business and Forms General Accounting General Journal Entry as shown: You must tag journal entries for posting by clicking in the left hand column of the browse for the desired entries. When tagged a red check mark will appear in that left hand column. If you wish to tag all transactions, you can click the Tag All button. After tagging all the desired transactions, click on the Post to GL button. This will bring up the window shown, that allows selection of the accounting period these entries will be posted to.

25 Click on the Select Active Accounting Period to select the accounting period that you wish the transactions to be posted to and then click the OK button. The accounting period selected must have a status of A indicating active. If the accounting period is closed or locked, clicking the OK button will generate an error message and return you to the selection screen. Posting Inventory Transactions As you use the inventory system, transactions are generated for receipts, issues, and adjustments. The transactions are not reflected in the general ledger until they are posted to the accounts indicated on the individual transactions. The system attempts to assign accounts via the GL Interface described above and also allows user assignment of accounts. To be eligible for posting the transaction must have both a credit and debit account assigned. To accomplish posting transactions, you must get to the Inventory Transaction Browse screen. This can be done by select Business and Forms Inventory Inventory Transaction Entry as shown:

26 Making this menu select will bring you to the Inventory Transaction Browse Screen shown. The browse also has check marks for tagged transactions for posting.

27 By clicking the Post Tagged To GL Button you will be brought to the Select Accounting Period window. Select an active accounting period and click the OK button to post the transactions. After posting is completed the program will print a report of the transactions posted. Posting Receivables Various areas of the program generate receivable records. Areas such as scheduled services, health services and lessons can all generate receivable records automatically. It is also allowed to enter receivables manually. Receivables are not automatically reflected in the general ledger and a posting operation is required. To post receivables, you must get to the receivables browse window. This can be done by selecting Business and Forms Accounts Receivable Receivable File Maintenance as shown: Making this menu selection brings you to the receivables browse window shown:

28 Our test system has no receivables in it, but if they were there you could click in the left hand column of the transactions you wish to post to put a red check mark there, indicating the record as tagged for posting. Once you have tagged all the records you wish to post, clicking the Post Tagged To GL button will bring you to the accounting period selection screen. Select the accounting period you wish the receivables to post to and click the OK button. After the system posts the selected receivables a report of transactions posted, and the accounts affected will be printed. Posting Payables Payables can be either entered manually or are generated automatically by inventory receipts. Either way a payable must be posted to reflect in the general ledger. You can post payables by getting to the payables browse window by selecting the Business and Forms Accounts Payable Enter Vendor Invoice menu option as shown:

29 Making this menu selection will bring you to the payables browse window as shown:

30 With payables entered in the system list here, you can click in the left hand column to tag payables for posting. After tagging the desired payables, click on the Post Tagged To GL button to bring up the accounting period selection screen. Select an active accounting period and click the OK button to post the payables. After posting is completed, the system will print a report of posted payables and affected accounts. Accounting Groups Accounting groups are a feature of HorseTrak Software used to group GL accounts on user defined reports. HorseTrak Software allows you to define reports such as Profit and Loss (P&L) and balance sheets that utilize the chart of accounts for tabulation of activity. By creating an accounting group you can specify a group of accounts to appear as a single line on these user defined reports. To set up an accounting group, select Business and Forms General Accounting Edit Accounting Groups as shown: Selecting this menu option will bring you to the accounting group browse as shown:

31 Click the Insert button to add an account group, Change to modify an existing group, or Delete to delete a group. Clicking the insert or change button will bring you to the accounting group update screen shown: Enter a label to identify the group in the Group ID field, and a label that you would want to appear on reports in the Label field. Both fields can be any value you wish containing letters, numbers, and underscore characters. After entering an ID and optional label, click on the Account Group Member Accounts tab to enter/modify the list of accounts that are part of this group. Clicking the tab displays a browse where member accounts will be listed as shown:

32 Click the Insert button to add an account to the group, The Change button to modify a member account record, or the Delete button to remove an account from the group. Clicking the insert or change button will bring you to the member account update screen shown: The Group ID field is read only and reflects the name entered when you first created the group. Click the Select Account button to choose an account from the chart of accounts. After selecting the desired account, click the OK button to save this member record, or click Cancel to discard your changes. Accounting Reports HorseTrak Software includes several reports for you to monitor and maintain your accounting activity. The following sections describe the purpose and how to run the various provided reports. Printing the Chart of Accounts

33 To print the chart of accounts, select Business and Forms General Accounting Reports Print Chart Of Accounts as shown: The report will be generated immediately and a preview will be presented. Click on the printer icon to print the report, or the red X to just close the window. Gross Revenue Report The Gross Revenue Report provides a way to generate a report from the receivables file for a selected accounting period and/or accounts from the chart of accounts. To run this report, select Business and Forms General Accounting Gross Revenue Report as shown:

34 Making this selection will bring you to the report setup screen shown: Select the accounting period that you wish to generate the report for. If you wish to report on just a single account, select it with the Select Account button. After setting up appropriate data, click the OK button to print the report. Gross Expense Report The Gross Expense Report provides a way for you to report payables for a given accounting period and/or account. To produce this report select the Business and Forms General Accounting Reports Gross Expense Report menu option as shown:

35 Selecting this option will bring you to the report setup screen shown: Select the accounting period you wish to report payables for, and if desired, select the desired account you wish to report by clicking the Select Account button. After entering appropriate setup information click the OK button to produce the report, or click Cancel to abort printing the report. General Ledger (GL) Transaction Reports The General Ledger Transaction report produces a report of general journal entries for a user specified accounting period, and or accounts. To produce this report select the Business and Forms General Accounting Reports GL Transaction Report menu option as shown:

36 Selecting this option will bring you to the GL Transaction Report Setup screen shown: Select the accounting period you want to print the report for by clicking the Select Accounting Period button. If you wish to report all accounts, then leave the start and end account fields blank, otherwise select the appropriate start and end accounts via the buttons. Setting the start and end accounts to the same values will report on just that account. After entering the desired setup information, click the OK button to print the report, or click the Cancel button to abort producing the report.

37 User Defined Reports To allow flexibility in producing chart of account centric reports, HorseTrak Software has produced a method of defining which accounts, in which order, with appropriate headings and totals appear on the report. This is useful for producing balance sheets, profit and loss statements, and any other account balance type report one may desire. To produce a report there is a two step process. The first only need be done once, defining the accounts, account groups, labels, headings, etc that will be put on a report. The second, selecting and printing the report can be done as often as desired. The following sections describe both processes in more detail. Defining Reports To define a new report, or modify the layout of an existing report, select Business and Forms General Accounting Reports Define Reports as shown: This will bring you to the defined reports browse screen as shown:

38 Click the Insert button to define a new report, or the Change button to modify and existing report, or the Delete button to get rid of and existing definition. Clicking the Insert or Change brings you to the report definition update screen shown: Enter a report id in the Report ID field, and a title that will be printed on the report in the Report Title field. After entering this information click on the Report Definition Detail tab to create/edit the detail lines of the report. Clicking on the detail tab brings you to the detail browse screen shown:

39 From this screen you can insert, change or delete detail lines by clicking on the appropriate button. The Renumber Lines button re-sequences the lines in the event of deletions and additions. The renumbering process simply assigns sequential numbers in the order shown on the browse screen. Clicking the insert or change button will bring you to the report definition detail update screen shown: The Report ID and Line No fields are handled by the system and cannot be changed. The rest of the information on this screen can be edited to determine what the line type and content will be on the printed report. First select the line type by clicking the appropriate button in the Line Type group at the right side of the screen. These line types are:

40 Account selecting this line type will place a single chart of accounts account on the report. The account is selected in the Account ID field with the Pick Account button. You can set the label that will be printed (left most column on the report) for the account in the Label field. Group selecting this line type will place an accounting group, as defined in account groups above, on the report. Select the desired accounting group with the Pick Group button, or enter it into the Group ID field. You can set the label that will be printed (left most column on the report) for the group in the Label field. Heading Selecting this line type will put the text entered into the Label field as a bold heading on the report. The report also resets subtotal line types defined below. SubTotal selecting this line type will put the subtotal since the last heading line type encountered in the report. You can set the label that will be printed (left most column on the report) for the subtotal in the Label field. Grand Total selecting this line type will place the grand total since the report start with the label entered in the Label field. After selecting/entering the required information, click the OK button to save the line, or Cancel to discard your changes. Printing Reports Once a report is defined as per the previous section, you can print it easily by selecting Business and Forms General Accounting Reports Print Defined Reports from the menu as shown:

41 Selecting this option brings you to the defined report print setup screen as shown: Select the report definition to use by clicking the Pick Report button, then select the accounting period to produce the report for by clicking the Pick Period button. After selecting the report and accounting period, click the OK button to produce the report, or click Cancel to abort the operation. Inventory HorseTrak Software accounting provides ways for you to control your inventory. Complete with warehouse maintenance, inventory transaction entry, purchasing, and receiving. The following sections describe how these various mechanisms are used. Warehouse and Warehouse Location Entry

42 Warehouse and warehouse location maintenance functions allow you to enter and maintain the physical locations where you inventory is stored. It may be important to realize that warehouse may be the same thing as barn in some situations, and that warehouse location may be the same as first stall on the left. The point is that you have a means of indicating physical location, pretty much wherever it may be. To maintain this, first you must enter a warehouse. You can get to warehouse maintenance by selecting Business and Forms Inventory Warehouse Maintenance as shown: Selecting this option will bring you to the warehouse browse screen shown:

43 From this screen you can insert, change, or delete warehouses by clicking the appropriate button. If you click the insert or change button, you will be brought to the warehouse update screen shown: Enter an id that will be used by the system in the Warehouse Id field, and optionally, a more user friendly name in the Warehouse Name field. After entering the information, click the OK button to save it or click the Cancel button to throw the changes away. Having entered a warehouse, you then must enter locations within that warehouse. You get to location maintenance by selecting Business and Forms Inventory Warehouse Location Maintenance as shown:

44 Selecting this option brings you to the warehouse location browse shown: This browse is sorted by warehouse and then location id in alphabetical order. Click the insert, change or delete buttons to add, edit, or eliminate ware house locations. If you click the insert or change button you will be brought to the location update screen shown:

45 Select the warehouse you are creating a location for by clicking the Pick Warehouse button. After selecting the warehouse, enter a label or name for the actual location within the warehouse. Click OK to save you entry, or Cancel to discard the changes. Inventory Entry Inventory entry is used to set up inventory items in the system. The general information about the inventory items is entered here, such as item number, vendor item number, costs and selling prices. You can get to inventory item entry by selecting Business and Forms Inventory Inventory Item Maintenance from the menu as shown: Selecting this menu option will bring you to the inventory item browse screen as shown:

46 The inventory items can be listed here either by item id or warehouse location by selecting the appropriate tab. By clicking the insert, change or delete buttons you can add, edit, or eliminate items respectively. Clicking the insert or change buttons will bring you to the inventory update screen shown: The fields on this screen are defined as follows: Item ID a user determined id that can contain letters, numbers, underscore, or dash characters. Items are frequently sorted by this designation. Vendor Item Number vendors usually refer to an item by a different number than that used by your internal organization, enter the vendor s number for the item here.

47 Description a general description of the item Qty On Hand this field is maintained by the system and cannot be edited. Entering an inventory receipt or inbound inventory transaction increases this quantity. Entering and issue or outbound adjustment decreases this quantity. Qty on Order this field is maintained by the system and cannot be edited. Entering a purchase order for this item increases this quantity. Entering a receipt against a PO decreases this quantity. Minimum Order Qty a numeric field indicating what the minimum order quantity required by a vendor. This field is informational only for purchasing personnel. Last Order Date this field is updated by printing a purchase order for an item indicating the date the PO was printed. STD Cost this field can be edited, but is also maintained by the system as a running average cost for the item. Each time an item is received, the cost for that item indicated on the received PO is averaged with this value. Selling Price enter the price you sell the item for in this field. Inventory Category this field can be used to indicate either costing or usage volume categories as needed (or not) by your organization. After entering information click the OK button to save your changes, or Cancel to discard them. Automatic Inventory Transaction Generation Inventory transactions are used to record the movement of items in your inventory. Transactions can be inbound or outbound, of different categories, and manually entered or automatically generated. The only mechanism that generates inventory transactions automatically is inventory receiving against a purchase order as described below. All other inventory transactions must be manually entered as described in the following section. Inventory Transaction Entry Inventory transactions are used to record the movement of items in your inventory. The inventory transactions record movement both into and out of your inventory in the form of issues, receipts, and adjustments. To enter inventory transactions you select Business and Forms Inventory Inventory Transaction Entry as shown:

48 Selecting this menu option will bring you to the inventory transaction browse screen as shown:

49 Inventory transactions can be listed by transaction number, item, or warehouse location by clicking the appropriate tabs. In addition you can select whether to display only those transactions that have not been posted (the default), only those that have been posted, or all transactions by clicking the appropriate button in the Posting Status to Display group. By clicking the insert, change, or delete buttons, you can add, edit, or eliminate inventory transactions respectively. By clicking the insert or change button you will be brought to the inventory transaction update screen as shown: The fields on this screen are as follows: Transaction Number an automatically incremented and maintained by the system field that cannot be edited. Transaction Date this field is normally the date the transaction was entered, but can be overridden to reflect the actual transaction date. Item Number the inventory item id that this transaction is being entered for. The item can be selected by clicking the Item button. Description This is the description of the item selected above. Warehouse Id and Location Id This is the warehouse and location that the transaction for the item effects.

50 Direction In/Out click the appropriate button to indicate if the items are coming into or going out of inventory. Type click the appropriate button to indicate the type of transaction. An issue is typically for a sale or a manufacturing operation. A receipt is usually against a purchase order. An adjustment can be either direction and is used to correct count errors. Credit Account Debit Account - these fields are used to indicate the general ledger accounts that this inventory transaction will be posted against. Entry User in deluxe this field is auto-initialized with the logged in user making the inventory transaction entry. In other program levels, the user making the entry should put their name here. Posting Date Posting User these fields are populated by the posting routines with the date the posting occurred and the user performing the operation. Description a general reason for the inventory transaction. After entering the appropriate transaction information, click the OK button to save your changes, or click Cancel to discard them. Inventory Reports Two basic reports are provided to help maintain your inventory and account for it. The reports are described below. Inventory Valuation Report The inventory Valuation report provides a snapshot of the value of the inventory at the time the report is run. At a minimum this report should be run as part of your month closing procedures so that the value of the inventory at that time is known. The report typically will disagree with inventory chart of account accounts due to timing differences and the reports lack of journal adjustments that may have been made. To produce this report select Business and Forms Inventory Reports Inventory Valuation from the menu as shown:

51 When you select this menu option the system immediately begins producing a report of the items, and their associated value, in your inventory at the time the option was selected. You can not produce an inventory valuation for a period in the past, so it must be done as part of month and year end closing procedures. Inventory Transaction Report The inventory transaction report allows you to report the transactions for a selected range of items over a selected range of dates. To produce this report select Business and Forms Inventory Inventory Reports Inventory Transaction Report from the menu as shown:

52 Selecting this option will bring you to the inventory transaction report setup screen as shown: Enter the start and end date that you wish the transactions reported to fall in between. Setting the two fields to the same date will produce a report of transactions just on that date. If you leave the start and end item fields blank then all items will be reported. You can enter different item id s to report a range of items including those entered, or you can set both start and end item to the same item to report transactions for that item only. After entering the desired setup options, click the OK button to print the report, or click Cancel to discard the information. Purchasing HorseTrak Software Accounting provides a means of managing your purchasing activity through the use of purchase orders that is integrated with inventory and payables. These mechanisms include vendors, purchase orders, and inventory receipts. Each of the mechanisms, and the reports provided are described below. Vendor Entry Purchase orders and payables require a vendor to be issued or paid to. So before entering payables or purchase orders you must enter the vendors you will be doing business with. To access vendor maintenance, select Business and Forms Purchasing Menu Vendor Maintenance from the menu as shown:

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