Revelation Training Manual Chapter

Transcription

1 475 Chapter Introduction What is an Journal & Posting and why is it important in Revelation Accessing in Revelation Debtors Postings/Journals Invoices (Hand written) Credit Notes (Hand written) Receipts (Payments Received) Batch Receipts Adjustment Journals Post Dated Payments Input a PD Payment Amend a PD Payment Delete a PD Payment Process a PD Payment Inter Account Journals (Between two Debtors) Inter Ledger Journals (Between a Debtor & a Creditor) Past Period Journals Batch Journals & Imports from an external File Manual Batch Journals Import from an external file Allocate an un-allocated credit (Payments not allocated against invoice) Refunds, Reversals & R/D Payments Fix Allocations (Re-allocate payments) Fix allocation on a selected account Make ALL Credits UN-allocated Creditors Postings/Journals Invoices (No Stock) Credit Notes (No Stock) Payments Pay a Creditors cash out of the Till..520

2 Adjustment Journals Post Dated Payment Input a PD Payment Amend a PD Payment Delete a PD Payment Process a PD Payment Inter Account Journals (Between two Creditors) Inter Ledger Journals (Between a Creditor & a Debtor) Past Period Journals Post a VAT only amount Batch Journals & Imports from an external File Manual Batch Journals Import from an external file Allocate an un-allocated debit (Payments not allocated against invoice) Refunds, Reversals & R/D Payments Fix Allocations (Re-allocate payments) Fix allocation on a selected account Make ALL Credits UN-allocated Print Creditor s Payments Print Payments Add/Amend Payment Layouts Nominal Postings Journals Bank Journals Single Contra Journals Vat Payments/Refunds Sundry Payments Sundry Deposits Batch Processing Input a New Batch Verify an Existing Batch

3 Process an Existing Batch Delete an Existing Batch Clear a Batch files Busy flag Past Period Journals Reverse a previously posted Journals Post Dated Payment Input PD Payment Amend PD Payment Delete PD Payment Process PD Payment Import Journal from external file From a Standard Import file From a VIP Payroll Export File Import Journals from CaseWare file Post Stock Valuation update Journal Forex Revaluation Journal Auditors Module Import Adjustment entries made by your Auditors VAT Adjustment Journal Attention Tip Hot Tip Warning! Smarties Bright Sparks

4 478 1 Introduction Bookkeeping, and by association any good accounting package, functions entirely on Journals. Whenever an Invoice Is produced, Revelation produces a Journal entry in the back ground. The entire concept is as old as life on earth. People of old would trade goods with one another. In the beginning it was as simple as one pig was traded for eight chickens. The problem came about when the status quo was not equal. Please supply me with eight chickens now, and as soon as my pig is big enough, I will return the favour. People had to start keeping record of who owed what. This is where manual Journal books were born. In 1494 the Italian Monck - Luca Pacioli, was the First person that wrote down and taught on the double bookkeeping principle. This principle states that for every left hand entry in a journal, an equal opposite right hand entry should be journalised, in order to balance the journal. These entries are referred to as a Debit and a Credit. Today it is widely accepted that Pacioli was indeed the father of modern accounting. He was also the first modern accountant and rendered his expertise this help people like his close friend Leonardo Da Vinci. It would be accurate to state that Pacioli did for accounting what Da Vinci did for Art and Science. Although modern accounting Software has revolutionised the volume capabilities and have added some very interesting nuances to accounting, the principle remains exactly the same as how Pacioli first stated it. 2 What is a Journal and why is it important in Revelation A journal entry in accounting is a logging of transactions into accounting journal items. The journal entry can consist of several items, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced". Journal entries can record unique items or recurring items such as depreciation or bond amortization. In accounting software, journal entries are usually entered using a separate module from accounts payable, which typically has its own subledger that indirectly affects the general ledger; journal entries directly change the account balances on the general ledger. Some data commonly included in journal entries are: Journal entry number; batch number; type (recurring vs. nonrecurring); amount of money, name, auto-reversing; date; accounting period; and description. Typically, accounting software imposes strict limits on the number of characters in the description; a limit of about 30 characters is not uncommon. This allows all the data for a particular transaction in a journal entry to be displayed on one row. The balance sheet is a statement showing net worth on a particular date. Journal entries are used to record injections and ejections to such net worth. After recording the transactions through journal entries the revised balance sheet can be prepared. From a business owner s perspective, the Trial

5 479 Balance forms the heart of accounting and from the Auditors perspective, the Balance sheet is important. Manual Journal entries in Revelation should ideally never be made. The processes that drive the package, like Bank Reconciliation and invoicing, should in theory, do all the necessary Journals on your behalf. It is only in the event of mistakes and auditor input or other extra ordinary circumstances that journals should ever be processed. We know of several businesses that NEVER make any journal entries. The secret to this is that all aspects of Revelation is used to its full capacity. A good example of this would be where the assets Register automatically posts depreciation journals each time the month-end is run. Another good example is Debtors & Creditors Payments that are driven from the Bank Recon process and not via the Journals process. It is however inevitable that at some stage journals would have to be posted. Imagine you have a Creditor that also buys from you. He owes you R and you owe him R Instead of paying you, he simply tells you to take the money that is owed off their creditors account. Although this is bad practice, it is allowed and ultimately happens on a regular basis in real life. In this event, an Inter-Ledger Journal will have to be posted. The same rings true where the auditors instruct you to write off bad debts. A Journal is still the best way to accomplish this. Some more reasons why a journal will be posted: Writing off bad debt Contra Journaling a Debtors and Creditors Account When the incorrect Debtor s Account was Debited with a payment received Where the incorrect Creditor s Account was credited with a payment made. Where non-stock invoices are manually issued to clients. Where non-stock GRN s are made for services received from Creditors. Where incorrect accounts were used when posting into the GL. When manually receiving monies from a Debtor. When manually posting payments against a Creditors Account. When posting from an external source like a Payroll package. When adjusting GL values based on external information. A good example here would be where currency of a country is re-valued (Like in Zambia 2013). When posting adjustments into a period that has passed.

6 Accessing in Revelation You may access the postings Module from any of the following menu screens. From the Quick Access Menu, click on the [Postings to Accounts] button. You may also access Postings to Accounts from the top Dropdown Menu, by clicking on Postings >> Nominal Postings. Using the Power Bar, you may also customise your own set of buttons to access frequently used functions such as. Click on the Yellow question mark and then follow the steps. Once done, you simply click on the button created. Once you access the Postings option, you will be presented with the Debtors/Creditors/Nominal Postings selection.

7 481 3 Debtors Postings/Journals Payment allocations can also be adjusted under this section. Debtors Postings are used for a number of reasons. The two most common Debtors Journals are to Produce Debtors Invoices/Credit Notes without stock and to post payments/receipts for payments received on Debtors accounts. Some other uses for Debtors Postings would include Adjustment Journals, Post Dated Payments, Internaccount Journals, Intern-Ledger Journals, Past Period Journals and Batch Journals. Batch Journals & Import Journals are used for among other things, to import take-on Balances from other packages into Revelation. To access the Debtors Ledger postings, click on Postings to Accounts and then select [Debtors ledger (customers)]. Now click on the [Postings] button. 3.1 Invoices (Hand written) This option is usually used in the service industry where reps produce manual invoices that do not involve stock. You may also use this option to adjust Debtors accounts. To access the Hand-written Invoices, Click on the [Invoice (hand-written)] button. Now call up the Debtors account that you would like to post the journal into. Remember to use the normal Selection options available in Revelation (Search keys & Pattern Search). You will be presented with the Journal Account information.

8 Journal Reference This is a Unique Reference that will be stored alongside the Journal. A good idea is to have separate Journal Reference book in order to assist in Audit process Journal Date As this is not a Past Period Journal, the dat should fall in the Current or next Period. If you enter a date older that the current period, the follwing warning will come up. If you do not change the date (to the current period) the Aging on the Debtors account will change, but the General Ledger will be updated in the current period Journal Amount (Incl VAT) This is the total amount to be added to the Debtors Account. Depending on the Charge Tax Setting in the Debtors Account, this must be either an Inclusive or Exclusive Amount. If it is set to Inclusive, the Tax will be Calculdared and placed in the Tax Amount Journal Rep & Repname If you work with Rep s commision s, select the Rep code that this transaction should relate to.

9 Nominal Account Number & Name for this Journal You should now select the correct GL account to be Credited. The Contra GL account will always be the Debtors Control Account. You may enter as many journal legs as required for this Transaction. If no account is selected, the system General Sales Account will be selected and the entire amount will be contra d agains this account. The default tax will also be used Tax Code for this Journal Select the tax code for this leg of the transaction. To access the Vat list, press the [F5] key Amount for this Journal Leg (Incl Vat) To calculate an Inclusive Amount from an Exclusive Amount from the Exclusive Amount, input the Exclusive amount and then Press [F5]. Rembmer to use the correct sign in front of the amount. Repeat this for all the legs of the transaction until they add up to the Main total Tax Portion for this Journal This will display the Tax portion for this leg of the Journal. All the legs Tax portions will add up to the total Vat for this Journal Sub-Totals so Far This is the amount deducted from the total amount that has been posted to Nominal Legs so far. Once all the legs have been posted correctly, this amount must equal the total Amount Still to Post This is the amount that must still be posted to Nominal Legs. Once all the legs have been allocated to Nominal Legs, it should be Zero Finish/Amend & Narration Options Once the Journal is completed and ready to be saved, you may either Edit or Cancel the Journal. You may also add a narration for this Journal

10 484 To add from a Pre-programmed list of Narrations, use the [Select from Stored Notes] 3.2 Credit Notes (Hand written) Credit note Journals are exactly the same as Invoices (Hand Written) except the sales accounts will be debited instead of credited. Once the Journal is complete, you will have to allocate the debit against a previous Credit. To auto-allocate the amount, simply [Enter] on the still owing amount. If you do not want to allocate agains the the oldest amount, use the keyboard arrow keys to navigate to the correct amoun that you would like to allocat against and then either enter the amount to be allocated or press the [Enter] button. Once done, you will have the option to process another Credit Journal to the same or other Debtors

11 Receipts (Payments Received) If you do not use the Bank Recon Engine or the Invoice Module to post Debtors Payments, you may post receipts/payments received from here. First select the bank account that the payment must be contra d to. The journal will always be contra d against the Debtors Control as the one leg of the Journal and the selected bank account as the other. If enabled, you will be prompted for a Deposit Slip number. If your organization is still depositing cash or Payments, enter the Deposit book number here. Now read the Deposit Slip information. In the event that Revelation finds post-dated Payment postings against this account, make sure that the receipt that you are about to post is not the same as the post-dated Receipt posted before and then click [OK].

12 486 You will now be presented with the Standard Journal Payment screen: Payment Reference This is an unique number that may be used to track the payment. In the case of Deposits, the Deposit slip number may be entered here Receipt Date Enter the Payment Date Paymant Amount Now enter the amount that you are receiving from your client. In the event that discount still has to be calculated and deducted of the amount, you may leave the amount field blank. Once the allocation s has been complated, you will be given the oppertunity to allow the system to populate the amount for you. If you chose the option to first leave the amount field blank, you will now be prompted to populate the origional payment amount from the calculated amount by pressing the [Yes] button Rep. Code & Name If you are using the option to pay your rep s only once the client has paid their account, then you need to select the correct Rep code. Click on the Down arrow or click on the code field and then press the [F5] function key Tender Screen You will now be prompted to enter the correct tender type that was presented for payment. This is used to update the Daily Trasaction report and Cash Reconcilliation options.

13 487 The following Tender type are availible: Cash Payments Credit/Debit Cards Electronic Transfers (EFT) Vouchers Other Mixed Tender Allocation screen If you did not leave the amount field blank (in order to calculate the amount), you will now be prompted with the allocation screen. Use the [Enter] button to allocate the amount or the arrow keys to navigate to the correct amount that you would like to allocate against. To calculate the settlement discount on each amount, insert the discount percentage and then press the [F5] key. You may also insert the amount manually by typing the correct allocated amount against the correct allocation fields instead of the [Enter] key Auto Allocate To allocate the Credit amount automatically, press the [Auto Allocate] button. The open Credit will then be allocated against the oldest outstanding Debit amount and then every subsequent open debit until all the credit available is allocated.

14 Allocation Options Once in the allocation screen, you may call on some help options to assist in the allocation process. This will include an auto-allocation and search options. Simply click on the [Allocation Options] to access them Auto-allocate Amount from Oldest entry NO Discount This option is similar to the Auto-allocation option on the previous screen. As before, the credit amount will be allocated from the oldest debit and then against each subsequent Debit until the Credit has been dispersed Auto-allocate Amount from Oldest entry DEDUCT Discount This option is the same as described above except that you may also add a Settlement Discount percentage to de deducted from the debits that are being allocated against. Simply enter the percentage discount to be deducted off each of the debit amounts in this allocation. The settlement discount amount will be allocated against each debit line under the Settl. Disc. Column.

15 Search for Document Reference to Allocate to This little gem will assist in finding a specific debit to be credited. Once selected, you will be prompted for a Reference number. This search will look for an exact match, so make sure that you enter the correct reference. Once found, the line item that matches the reference code will be high-lighted. Simply click the [Enter] button to allocate the amount against the line item that was found with the search Cancel Allocations made so far and start again This option will cancel all the allocations made so far and place the system back in the position before the allocation was started. Simply start the allocation process again Cancel this Allocations Options window If you no longer require the allocation help options, you may exit the allocation options by clicking on this option. 3.4 Batch Receipts Batch postings are used to capture multiple Payments into a single Debtors Journal. These payment receipts may then entered into the selected bank account as multiple entries. To rather post them as a single entry into the bank, make use of the Sundry Deposit Engine under the Nominal Postings. Select the bank account that you would like to use as the contra account for this batch receipt.

16 490 As with single receipts, you may enter a Deposit slip number that will be inserted alongside each receipt. The Deposit Slip number will be attached to ALL the deposits that are being posted in this run. When doing Bank Recons, you may then search for all the deposits with a specific slip number that was entered here. This will also allow you to display a group total for comparison with the bank Statement. If you do not want to attach a Deposit Slip Number, you may clear the Deposit field. If the correct setting has been set in the system Preferences, you may also enter a Hash check total. Once the Receipt Journal is complete, the total for the Journal must equal the Hash total. To set the Hash total go to System Preferences >> Accounts. Now tick both the Batch Hash prompts. You may also enter a standard Narration to be posted alongside each entry of the Batch Receipt. You will now be presented with the main Batch Receipt screen.

17 Contra Journal Bank Account This is the Bank Account that all the Batch Receipts will be posted against. This is a Display window only. If it is not the correct account, cancel the batch & re-select the account Debtors Account Number Select the correct Debtors account for this leg on the Batch receipt by pressing the [F5] button. Use the normal search functions to select the correct account Account Name This is a display line only. Make sure that this is the correct account that was selected for this leg of the journal Date for this leg on the Journal Each leg of the batch Journal may have its own date Reference number Give each Leg of the Journal its own unique Reference number. If the first journal ends on a numeric, the system may auto-increment the rest of the reference number by simply entering on the Reference field rather than entering a number Receipt Amount This is the Amount that the selected Debtors Account should be reduced by. If you have a Hash total set, the legs of all the journal amounts should add up to the Hash Total Sub Total for this Batch This is the total of all the legs of the journal up to now Hash total for this Journal This total is set when the Journal is started. At the end of the Journal, the Sub-Total & Hash Total should equal. Tip: When selecting the Legs of the account, the Debtors aging information will be displayed at the bottom of the Journal panel.

18 Adjustment Journals Adjustment Journals function in the exact same way as Hand Written Invoices. Except for the headings, both function in exactly the same fashion. For more information on Adjustment Journals See: Point 3.1 Hand Written Invoices. 3.6 Post Dated Payments Although Cheque payments are no longer the norm when making payment, most bank now allow future date payments. To accommodate this, Revelation now allows for issuing and receiving Post Dated Payments. Once the due date of the PD payment equals the system date, a reminder will appear. Simply click on the [SHOW PDQ s] to see a list of all the PDQ s that has become due for processing Input a PD Payment Input Screen Once you have received the Post-dated Payment from your Client, you may record it on the reminder screen in order to have it displayed when it becomes due. It is important to understand that you are only capturing the reminder at this stage. Once the Payment has become due, you will still have to Action the Payment against the account by following the steps as set out in Point Once you have called up the correct account details, you will be presented with the Post- Dated Payment Input Screen.

19 493 Insert the correct details from your client s payment unto the Input screen. Please note that not all the Payments are the same but should all follow the same basic principles in terms of Payment numbering etc Payment Number Insert the Payment Number as it appears on the Payment form Due Date This is the date that the Payment is due. Once this date aligns with the system date as entered when opening Revelation, the [Show PDQ s] will become active Amount Enter the amount as stipulated on the Payment. Once the Payment is processed, this amount will be debited off the Clients account Select the Bank Account Select the Bank Account that this Payment will be paid into. The Default account will always be displayed. Press the [F5] or the down arrow to select another account Narration Insert a Narration that will appear in the narration field of this payment. If the correct settings are selected, this narration will appear next to the payment on the Statement Rep The Rep-Code that is linked to the Clients account will be defaulted here. This is very important when Reps are paid on Debtors Payments rather than on Sales. To change this code, press the [F5] button or click the down arrow.

20 494 Once done, you will be offered the opportunity to add more PD Payments Amend a PD Payment To amend PD Payment, simply call up the correct Debtors account and then select the correct PD Payment that needs to be amended. The original PD main screen will be displayed. Change the details as required and then click the [Finish] and then the [Save] button. Again you will be offered the opportunity to amend other PDQ s Delete a PD Payment As with Amend PDQ s, first call up the Account. Now select the PD to be deleted. The PD Main screen will be displayed. To delete the PD, Select [Delete] Process a PD Payment To process a PD Payment, you will be prompted to confirm the date. You will now be offered three options to process the PDQ s. If you choose the first two options, you will NOT have the option to select an againg period, instead, the Payments wil be posted agains the oldest age period.

21 Process ALL Payments automatically This is the preffered way to process high volume PD Payments. When this option is selected, all the PD Payments that are dated as Due, as well as all PD Payments before, will be displayed. To start the Automated process, click the [Begin] or [Enter] button. Warning: Make a Backup before you start Process ALL Payments, but prompt for confirmation on each Payment This option will first prompt you with each PD in a list before it is processed. Before each PD is processed, a confirmation prompt will appear. This will give a final prompt to either [Process Payment] or to [Skip Payment]. One by one the PD s will be posted. The actual PD and related account will be displayed in the backgound.

22 Select which Payments to process manually (& allocated Aging manually) (Recommended) This process is a manual posting process that will prompt you with an Allocation screen after each PD has been activated. Manually select each PD Payment and then click on [Select]. Now allocate the PD Payment amount against each open invoice. Use the arrows to move the allocation marker next to the correct amount. And then press [Enter]. This will take you to the Settelment Discount field. If applicable, insert the discount amount or use [F5] to calculate the correct amount. Now press the [Finish] button to complete this transaction. 3.7 Inter-Account Journals (Between two Debtors) This option is typically used where a payment has been allocated to an incorrect account. The reason that you would rather use this option than to reverse the Payment is because you do not want to create an imbalance in your Bank Journal. It is however not recommended to adjust incorrect invoices and Credit Notes as this option will not correct stock. The first Account that you select, will be displayed on the left of the Journal screen and the second on the right.

23 From Account Details This is normally the account that you are going to move the incorrect payment FROM. Logic dictates that because you are removing the incorrect payment from this account, the balance in this account will increase. In the interest of not getting confused, rather re-select your Journal accounts, if this is not the case To Account Details This is normally the account that you are going to move the payment TO. As with the From Account, logic dictates that as you are adding a payment To this account, the Balance of the account will be reduced. As this is the case, you will also be presented with the allocation screen at the end of the Journal Input FROM Account Amount Because this account balance will increase, it is imperative that a positive amount should be inserted here Input TO Account Amount Because this account balance will decrease, it is imperative that a minus amount should be used here Journal Reference Use any reference that you see fit or as company policy dictates Journal Date This is the date that you would like this journal to be reflected on. Use a DDMMYY format here.

24 Allocation Screen The allocation screen allows the payment to be allocated to the correct outstanding Debits. There are two options available, Open Item and Balance Forward mode. In Open item mode, the invoices will be display. In Balance Forward mode, the amount will be allocated against an age period Open Item If the Debtor s account that you are posting the payment TO (on the right), is an Open Item Debtor, you will be presented with the allocation screen that will display a list of all the outstanding Debits. Use the Arrows to move the selector to the correct debit. Once aligned with the correct debit, press the [Enter] button. Continue this process until the Still to be allocated amount is Zero. To leave the amount as UN-allocated, click on the [Finish] button before allocating any amount. Tip: You may change the Sort screen of the allocation screen by simply clicking on any of the Headers Balance Forward When the To Account is a Balance Forward Account, you will be presented with two choices before the Journal begins, Auto Allocation and Manual Allocation Balance Forward - Auto Allocation This selection will automatically allocate the payment against the oldest period onward Balance Forward Manual Allocation This option will allow you to select the period that you would like to allocate the payment against. Use the allows on the keyboard to select the correct period. Manually post the amounts against the required period until the Still to be allocated amount has been depleted. Tip: You may also use this method to re-allocate incorrect aging by using using debit and credit amount agains each period. 3.8 Inter-Ledger Journals (Between a Debtor & a Creditor) Inter Ledger Journals are Journals between a Debtor s and Creditor s Accounts. This is commonly used were your Company has the same institution as a Client and a Supplier. Instead of paying the Supplier aswell-as receiving payment from the Client, it may be decided to off-set the Debit and Credit amounts against each other.

25 499 The Debtors Account will be displayed first and then the Creditors Account. To reduce the amount owing on the Debtors account, remember to use a Minus in front of the amount as this will Credit (make it less). The Creditors account must have a positive amount to balance the journal. Both will display the allocation screen after the posting. Handle this as with the Inter-Account Journals. See: 3.7 for more information. 3.9 Past Period Journals Debtors Past Period Journals allow you to rectify incorrect transactions that relate to periods that have already been Month-ended. Typically this would be the case were a Hand-written Invoice was not added to the Clients account when it was due. The Past Period Journal should be handled with caution as it will adjust Year to date figures. This in turn will mean that certain reports will have to be reprinted. As VAT may not be rectified with the Receiver as a past period posting, the VAT will be added to your current VAT Report. This in turn will mean that your TB turnover and VAT Turnover will not agree. For this reason, Past Period transactions will be listed separately on the new type VAT Report. You may post Journals into the Current Financial Year as-well-as the Last Financial Year. The only difference between a Posting into the Current Financial Year and the Last Financial Year, is that in the case of the Last Financial Year the totals that is supposed to be posted to either the Income or Expense portions of the TB will NOT be posted in the Income or Expense portion of the TB but rather directly to the Liability account called Retained Income/Loss. The reason for this is that at year-end, the Balance of all the Income and Expense accounts are cleared in order to start a new Financial Year. Also remember that: 1. In Open Item accounts, Credit amounts are posted as Unallocated Credits which you must then allocate to one or more debits in the Current period. 2. Credits in Balance Forward accounts are posted against the Oldest outstanding Age Periods. Use the Amend age analysis feature under the Debtors MasterFile to amend this if not correct. 3. If Rep-Codes are attached to Past Period entries, these entries will appear in the Rep Analysis period based on the Date of the entries. If required, print a Historic Rep Analysis for those Periods. Now call up the required Account. This will call up the Past Period Journal Main Module. Now Post the Journal as you would a Hand-written Journal. See: 3.1 Remember to use the correct date as this will determine the aging and the affected period. Warning: You need to re-print all the appropriate reports as Past Period Journals alter the Year to date figures. Warning: Make sure that only authorised staff has access to these Journals and that a Supervisor Password is in place.

26 Batch Journals & Imports from an external File Batch Journals, as the name implies, allows you to process a large volume of Journals in a Single Batch. This has primarily been developed for the Auditing fraternity and to process large volume take on balances when a company migrates to Revelation from another package. The Batch journal consists of two main features namely the Manual Batch Journal engine and the Batch Import Journal Engine Manual Batch Journals This module allows Auditors & bookkeepers to manually post large volume Journals into Debtors Accounts. The idea is that the Auditor is handed a box full of hand written invoices and is requested by the client to computerise the entire months Invoices. Debit and Credit Journals may be processed through this process.

27 Client Account Number Select the Debtors Account by typing in the first 4 Alpha Digits or by clicking on the down arrow or pressing the [F5] button Nominal Contra Account for this Journal Leg Select the Nominal or General Ledger Account that this account must use as a Contra Account Date for this transaction The date must fall within the active period. Use a DDMMYY format. Tip: If you would like to post past period Journals, use the 2 nd option [Import the Batch from an external file] The Debtors will be correctly aged according to the past Period date. The transactions will however be logged under the current General Ledger Reference This is usually the Invoice, Credit note or payment reference Amount (Incl.) Vat This is the Inclusive amount that should be posted to the Debtors Account Tax Code Select the correct tax code by overtyping the correct code Tax Portion The VAT portion for this leg of the Journal will be displayed here. You may overtype this amount. Only do this if you know what you are doing. If this amount does not line up with the Calculated Tax for this code, a warning will be displayed. You may now either except the amended VAT Total by clicking [Yes] or you can recalulate the correct Vat by selecting [No] and then use th [F5] key to Re-Calculate the correct amount. If the Vat is amended and left unbalanced, the balance of the VAT will be moved to the Nominal Account selected before. This Transaction will now be listed under the Vat exception List.

28 502 Next you will be prompted for the narration. Once all the Lines have been entered and checked, click the [Finish] and then the [Save] button in order to post the Journal Import from an external file The Batch Import has two advantages. Firstly it can pull a large amount of Data from an Excel Spreadsheet. Secondly it allows you to post a high volume past dated (Past Period) Batch Journal. The advantage of this process is that you may export the outstanding balances from your clients, out of another outdated Accounting Packages and import them into Revelation. This will allow you to immediately print accurate Statements and send them off to your clients. The Transactions itself will not be aged under the GL but will however be logged under the Current Months Ledger. Tip: Use Past Period Nominal Journals to age them correctly. The Import may be done from either an Excel Spreadsheet, a Text File (Comma Delaminated) or a Text File (Tab Delaminated). Because the Excel Spreadsheet is the most common format, we will only be focusing on the format for now. If you have issues using the others, please give the support Centre a call. When Importing the Journal from Excel it is important to note that there are MANDITORY fields that have to be part of the import. For this import to be successful, you first need to import or create the Debtors masterfile records (you can t import transactions to an account if there is no account). The followig Fields have to be present in the spreadsheet: Debtors Accout Number (Account Number) e.g. ABCD001 Invoice Reference (Reference) up to 8 charaters e.g Date of the Transaction (Date) e.g. YYYYMMDD 2012/12/30 Amount for the Transaction (Including VAT) e.g

29 503 Before the Import starts, you will be prompted with a explenation screen. After reading this, click the [Yes] button to start the import. You may also include additional coloumbs in the spreadsheet: GL Sales account number. If not present, Revelation will use the General Sales Account (usually 12001) A VAT Code e.g. 01,02,03. If there was no VAT component linked to an entry, rather leave the Vat CODE field Blank for that entry. If there is a Vat code column in the import file, but NO Vat Amount column, Revelation will calculate the Vat Amount based on the Tax Code (if any). If there is no Tax Code column in the Import file, Revelation will assume there are NO Tax components in any of the entries. A VAT Amount. Credit amounts will be allocated from the Oldest amounts on the account. Warning: You may NOT import Forex Debtors using this import mechanism. Hot Tip: Backup before the Import commencses!!! Tip: Use the Demo file as a starting point. Remove the information in there and replace it with your information.

30 504 Make sure that each of the column s conform to the specified format below. Once the import starts you will be prompted to confirm if the first line of your spreadsheet is a header line. You should also select the correct sheet name that will be imported (Spreadsheets contain multiple sheets) Sheet Name in spreadsheet to be imported In Excel, you may have numerous Sheets attached to your Spreadsheet. When in Excel, by right clicking on the active Sheet name, you may rename the sheet. In our example import, we have named it Batch. In the import process, Revelation will list the available sheets. Click on the down arrow to receive a list of these sheets names and then select the correct one.

31 505 You should also select the correct sheet name that will be imported (Spreadsheet contain multiple sheets) Is Line 1 a Column Header Once the import starts you will be prompted to confirm if the first line of your Spreadsheet is a header line. Header lines in Excel are usually the first line of the column and only serve to help identify the column. They have no calculation value. If you have a header line for the Spreadsheet and you don t tick this option, Revelation assumes it does have calculation value. This then confuses the import engine and an error condition occurs Populating the Import screen Each of the above information pieces must be inserted into its own coulomb in Excel. Once the import starts you will be prompted with a selections screen for each coulomb in order for Revelation to import the correct information. Make sure that each of the columns is aligned. Before the import starts you will be prompted with the header information on the spreadsheet. The fields in red are manditory fields.

32 506 To begin the import, click on the [Yes] button. The import will now start. This will now populate the Batch Journal engine Actioning the Batch Import You have now effectivly used the Excel spreadsheet to populate the Manual Batch Journal Engine. You may now check each of the batch lines as if it is a Manual Batch Journal. Make sure that the information is correct before actioning the Batch. Warning: As stated before, the Import engine allows you to insert Past Period dates in order to correctly age the import. Once the batch has been populated, do NOT change the past period date s as you will not be able to change them back to a past date, once you have fiddled with them. To complete the import, click on the [Finish] button. Check the accounts carefully to make sure that the import is correct.

33 Allocate an un-allocated credit (Payments not allocated against invoice) Unallocated payments are payments on OPEN ITEM Debtors accounts that have not been allocated against a specific debit entry. This usually occurs when the person posting the bank, does not know against which invoice/s to allocate a payment. Whilst posting the Credit, the following message will appear in the Cashbook. Tip: You may print a list of all the Un-allocated Credits by going to the Audit Reports >> Selected Debtors transactions and then tick option DU. When calling up a Debtors account you will notice that the Credit amounts that have not been allocated as yet, will always appear on the top of the current transaction list with a U next to them. This indicated that the amounts are still unallocated. Once you have called up the correct Debtors account that you would like to allocate unallocated credits to, you will be presented with a list of all the outstanding Credits. Select the Credit that you would like to allocate by clicking on the amount and then clicking the [Select] button.

34 508 A grid display will list all the debit amounts that have not been credited as yet. The original debit amount is displayed on the left under Doc, Value, and the amount that is still outstanding will be displayed on the right under Still Owing. Use your arrow keys to move to the correct Debit that you would like to allocate the credit against and then press the [Enter] button to allocate the entire Still Owing amount or simply type in the correct amount into the Allocation column and then press [Enter]. Again use to move to the next debit amount until the entire Credit has been allocated. If only part of the Credit has been allocated, you may leave the balance as un-allocated. Tip: If the Doc.Value and the Still Owing is not the same, that indicates that you have previously part-allocated an amount against the original Document Value. If you have incorrectly allocated an amount against a Debit, you may correct it by clicking on the [Amend Allocation] button. You be presented with an option screen that will allow you to: Cancel the Allocations made so far and to start again Cancel this Allocation Options window

35 509 Once the selected credit has been allocated, you will first be prompted to allocate another Credit against the same account. Now you will be prompted to allocate more un-allocated credits against other accounts. Note: Due to the complexity of the process, you may not deduct discount when allocating unallocated Credits. This may change in future versions of the program Refunds, Reversals & R/D Payments A refund, Reversals and R/D Payments is the processes were a Credit needs to be debited. This may be because of any number of reasons such as a Bank stopping payment on the Credit or were a payment was allocated against the wrong Bank or Client s account. Tip: If the incorrect Debtors account was used, rather use Inter-account Journals to correct incorrectly allocated Debtors accounts as this will avoid a messy bank account. When effecting Reversals & refunds, you will first be prompted to select the correct bank account that the reversal will be contra d against. Hot Tip: If you do not want to use the Inter-account Journal to correct incorrectly posted Payments, but do not want to mess up your current bank account, select your Petty Cash (or similar) Account to effect the reversal against. Now re-post to the correct Debtors account but again use the Petty Cash (or similar) Account for the corrected payment posting. Once you have selected the correct Bank account you will be prompted for the debtors account details. Now insert the reference, Date and Amount. To complete the Reversal, hit the [Finish] button.

36 510 Tip: Make use of the Last Payment details to see the amount and date of the Payment that needs to be reversed. Tip: Remember to include the original discount amount into this reversal. Once the Reversal is complete, you will be prompted for the next Reversal Fix Allocations (Re-allocate payments) When Credit entries have been allocated against the wrong Debits, it may be necessary to re-allocate the credits posted so far. This is done by un-hooking them from the debits that they have incorrectly been allocated against. Once done, you will be afforded the opportunity to allocate them agains the correct debits. This is only possible for current transactions (Future versions may allow historic reallocations). The re-allocations may either be done one-by-one, or you may opt to un-hook an entire months credits for a selected debtors account. This option is only recommended for small accounts and only when you are sure what you are doing Fix allocation on a selected account After calling up the correct debtors account, you will be presented with a selection screen. Under the Credit column, choose the amount that you would like to UN-allocate and then press the [Select] button. REMEMBER: If the credit was part of an amount that was allocated against multiple debits, ALL the credits will be un-hooked from the debits.

37 511 Once you have selected the correct credit, confirm the de-allocation by clicking [Yes]. You will now have to re-allocate the open credit. Follow the same steps as the origional allocation process. You may also choose to leave the credit as Un-allocated Make ALL Credits UN-allocated When making all the credits UN-allocated for a selected debits account, you do not have to choose a Credit, as the entire Credit range for the active month will be made UN-allocated Once done, the UN-allocated credits will be moved to the top of the account in order for you to reallocate.

38 512 Use the Allocate unallocated Credit option to re-allocate the Credits.

39 513 4 Creditors Postings/Journals Creditors Postings used to adjust Creditors accounts. This may be due to payments, VAT Imbalances or to contra either two creditors accounts or to contra against a debtor s and creditor s accounts. You may also post Adjustment Journals, Post Dated Payments and Batch Journals. Batch Journals & Import Journals are used, for among other things, to import take-on Balances from other packages into Revelation. 4.1 Invoices (No Stock) Hands written invoices are usually used were no stock is involved and Creditors accounts must be updated. A good example would be were utility bills are posted. To access the Hand-written Invoices, Click on the [Invoice (hand-written)] button. Now call up the Suppliers account that you would like to post the journal into. Remember to use the normal Selection options available in Revelation (Search keys & Pattern Search). You will be presented with the Journal Account information.

40 Journal Reference This is a Unique Reference that will be stored alongside the Journal. A good idea is to have separate Journal Reference book in order to assist in Audit process Journal Date As this is not a Past Period Journal, the dat should fall in the Current or next Period. If you enter a date older that the current period, the follwing warning will come up. If you do not change the date (to the current period) the Aging on the Debtors account will change, but the General Ledger will be updated in the current period Journal Amount This is the total amount to be added to the Supplier s Account. Depending on the Charge Tax Setting in the Creditor s Account, this must be either an Inclusive or Exclusive Amount. If it is set to Inclusive, the Tax will be Calculdared and placed in the Tax Amount Nominal Account Number & Name for this Journal You should now select the correct GL account to be Credited. The Contra GL account will always be the Creditors Control Account. You may enter as many journal legs as required for this Transaction. If no account is selected, the system General Sales Account will be selected and the entire amount will be contra d agains this account. The default tax will also be used Tax Code for this Journal Select the tax code for this leg of the transaction. To access the Vat list, press the [F5] key Amount for this Journal Leg (Incl. Vat) To calculate an Inclusive Amount from an Exclusive Amount from the Exclusive Amount, input the Exclusive amount and then Press [F5]. Remember to use the correct sign in front of the amount. Repeat this for all the legs of the transaction until they add up to the Main total Tax Portion for this Journal This will display the Tax portion for this leg of the Journal. All the legs Tax portions will add up to the total Vat for this Journal.

41 Sub-Totals so Far This is the amount deducted from the total amount that has been posted to Nominal Legs so far. Once all the legs have been posted correctly, this amount must equal the total Amount Still to Post This is the amount that must still be posted to Nominal Legs. Once all the legs have been allocated to Nominal Legs, it should be Zero Finish / Amend & Narration Options Once the Journal is completed and ready to be saved, you may either Edit or Cancel the Journal. You may also add a narration for this Journal To add from a Pre-programmed list of Narrations, use the [Select from Stored Notes]

42 Credit Notes (No Stock) Credit note Journals are exactly the same as Invoices (Hand Written) except the sales accounts will be debited instead of credited. Once the Journal is complete, you will have to allocate the debit against a previous Credit. To Finish the Journal, simply hit the [Save] button. You may also [Amend] or add a [Narration]. To auto-allocate the amount, simply [Enter] on the still owing amount. If you do not want to allocate against the oldest amount, use the keyboard arrow keys to navigate to the correct amount that you would like to allocate against and then either enter the amount to be allocated or press the [Enter] button. 4.3 Payments If you do not use the Bank Recon Engine to post Creditors Payments, you may post Payments received from here. First select the bank account that the payment must be contra d to. The journal will always be contra d against the Creditors Control as the one leg of the Journal and the selected bank account as the other.

43 517 You will now be presented with the Standard Journal Payment screen: Browse Transactions If you would like to post the payments per document number, click on the [Browse transactions] button. This will display a list of all the outstanding Creditors Invoices for this Creditor. Use the [Display], [Clear] and [Select] buttons to assist in populating the Amount field Display The display button will assist in making sure that you are paying the correct Creditors Invoice. To pay the Invoice, click the [Select] button. You may add the invoices one-by-one. This will increase the amount fields. To effectively use this option, leave the amount field blank. The selection process will then work out the required amount to post.

44 518 Warning: Avoid hitting the [Select] button more than once as this will duplicate the payment amount Clear If the incorrect invoice was selected before and you would like to clear the amount field, click on the [Clear] button Select Use the [Select] button directly if you do not want to first view the Invoice Payment Reference This is a unique number that may be used to track the payment. In the case of Deposits, the Deposit slip number may be entered here Receipt Date Enter the Payment Date Payment Amount Now enter the amount that you are receiving from your client. In the event that discount still has to be calculated and deducted of the amount, you may leave the amount field blank. Once the allocation s has been completed, you will be given the opportunity to allow the system to populate the amount for you. If you chose the option to first leave the amount field blank, you will now be prompted to populate the original payment amount from the calculated amount by pressing the [Yes] button Allocation screen If you did not leave the amount field blank (in order to calculate the amount), you will now be prompted with the allocation screen. Use the [Enter] button to allocate the amount or the arrow keys to navigate to the correct amount that you would like to allocate against. To calculate the settlement discount on each amount, insert the discount percentage and then press the [F5] key. You may also insert the amount manually by typing the correct allocated amount against the correct allocation fields instead of the [Enter] key.

45 519 You may also use the [Auto Allocation] and the [Allocation Options] to assist in the payment allocations Auto Allocate To allocate the Credit amount automatically, press the [Auto Allocate] button. The open Credit will then be allocated against the oldest outstanding Debit amount and then every subsequent open debit until all the credit available is allocated Allocation Options Once in the allocation screen, you may call on some help options to assist in the allocation process. This will include an auto-allocation and search options. Simply click on the [Allocation Options] to access them Auto-allocate Amount from Oldest entry NO Discount This option is similar to the Auto-allocation option on the previous screen. As before, the credit amount will be allocated from the oldest debit and then against each subsequent Debit until the Credit has been dispersed Auto-allocate Amount from Oldest entry DEDUCT Discount This option is the same as described above except that you may also add a Settlement Discount percentage to de deducted from the debits that are being allocated against. Simply enter the percentage discount to be deducted off each of the debit amounts in this allocation.

46 520 The settlement discount amount will be allocated against each debit line under the Settl. Disc. Column Search for Document Reference to Allocate to This little gem will assist in finding a specific debit to be credited. Once selected, you will be prompted for a Reference number. This search will look for an exact match, so make sure that you enter the correct reference. Once found, the line item that matches the reference code will be high-lighted. Simply click the [Enter] button to allocate the amount against the line item that was found with the search Cancel Allocations made so far and start again This option will cancel all the allocations made so far and place the system back in the position before the allocation was started. Simply start the allocation process again Cancel this Allocations Options window If you no longer require the allocation help options, you may exit the allocation options by clicking on this option.

47 Pay Creditor cash out of the Till This option works the same as the option described above except that the money will be removed from the till Account. This is usually were small creditors deliver goods to the POS position during times that normal payment are not possible. A good example would be the monthly news stand deliveries early in the morning. You will be prompted to confirm the active users till account where the money will be deducted from. (It uses the active users till account). Once confirmed, the normal payment screen will be displayed. The till account will be displayed at the bottom in red. Once complete, you may also print the payment receipt by clicking on the [Print a copy..] option below. This may be printed to either the [Invoice printer] or the [Slip printer].

48 Adjustment Journals Adjustment Journals function in the exact same way as Hand Written Invoices. Except for the headings, both function in exactly the same fashion. For more information on Adjustment Journals See: Point 4.1 Hand Written Invoices. 4.6 Post Dated Payments Although Cheque payments are no longer the norm when making payment, they are still used in some environments. To accommodate this, Revelation allows for issuing and receiving Post Dated Payments. Once the due date of the PD Payment equals the system date, a reminder will appear. Simply click on the [SHOW PDQ s] to see a list of all the PDQ s that has become due for processing.

49 Input a PD Payment Post-Dated Payments Once you have issued the Post-dated Payment from your Client, you may record it on the reminder screen in order to have it displayed when it becomes due. It is important to understand that you are only capturing the reminder at this stage. Once the Payment has become due, you will still have to Action the Payment against the account by following the steps as set out in Point Once you have called up the correct account details, you will be presented with the Post-Dated Payment Input Screen. Insert the correct details from your client s payment unto the Input screen. Please note that not all the Payments are the same but should all follow the same basic principles in terms of Payment numbering etc Payment Number Insert the Payment Number as it appears on the Payment form.

50 Due Date This is the date that the Payment is due. Once this date aligns with the system date as entered when opening Revelation, the [Show PDQ s] will become active Payment Amount Enter the amount as stipulated on the Payment. Once the Payment is processed, this amount will be debited off the Clients account Contra Bank Account Select the Bank Account that this Payment will be paid into. The Default account will always be displayed. Press the [F5] or the down arrow to select another account Narration Insert a Narration that will appear in the narration field of this payment. If the correct settings are selected, this narration will appear next to the payment on the Statement Amend a PD Payment To amend PD Payment, simply call up the correct Creditors account and then select the correct PD Payment that needs to be amended. The original PD main screen will be displayed. Change the details as required and then click the [Finish] and then the [Save] button. Again you will be offered the opportunity to amend other PDQ s Delete a PD Payment As with Amend PDQ s, first call up the Account. Now select the PD to be deleted. The PD Main screen will be displayed. To delete the PD, Select [Delete].

51 Process a PD Payment To process a PD Payment, you will be prompted to confirm the date. You will now be offered three options to process the PDQ s. If you choose the first two options, you will NOT have the option to select an againg period, instead, the Payments wil be posted agains the oldest age period Process ALL Payments automatically This is the preffered way to process high volume PD Payments. When this option is selected, all the PD Payments that are dated as Due, as-well-as all PD Payments before, will be displayed. To start the Automated process, click the [Begin] or [Enter] button. Warning: Make a Backup before you start Process ALL automatically, but prompt for confirmation on each Payment This option will first prompt you with each PD in a list before it is processed.

52 526 Before each PD is processed, a confirmation prompt will appear. This will give a final prompt to either [Process Payment] or to [Skip Payment]. One by one the PD s will be posted. The actual PD and related account will be displayed in the backgound Select which Payments to process manually (& allocated Aging manually) This process is a manual posting process that will prompt you with an Allocation screen after each PD has been activated. Manually select each PD Payment and then click on [Select]. Now allocate the PD Payment amount against each open invoice. Use the arrows to move the allocation marker next to the correct amount. And then press [Enter]. This will take you to the Settlement Discount field. If applicable, insert the discount amount or use [F5] to calculate the correct amount. Now press the [Finish] button to complete this transaction. 4.7 Inter Account Journals (Between two Creditors) This option is typically used where a payment has been allocated to an incorrect account. The reason that you would rather use this option than to reverse the Payment is because you do not want to create an imbalance in your Bank Journal. It is however not recommended to adjust incorrect invoices and Credit Notes as this option will not correct stock. The first Account that you select, will be displayed on the left of the Journal screen and the second on the right.

53 From Account Details This is normally the account that you are going to move the incorrect payment FROM. Logic dictates that because you are removing the incorrect payment from this account, the balance in this account will increase. In the interest of not getting confused, rather re-select your Journal accounts, if this is not the case TO Account Details This is normally the account that you are going to move the payment TO. As with the From Account, logic dictates that as you are adding a payment To this account, the Balance of the account will be reduced. As this is the case, you will also be presented with the allocation screen at the end of the Journal Input FROM Account Amount Because this account balance will increase, it is imperative that a positive amount should be inserted here Input TO Account Amount Because this account balance will decrease, it is imperative that a minus amount should be used here Journal Reference Use any reference that you see fit or as company policy dictates Journal Date This is the date that you would like this journal to be reflected on. Use a DDMMYY format here.

54 Allocation Screen The allocation screen allows the payment to be allocated to the correct outstanding Debits. There are two options available, Open Item and Balance Forward mode. In Open item mode, the invoices will be display. In Balance Forward mode, the amount will be allocated against an age period Open Item If the Creditor s account that you are posting the payment TO (on the right), is an Open Item Creditor, you will be presented with the allocation screen that will display a list of all the outstanding Debits. Use the Arrows to move the selector to the correct debit. Once aligned with the correct debit, press the [Enter] button. Continue this process until the Still to be allocated amount is Zero. To leave the amount as UN-allocated, click on the [Finish] button before allocating any amount. Tip: You may change the Sort screen of the allocation screen by simply clicking on any of the Headers Balance Forward When the To Account is a Balance Forward Account, you will be presented with two choices before the Journal begins, Auto Allocation and Manual Allocation Balance Forward Auto Allocation This selection will automatically allocate the payment against the oldest period onward Balance Forward Manual Allocation This option will allow you to select the period that you would like to allocate the payment against. Use the allows on the keyboard to select the correct period. Manually post the amounts against the required period until the Still to be allocated amount has been depleted. Tip: You may also use this method to re-allocate incorrect aging by using using debit and credit amount agains each period. 4.8 Inter Ledger Journals (Between a Creditor & a Debtor) Inter Ledger Journals are Journals between a Creditor s and Debtor s Accounts. This is commonly used were your Company has the same institution as a Client and a Supplier. Instead of paying the Supplier as-

55 529 well-as receiving payment from the Client, it may be decided to off-set the Debit and Credit amounts against each other. The Creditors Account will be displayed first and then the Debtors Account. To reduce the amount owing on the Creditors account, remember to use a Minus in front of the amount as this will Credit (make it less). The Debtors account must have a positive amount to balance the journal. Both will display the allocation screen after the posting. Handle this as with the Inter-Account Journals. See: 4.7 for more information. Once done, you will have to re-allocate the Credit amount agains the open Debit/s. 4.9 Past Period Journals Creditor s Past Period Journals allow you to rectify incorrect transactions that relate to periods that have already been Month-ended. Typically this would be the case were a Hand-written Invoice was not added to the Suppliers account when it was due. The Past Period Journal should be handled with caution as it will adjust Year to date figures. This in turn will mean that certain reports will have to be reprinted. As VAT may not be rectified with the Receiver as a past period posting, the VAT will be added to your current VAT Report. This in turn

56 530 will mean that your TB turnover and VAT Turnover will not agree. For this reason, Past Period transactions will be listed separately on the new type VAT Report. You may post Journals into the Current Financial Year as-well-as the Last Financial Year. The only difference between a Posting into the Current Financial Year and the Last Financial Year, is that in the case of the Last Financial Year the totals that is supposed to be posted to either the Income or Expense portions of the TB will NOT be posted in the Income or Expense portion of the TB but rather directly to the Liability account called Retained Income/Loss. The reason for this is that at year-end, the Balance of all the Income and Expense accounts are cleared in order to start a new Financial Year. Also remember that: 1. In Open Item accounts, Credit amounts are posted as Unallocated Credits which you must then allocate to one or more debits in the Current period. 2. Credits in Balance Forward accounts are posted against the oldest outstanding Age Periods. Use the Amend age analysis feature under the Creditors MasterFile to amend this if not correct. 3. If Rep-Codes are attached to Past Period entries, these entries will appear in the Rep Analysis period based on the Date of the entries. If required, print a Historic Rep Analysis for those Periods. Now call up the required Account. This will call up the Past Period Journal Main Module. Now Post the Journal as you would a Hand-written Journal. See: 4.1 Remember to use the correct date as this will determine the aging and the affected period. Warning: You need to re-print all the appropriate reports as Past Period Journals alter the Year to date figures. Warning: Make sure that only authorised staff has access to these Journals and that a Supervisor Password is in place.

57 Post a VAT only amount When importing stock and/or goods from another country, the invoices usually do not include VAT/Tax. The Receiver of Revenue (via its agent involved in the import) would work out the VAT and then post you a VAT only invoice (via the border agents involved in the import). As the VAT / TAX does not influence the cost of the items purchased (as you may claim back the VAT), it is not necessary to add the VAT invoice to the GRN process. You still however have to update the Supplier s account (importer) with this amount as you are still liable to pay the VAT only invoice. To post a VAT only invoice, Select this option and then select [Yes]. You may now populate the journal details and then click the [Save] button.

58 Reference Code This is usually the Invoice number on the creditors invoice Journal Date This is either the date on the invoice or the date that the invoice should be affected on Journal Amount This is the Amount on the Invoice. As it is a VAT only invoice there is no Inclusive or exclusive amount. This amount will be posted to the VAT Paid/Input VAT account. To pass a VAT only Credit Note, use a MINUS amount Vat code The Vat code in this case, does not have any calculation value (like it would do in a normal journal) as the entire amount is VAT. It will however influence the VAT reports and where the amount will be logged. We recommend that you open a VAT Code for Goods imported. Use this VAT Code here Narration Insert the appropriate Narration. Depending on the setting, this narration will be printed on the remittance advice. Please Note: The VAT Only Journal should actually never be used. The correct way in handling this Invoice is to action it together with the GRN for the goods purchased (by using the [Import Split] button (Enterprise & Empire]). One of the reasons for this is so that the VAT portion will then have a Capital Value attached to it in order to correctly report on the VAT summery report. You may then, in theory, calculate a percentage for the VAT charged on the Capital goods. As a rule-of-thumb, this usually works out to about 50% (as import VAT is almost never 14%). Because the Vat only Journal does not have a Capital Value attached to it, the system will try and infer one based on the 50% rule-of-thumb. Therefore, when printing the VAT summery report after processing a Vat only Journal, you will find a fabricated Capital goods value in the VAT Summery report. This creates a more accurate Feel to the report. You may ignore this figure as it has no intrinsic value. The VAT figure is always correct. Tip: Create a separate VAT code for imported goods. This way you may calculate the % VAT Charged.

59 Batch Journals & Imports from an external File Batch Journals, as the name implies, allows you to process a large volume of Journals in a Single Batch. This has primarily been developed for the Auditing fraternity and to process large volume take on balances when a company migrates to Revelation from another package. The Batch journal consists of two main features namely the Manual Batch Journal engine and the Batch Import Journal Engine Manual Batch Journals This module allows Auditors & bookkeepers to manually post large volume Journals into Creditors Accounts. The idea is that the Auditor is handed a box full of hand written invoices and is requested by the client to computerise the entire months Invoices. Debit and Credit Journals may be processed through this process.

60 Client Account Number Select the Creditors Account by typing in the first 4 Alpha Digits or by clicking on the down arrow or pressing the [F5] button Nominal Contra Account for this Journal Leg Select the Nominal or General Ledger Account that this account must use as a Contra Account Date for this transaction The date must fall within the active period. Use a DDMMYY format. Tip: If you would like to post past period Journals, use the 2 nd option [Import the Batch from an external file] The Creditors will be correctly aged according to the past Period date. The transactions will however be logged under the current General Ledger Reference This is usually the Invoice, Credit note or payment reference Amount (Incl.) Vat This is the Inclusive amount that should be posted to the Debtors Account Tax Code Select the correct tax code by overtyping the correct code Tax Portion The VAT portion for this leg of the Journal will be displayed here. You may overtype this amount. Only do this if you know what you are doing. If this amount does not line up with the Calculated Tax for this code, a warning will be displayed. You may now either accept the amended VAT Total by clicking [Yes] or you can recalculate the correct Vat by selecting [No] and then use the [F5] key to Re-Calculate the correct amount. If the Vat is amended and left unbalanced, the balance of the VAT will be moved to the Nominal Account selected before. This Transaction will now be listed under the Vat exception List. Next you will be prompted for the narration.

61 535 Once all the Lines have been entered and checked click the [Finish] and then the [Save] button in order to post the Journal Import from an external file The Batch Import has two advantages. Firstly it can pull a large amount of Data from an Excel Spreadsheet. Secondly it allows you to post a high volume past dated (Past Period) Batch Journal. The advantage of this process is that you may export the outstanding balances from your clients, out of another outdated Accounting Packages and import them into Revelation. This will allow you to immediately print accurate Statements and send them off to your clients. The Transactions itself will not be aged under the GL but will however be logged under the Current Months Ledger. Tip: Use Past Period Nominal Journals to age them correctly. The Import may be done from either an Excel Spreadsheet, a Text File (Comma Delaminated) or a Text File (Tab Delaminated). Because the Excel Spreadsheet is the most common format, we will only be focusing on the format for now. If you have issues using the others, please give the support Centre a call. When Importing the Journal from Excel it is important to note that there are MANDITORY fields that have to be part of the import. For this import to be successful, you first need to import or create the Debtors masterfile records (you can t import transactions to an account if there is no account). The followig Fields have to be present in the spreadsheet: Debtors Accout Number (Account Number) e.g. ABCD001 Invoice Reference (Reference) up to 8 charaters e.g Date of the Transaction (Date) e.g. YYYYMMDD 2012/12/30 Amount for the Transaction (Including VAT) e.g

62 536 Before the Import starts, you will be prompted with a explenation screen. After reading this, click the [Yes] button to start the import. You may also include additional coloumbs in the spreadsheet: GL Sales account number. If not present, Revelation will use the General Sales Account (usually 12001) A VAT Code e.g. 01,02,03. If there was no VAT component linked to an entry, rather leave the Vat CODE field Blank for that entry. If there is a Vat code column in the import file, but NO Vat Amount column, Revelation will calculate the Vat Amount based on the Tax Code (if any). If there is no Tax Code column in the Import file, Revelation will assume there are NO Tax components in any of the entries. A VAT Amount. Credit amounts will be allocated from the Oldest amounts on the account. Warning: You may NOT import Forex Debtors using this import mechanism. Hot Tip: Backup before the Import commencses!!! Tip: Use the Demo file as a starting point. Remove the information in there and replace it with your information.

63 537 Make sure that each of the columns conforms to the specified format below Sheet Name in spreadsheet to be imported In Excel, you may have numerous Sheets attached to your Spreadsheet. When in Excel, by right clicking on the active Sheet name, you may rename the sheet. In our example import, we have named it Batch. In the import process, Revelation will list the available sheets. Click on the down arrow to receive a list of these sheets names and then select the correct one.

64 538 You should also select the correct sheet name that will be imported (Spreadsheet contain multiple sheets) Is Line 1 a Column Header Once the import starts you will be prompted to confirm if the first line of your Spreadsheet is a header line. Header lines in Excel are usually the first line of the column and only serve to help identify the column. They have no calculation value. If you have a header line for the Spreadsheet and you don t tick this option, Revelation assumes it does have calculation value. This then confuses the import engine and an error condition occurs Assume MINUS Amounts in Spreadsheet are Invoices If Un-ticked, the system will assume that minus amounts on your Spreadsheet imports are Credits or Payments. It will then further assume that positive amounts are Debit or Invoice amounts. If TICKED, the system will assume that minus amounts are Debit or Invoice amounts an that positive amounts are Credit or Payment amounts Populating the Import screen Each of the above information pieces must be inserted into its own coulomb in Excel. Once the import starts you will be prompted with a selections screen for each coulomb in order for Revelation to import the correct information. Make sure that each of the columns is aligned.

65 539 Before the import starts you will be prompted with the header information on the spreadsheet. The fields in red are manditory fields. Make sure that ALL Text columns in the Spreadsheet are formatted as Text and not General To begin the import, click on the [Yes] button. The import will now start. This will now populate the Batch File engine.

66 Actioning the Batch Import You have now effectivly used the Excel spreadsheet to populate the Manual Batch Journal Engine. You may now check each of the batch lines as if it is a Manual Batch Journal. Make sure that the information is correct before actioning the Batch. Warning: As stated before, the Import engine allows you to insert Past Period dates in order to correctly age the import. Once the batch has been populated, do NOT change the past period date s as you will not be able to change them back to a past date once you have fiddled with them. To complete the import, click on the [Finish] button. Check the accounts carefully to make sure that the import is correct Allocate an un-allocated debit (Payments not allocated against invoice) Unallocated payments are payments on OPEN ITEM Creditors accounts that have not been allocated against a specific credit entry. This usually occurs when the person posting the bank, does not know against which invoice/s to allocate a payment. Whilst posting the Debit, the following message will appear in the Cashbook. After calling up the correct account, select the open Debit you wish to Allocate. Tip: You may print a list of all the Un-allocated Debits by going to the Audit Reports >> Selected Creditors transactions and then tick option CU.

67 541 When calling up a Creditors account you will notice that the Debit amounts that have not been allocated as yet will always appear on the top of the current transaction list with a U next to them. This indicated that the amounts are still unallocated. Once you have called up the correct Creditors account that you would like to allocate unallocated debits to, you will be presented with a list of all the outstanding Debits. Select the Debit that you would like to allocate by clicking on the amount and then clicking the [Select] button. A grid display will list all the credit amounts that have not been debited as yet. The original credit amount is displayed on the left under Doc, Value, and the amount that is still outstanding will be displayed on the right under Still Owing. Use your arrow keys to move to the correct Credit that you would like to allocate the debit against and then press the [Enter] button to allocate the entire Still Owing amount or simply type in the correct amount into the Allocation column and then press [Enter]. Again use to move to the next debit amount until the entire Debit has been allocated. If only part of the Debit has been allocated, you may leave the balance as un-allocated.

68 Refunds, Reversals & R/D Payments A refund, Reversals and R/D Payments is the processes were a Debit needs to be credited. This may be because of any number of reasons such as you stopping payment with the Bank or were a payment was allocated against the wrong Bank or Supplier s account. Tip: If the incorrect Creditors account was used, rather use Inter-account Journals to correct incorrectly allocated Creditors accounts as this will avoid a messy bank account. When effecting Reversals & refunds, you will first be prompted to select the correct bank account that the reversal will be contra d against. Hot Tip: If you do not want to use the Inter-account Journal to correct incorrectly posted Payments, but do not want to mess up your current bank account, select your Petty Cash (or similar) Account to effect the reversal against. Now re-post to the correct Creditors account but again use the Petty Cash (or similar) Account for the corrected payment posting. Once you have selected the correct Bank account you will be prompted for the Creditors account details. Now insert the reference, Date and Amount. To complete the Reversal, hit the [Finish] button. Tip: Make use of the Last Payment details to see the amount and date of the Payment that needs to be reversed. Tip: Remember to include the original discount amount into this reversal.

69 Fix Allocations (Re-allocate payments) When Debit entries have been allocated against the wrong Credits, it may be necessary to re-allocate the debit posted so far. This is done by un-hooking them from the credits that they have incorrectly been allocated against. Once done, you will be afforded the opportunity to allocate them against the correct credits. This is only possible for current transactions (Future versions may allow historic reallocations). The re-allocations may either be done one-by-one, or you may opt to un-hook an entire months debits for a selected creditors account. This option is only recommended for small accounts and only when you are sure what you are doing Fix allocation on a selected account After calling up the correct creditors account, you will be presented with a selection screen. Under the Debit column, choose the amount that you would like to UN-allocate and then press the [Select] button. REMEMBER: If the credit was part of an amount that was allocated against multiple debits, ALL the credits will be un-hooked from the credits. Once a Debit has been selected, the system will check if the debit is linked to multiple credits. If so, you may either choose to re-allocate [All] of the Debits, or simply re-allocate a Debit by clicking on the [Single Alloc.] button.

70 Fix allocation on a selected account ALL This option will de-allocate all the Credits linked to the Debits. Once done, a message will be displayed. Once you confirm the de-allocation by clicking the [Ok] button, you will be prompted to RE-allocate the now open Debit amount Fix allocation on a selected acccount Single If you choose this option, you will be given the option to select the required Debit that should be REallocated. Once done, click the [Select] button. You will now be prompted to RE-allocate the Debit to one or more Credit entries. Once done, click the [Save] button.

71 Make ALL Credits UN-allocated When making all the debits UN-allocated for a selected credit account, you do not have to choose a Debit, as the entire Debit range for the active month will be made UN-allocated. Select the correct Creditors Account to UN-allocate. This sets ALL allocated Debits in a selected Open Item Creditor accounts Unallocated. Once all the Debits have been set to UNAllocated, you will be prompted to UnAllocate more Accounts Print Creditor s Payments Revelation has the option to automatically print a range of Creditors Payments. This process both prints and posts the payments against the Creditors accounts. This process does however requires that you order special Payment forms from you bank.

72 Print Payments This option will give you the option to select a range of Creditors that should be on the Creditors payment run. First you will have to select the bank account that you would like to run the payments against. You will now have to specify the paramenters for this Payment run Payment selection screen Before the printing can commence, you will have to specify the Payment parameters.

73 All or Single Account run Choose between a single or multiple Creditors Payment run Layout required You may have multiple Payment layouts (for different banks) that you may choose from. Select the required layout for this run Payment Date Choose the date that will be printed on the Payment. This will be the due date for these Payments Starting Payment number Each Payment must have a unique number. Usually you will not have the choice to print the Payment number on the Payment form. The layout should usually have a zero inserted in the line position Printing Sequence The payments may either be printed in name or number sequence.

74 Category Selection The Category selection process will assist you in excluding certain creditor s accounts from the Payment run. See Chapter 03 for more information on the category options Area Selection You may further de-select accounts from the run by choosing certain area s for the run. See chapter 03 for more information Aging Selection You may choose accounts that fall within certain aging periods. You may for instance only pay accounts FROM 60 days TO 60 Days. This will then only pay accounts and amounts within the 60 day range Starting Account number This option is usually only required on restarts. The first few accounts were printed successfully but then the printer jammed. Now you would like to continue with the same parameters as above, but only for the accounts that remain Printer Selection Screen Choose the correct printer from the available list. You will now be given theoppetunity to print a Dummy Payment, in order to make sure that the printer is alligned correctly. You will now be given the option to check each print from a list.

75 549 Use the [Browse transactions] option to choose one or all of the amounts to be printed per Creditor. Once done, you will be prompted to allocate the Payment payment against an outstanding or Still Owing Invoices. Your Payment will now be printed, one-by-one.

76 550 After the Payment run, you will be given the option to print a list of all the payments processed. You may first print the run to screen and then opt to print the report as a hardcopy by cllcking the [Print] button. If one (or all) of the accounts have a settlement discount amount attached and if the payment is within the required terms period, you will have the option to confirm the discount deduction from the run. If you select the [No] option, the discount will not be deducted and posted Add/Amend Payment Layouts Once you have ordered and received the Payment forms from your bank, you will have to setup the layout for the new Payment forms received. Click on the [Amend Payment Layouts] option. You may now choose to either [Add] a new layout or to [Amend] the existing layout file by first selecting an existing layout. To add a new layout, click the [Add] button.

77 551 Now give the Layout a name (in order to call it up later). Each Payment is basically split into horisontal LINES and vertical COLUMNS. You will basically have to instruct Revelation were each item on the items should be printed on the Payment form. The lines are basically from the top to the bottom of the Payment. The column is basically the position from left to right. In the example above, the Amount will be printed on LINE 5 and should be in column 9. You will also have to tel Revelation how many Lines and columns the Payment contains. This is going to take a bit of trial and error. The standard Payment form has about 80 columns and 25 Lines. Remember to place a ZERO in the spaces that you would NOT like to print the information from onto the Payment.

78 552 Once done, save the layout by clicking on the [Save] button. You may also transfer information from this layout to other Layouts by click ing on the [Copy] button. To confirm this, click the [Yes] button. Now give the new layout a name. Select the [OK] option to confirm the new layout. You may tweak the layout via the [Amned] option.

79 553 5 Nominal Postings Nominal or General Ledger postings are those postings that govern entries between various General Ledger accounts. When Cash for instance is moved from the Assets account called Cash Till Account into the Assets account called Till Control Account, we need to post a Journal in Revelation to indicate that the move has taken place (in order to reflect the correct figure in the TB). The same should be done when, for instance, a Member of a Company injects Cash into the Business. (The Members Loan account should be Credited and the Bank Account Should be debited). These Entries are entered as Journals. 5.1 Journals (Standard Journals) Journals are the most basic transaction types in accounting. In theory, an entire set of books could be produced with only using journal entries. Each time a Bank Recon is posted, Journals are processed. The same is true for Invoicing, GRN s and Stock entries. Each Journal entry should always conform to Paciolie s double entry bookkeeping principle that states that for each Debit there must be opposite equal Credit Transaction in order for the system to balance. To access and process Journals, select the Postings to accounts option and then the Nominal ledger tab.

80 554 Now Select Postings and then the [Journals] tab. You will be presented with the basic Journals Ledger page. To get started, we will be posting simple two line Journals. As you become more familiar with the process, multiple journal legs may be posted using the Nominal Journal engine Reference Each Journal should have a Reference number in order to keeps a record of the Journals. This should be a unique number and should be logged in a Journals log Journal Date The Journal Date should be entered in a DDMMYY format. Revelation will default to the first day of the Active Month. To change the date, simply edit the DD portion. The rest of the date will remain the same. Once you press [Enter], the date will be displayed as a Standard Date e.g. 25 May Tip: To post a past period Journal (a Journal that will affect a previous Financial Month) use the Past Period Journal Option Line Number When posting Standard Journals, each leg of the journal will use one line. You may post up to 998 lines in a Single Journal Nominal Account General Ledger Accounts are split into Four Categories. They are: Income ( ) Expenditure ( ) Assets ( ) Liabilities ( )

81 555 Click the Down arrow (or press the [F5] key) to search for and select the correct Nominal accounts that you are going to post the Journal to. If the required Account does not exist yet, you may create it by using the [Nominal] button on the Super Menu to create it without having to close the current Journal. Tip: If an invalid account is selected by mistake, Press the [Esc] key and then use the [F5] key to select the correct account Account Name This field displays the name of the account/s that you have selected. You may not edit the account name here as this is a display field only. If required use the Super Menu to edit the name. HOT TIP: System accounts may NOT be edited. They are vital to the correct functioning of Revelation. If they are incorrectly renamed, the system could be compromised. If, however, you know what you are doing (like editing the Bank Account s name), you may rename the system accounts by using the Repair program. Please phone Revelation to assistances as you will requires a release code Amount As the Journal legs must always balance, it is important to insert the correct symbol in front of the Journal. When an account is reduced, it is referred to as a Credit and indicated by a minus (-) sign. If an account is increased, we refer to it as a Debit and are indicated by a plus (+) sign. (Generally Plus signs to not have to be typed as they are inferred. (Simply type the amount without any signs). HOT TIP: You may select the option to Shows Nominal Balances during Journals. This will show you if the Nominal account Balance that you are posting to or from. See: Point

82 Still to Post Once the First Leg of the Journal is posted, the opposite contra amount that must now be posted in order to balance the Journal will be displayed in this tab. Once all the legs of the journal has been posted correctly, this amount will display as Zero Account Balance If switched on, this will display the Year-to-date Balance of the account that you have selected for this leg of the journal. It is very a very useful option, especially if accounts have to be cleared. Normally, one would write this amount down on a piece of paper before the journal is started. With this option on, it is no longer necessary Total Debits & Credits The Total Debits and Credit indicate the Volume of the Journal. They must always balance once the Journal is complete Journal Posting Example You have just started your own business and would like to utilise funds that you have saved over the last couple of years. You have saved R to start the business. In order for the Trial balance to reflect the correct entries, a Journal should be posted. The Journal will look like this. 5.2 Bank Journals Bank Journals are identical to the Standard Journals, except that the one leg of the journal will always be a selected Bank account (that is selected beforehand). Every subsequent Journal entry will be contra d against the selected Bank Account. This makes the Journal very simple as you will not have to Debit and Credit each entry. The opposite entry will be calculated into the bank for you. A good example of a Bank Journal would be where wages were paid to several employees but a single Payment cashed from the bank.

83 557 Tip: If the Journal must post a Single entry into the bank (where you may have cashed a Payment at the bank and you are now paying various wages & salaries with this cash), then tick the second option on the Postings Preference screen. If you have selected the Single Total to the Bank option, you will also have to provide a Date and Reference for this Entry that will be used for each contra entry of the Journal. Tip: Avoid mixing Deposits and Payments on the Banks Journal as it makes it very complicated to reconcile your Bank Statement Account Details This option shows the Contra Account number and name of the Journal. All the Single contra journal entries to follow, will be contrad against this account. Depending on if you ticked the option to do a Single Entry into the bank, the Totals of all the Journals will be added together and a Single Amount will be contrad into this account Nominal Contra Account Details Click the Down arror or use the [F5] button to select the correct Contra Account for this Journal. Remember that Revelation allows for a very powerfull Incremental Search. Simply start typing the required name after pressing [F5] and the search will be narrowed down.

84 Journal Date The date may be amended for each entry except If you selected to contra a Single amount into the Bank. Then every transaction will have the same date Reference Number Each Journal should have a Reference number in order to keeps a record of the Journals. This should be a unique number and should ideally be logged in a Journals list Amount (Including VAT) This is the Amount of this Leg of the Journal (Including VAT if applicable) Tax code & Amount Insert the correct VAT code for this Journal. If it is a Journal that does not attreact VAT, then leave the entry blank Line Number You may insert up to 1000 Journal Entries per Journal Sub-Total The total accumilated total of all the contra legs that will be written to the Selected Bank VAT Sub-Total This is the total VAT that will be witten to the Vat Accounts. Make sure that this is correct before posting the Journal. Many companies loose money due to the fact that thay do not claim the correct Vat on direct Bank Journals on items such as Insurnace and Bank Charges Bank Journal Posting Example Once you have added up the wages for the week as well as what you will need for next weeks Petty Cash and you also need to pay for Stationary, you drawn a Payment for R You now need to post the Payment and it s Contra Entries.

85 Single Contra Journals Single Contra Journals function in exactly the same way as Bank Journals with the exception that you may choose ANY Nominal account as the Main contra account. All the contra entries will be posted against this account Single Contra Journals Example You are manually posting Depreciation Journals against the Main Depreciation Account. 5.4 Vat Payments/Refunds In Revelation there are three VAT Accounts: The Vat Paid Account is VAT that you have PAID to your Suppliers. It is also seen as the VAT that you are putting INTO the VAT System hence the term INPUT TAX. It is an ASSET to the Business as it may be claimed back from the Receiver. (You have come INTO some Money) The Vat Received is VAT that you are CHARGING your Clients on behalf of the Receiver. It is also seen as VAT that you are withdrawing OUT of the Vat system hence the term OUTPUT TAX. It is a LIABILITY to the Business as you will have to return it to the Receiver at some stage. (You are OUT of pocket). It is not practical to first claim all your VAT Paid from the Receiver and then pay all the charged VAT to the Receiver. For this reason the Receiver allows you to offset the Input and Output VAT against each other and then Pay/Claim the balance. This offset process is handled by Revelation on Monthend. (if this is enabled See: System Preferences, Accounts for more information on this). The difference between the INPUT and OUTPUT Tax is automatically transferred to the VAT CONTROL account. The Balance in the VAT CONTROL ACCOUNT is what should be Paid or Claimed. The VAT Payment/Refunds journal will Post the Payment/Claim between the VAT CONTROL ACCOUNT and the BANK. Once the VAT has been Paid/Refunded, the Vat Control account should be Zero.

86 560 To post a VAT Payment or Refund, select the [Vat Payments/Refunds] option. You will now be prompted with the explanation of the intended Journal. You should have your VAT Summery Report for the 2 months that you are going to be transacting (Paying/Refunded) ready (as you will have to fill these figures into the VAT Journal as a confirmation). Click [Yes] to continue. Select the bank account that you are using to Pay/Receive the VAT into. You will now be prompted with the confirmation screen. Use the VAT Summery Report to complete the VAT Payment/Refund Journal with Reference Code This is the unique reference for this transaction. Usually it will be the Receivers efiling reference. In cases where Payments are still used, insert the Payment number here.

87 Deposit Slip Number Usually the refund takes place via an efiling Deposit from the Receiver and will appear in your bank with the Receiver s Reference. Insert that number here. If the transaction is a refund via a Payment, then insert the deposit slip number here Transaction Date This is the transaction date that you are paying/receiving the VAT on VAT Control Balance Confirmation As a control measure, the balance of the VAT Control account is displayed. In theory, your Payment/Refund should equal this amount. If it does not, you should (at some stage) do an internal VAT Audit Amount Enter the amount that you are paying/receiving from/to the Receiver here. This should match both your VAT Summery report as well as the VAT Control figure above. Remember to use a MINUS sign when posting Payments to the Receiver as your BANK will be REDUCED Contra Bank Account Check that you are posting the VAT amount into the correct Bank Account. If not, cancel the entry now and re-select the correct account. If it is correct, confirm the posting by pressing the [Yes] button now Example VAT Posting Journal

88 Sundry Payments (and Deposits) Sundry Payments and Deposits are probably the most important Nominal Journals in Revelation. They really come into their own when reconciling Bank accounts and Petty Cash postings. Instead of posting the bank entries one-by-one, and having to exit the recon every time a Debtor or Creditor is posted, simply use the Sundry engine to post these transactions from within the Recon Engine as a Batch type posting. Entire bank statements Debits and Credits may be posted in single journals Sundry Payments are Similar to a Bank Journal, but designed mainly for Payments such as Telephones, Rent, etc. that are not paid to Creditors (Suppliers). Hot Tip: You may also access the Sundry Payments and Deposits directly from within the Bank Recon. And then Select the Contra Bank Account for this Entry As with single Contra Bank Journals, All the Payments will be posted into a Single bank account. First select the Bank Account that you would like to use as a contra.

89 Sundry Payments Option Screen In order to post the Payments accurately, first select the correct preferences from the Posting Preference options Attach a Narration to EACH entry Tick this box to be prompted for a Narration after each of the Journal Lines. The narration will then be posted next to each of the legs of the Journal entry. Tip: From the 2 nd Line and thereafter, you will be given the opportunity to use the previous narration by simply pressing the [F5] button. Now edit the notes as required. Tip: You may also select from Stored Notes by simply clicking on the [Select from Stored Notes] Post a Single entry in the Bank Tick this option to post a SINGLE amount into the selected Bank Account. Use this option when Multiple Creditors were paid with a single entry into the bank. This will be the case were your buy from several Supplier branches, and for control, have opened a creditor s account for each branch. You now post a single payment to the Supplier s head office as payment for all the branches. On the Nominal Ledger, you could Cash a Payment from the bank and then paid the Creditors in Cash. A More likely scenario however would be where you draw cash from the Bank to pay wages. In this case, you will also post into the Nominal Ledger.

90 Date & Reference Confirmation Screen If option 2 is ticked, you will be prompted with a Single Contra Postings Reference Confirmation Screen. This Reference will be posted against each of the Lines for this Journal Reference Insert a unique reference code for this Journal. You may search for this Journal later by using this reference Date Confirmation This is the date that you would like the Journal to be effected on Clear this entry in the Bank Recon file When posting Sundry Journals, the assumption is that you are posting this from the bank Statement. To clear this entry in the Bank Recon straight after this Journal (in order not to have to revisit this entry in the recon engine), tick this option Notes Selection If option 2 has been selected, you will need to insert the Narration that is going to be posted against the Bank Account. The Narrations that will be prompted for later in the Journal body will be linked against the accounts chosen per line item Input Notes Type the Narration that you would like to accompany the Bank leg of the Sundry Payment Select from Stored Notes By clicking on the [Select from Stored Notes], you may [Select} from existing notes. You may also add new Notes by clicking on the [New Narr.] button. You may also [Edit] or [Delete] narrative Notes.

91 Auto Allocate Payments When posting Creditors Payments against Open Item accounts, you will usually be prompted with the allocation screen. However, when the Auto-Allocation option is ticked, the allocation screen will NOT be presented after each of the Journal lines when posting against the Creditors Ledger. Instead, the amount will be posted against the oldest outstanding amount. In this event, you will not be able to specify a Settlement Discount against the payments Always claim back Tax on Discount When the above option is NOT ticked and settlement discount is taken off from the Creditors Payments, you will have the option to deduct the VAT from the Settlement amount. Deducting the VAT in the case of a Creditors Payment will DECREASE the amount of VAT that you will be able to claim back. In the case of Creditors Payments this is highly recommended. (You may get into trouble with the Receiver if you over claim your VAT. For clarity on this issue, speak to your Auditor or Accountant). Disclaimer: Revelation will not be taking responsibility for this features incorrect application.

92 Single-Contra Sundry Payments Screen Bank Contra Confirmation Screen You may now post the Journals 2 nd leg/s (the first leg will always be the bank). You may post up to 1000 Line entries per Journal. Use the Sundry Payment Journal to post into either the Creditors Ledger or the General Ledger. At this stage, you may not post reversals, Refunds or RD s into the Sundry Engine. (This may change in future) Ledger Selection Options Use the down Arrow or the [F5] button to select either the Nominal or the Creditors Ledger that should be used as the 2 nd leg for this part of the Journal Nominal Ledger In the case of a Nominal Ledger, use the normal search options to select the required Ledger to post to and then click the [Select] button. Tip: In order to activate advanced search options, click on the [Another Search] option. This will activate among other options, the [Pattern Search] option.

93 Creditors Ledger In the case of a Creditors Ledger, use the normal search options to locate the correct Creditors Account. The [Pattern Search] Engine will be available on the first search screen. Warning: If the same account is used more than once on the same Journal, Revelation looses the ability to allocate the payment against a spesific Open Credit. If this is the case, all the payments will be Auto-allocated against the oldest Owing amounts in the account Account number Display This field displays the Nominal or Creditors Ledger account that you are posting the 2 nd leg of the Journal into Date Selection This is the date of the Journal. The Date must fall between the Current Period dates and must be entered as DDMMYY. You may not post Past Period Journals using this Journal Engine Reference Selection Use a unique reference for this Journal Leg. Tip: If you use a numeric as the first line reference and you leave the reference blank for all subsequent Journal line, Revelation will increment the reference from the first reference number. If you use an alpha code, the code will be repeated if left blank Amount (Including VAT if applicable) Insert the Total Inclusive Amount. If you are posting to the Creditors Ledger, once you press [Enter] (after inserting the amount), you will be presented with the allocation screen. You may also reallocate the payment later by re-visit the line and then use the [F5] button to re-allocate the payment. This will clear the allocation and take you back to the original allocation screen.

94 568 You may also enter and calculate settlement discount in the allocation screen. To use a percentage discount, enter the percentage and then press the [F5] key. Tip: You may also use the [Allocation Options] to assist in the allocation process. See: Chapter for more information on this function Settlement Discount If you use the Settlement discount option in the allocation screen, the Settlement Discount amount will be displayed here Tax Code In the event of a Creditors Payments, if you did not tick the option to Auto-Allocate All Payments against the oldest period and if you did not tick the option to always claim back the Tax portion of the Settlement Discount, you will be asked if you want to deduct the VAT portion from the Settlement Discount. See: Disclaimer under Point !!! In the event of a Nominal Payment, you need to indicate the actual Tax code here. If no VAT was involved, leave the Tax field blank. Use the [F5] key to call up the available Tax codes Tax Portion In the event of a Creditors Payment, if you answered [Yes] to deduct the VAT, the Tax portion of the Settlement Discount will be displayed here. (This is the portion of the VAT that will be deducted from the VAT that you can claim). In the event of a Nominal Payment, the VAT portion of the payment will be displayed here. (This is the portion that you will be allowed to claim back from the receiver).

95 Reconcile Confirmation (Yes/No) If the option to post a single Contra to the bank was NOT ticked, you will have the option to clear this part of the Journal as reconciled. You will then not have to clear the transaction when updating the bank recon afterward Nominal /Supplier Account Details When inserting a Nominal Ledger line entry, the selected account s information will be displayed on the bottom left of the screen. When inserting a Creditor Ledger line entry, the Creditors information will be displayed at the bottom right of the screen Line number This is an information field that indicates the line number that you are busy Posting. You may post up to 1000 line entries per Journal Total Settlement Discount This is an information field that indicates the Total Settlement Discount received/taken from your Suppliers payments.

96 Total Tax This is an information field that indicates the Total Tax involved in this Journal. It may be a bit confusing as this field may contain both the claimable Tax as well as the part of the Tax that is no longer claimable (due to the fact that you have opted to deduct the Tax from the Settlement Discount). Future versions of the Sundry Engine will have a Field for both Tax Types or at least deduct the two taxes from one another Post Journal Selection Screen Once the Sundry Payment Journal is complete, you will receive a Selection screen Process another Sundry Payment You may now process another Sundry Payment by selecting this option Print this Sundry Payment You may now print a list of the Journal that has just been processed.

97 Example of a Completed Sundry Payment Journal 5.6 Sundry Deposits Sundry Deposits function in exactly the same manner as Sundry Payments except that this deals with Client Payments to your company. See: point 5.3 for more information on this feature. 5.7 Batch Processing Use this option to process a 'batch' of Nominal Journals where the Batch is stored until it has been verified by another operator before the Journals are actually processed through the Nominal Ledger. Any number of Batches may be stored temporarily in this way. A reminder will be displayed on loading Revelation if there are any outstanding Batches waiting to be verified/processed. Please Note: Batch Journals are posted in exactly the same way as Normal Journals (as set out in point 5.1, 5.2 & 5.3) Input a New Batch To Input a Batch Journal, first select the type of Journal that should be captured by clicking on the correct option. In our example we will be working with Standard Journals but the principle is exactly the same for the other Journals. Before the Batch is processed, you will be prompted for the Batch Hash total. This is in order to verify the totals at the end of the Journal to this hash total. Enter the Hash total for the DEBIT entries here as this will be used as the Sum total that needs to be dispursed (There is no signifficance in

98 572 entering the DEBIT amount here, it was just a matter of choice. The CREDIT amount would also have worked just as well). The Hash total will now be displayed on top of the Journal. As new lines are entered into the Journal, the Batch Total so far will increase and the Difference column will decrease. As with normal Journals, make sure that the Debits and Credits Balance. Tip: This sign will be displayed next to the Difference column until the Hash Total and the Batch Total so far balance. Once you are done with the Journal, select the [Save] button. You will now be presented with an option selection screen. This forms the heart of the Batch process.

99 Save this Batch into a temporary file This option is the secret to batch processing. The Journal is now saved into the company directory in order to be called up and verified later. Hot Tip: You may locate this file under the Company directory and then save it in another location. Look for a file/s with a.bch attachment. This can be used to send the file off to you Auditor in order for them to verify the Journal on your behalf. The Auditor may also create a Batch Journal to be sent off to you. After Verification, you may action the Auditors Batch journal in your local Revelation Amend or Add to this Batch This option allows you to Amend the Journal that you have just captured. It is the same as then you verify a Batch. Use this if you want to double check yourself before having the File verified by another User/Auditor. Once complete, click the [Save] button.

100 Process this Batch (Not Recommended) This option defies the Batch process in that you immediately process the batch that you have just created as if it was a normal Journal. The reason for this is where users want to be able to verify their own work before processing it. It does have a place is small companies were finger problems exist. The following message will appear to confirm that the batch has been processed Verify an Existing Batch This is the recommended way to verify a Batch. Alert the user that must verify the batch on your behalf. Look for and call up the required batch by clicking on it and then clicking on the [Select] button. Tip: If the file was sent to you for verification via another process than saving it under the local company directory (e.g. It was mailed to you), use the [Look for Batch at another location] to search for it. You will now verify the batch. This is the same as the Amend process. First the Hash total will be displayed. If correct, click on the [Ok] button. Carefully go through each line of the Journal until you are satisfied that it is correct. Please pay special attention to the Debits and Credit. (Remember that Sales are usually a Credit (Minus) and Expenses are usually a Debit (Positive). Once the verification process is complete, click on the [Finish] button.

101 575 You may now either alert the person responsible for the Batch Processing or, in the case of an external user like an Auditor, mail the file back to the client for processing Process an Existing Batch This option will now process the batch as if it is a normal Journal. Just in case, make a backup of the data before the batch is processed as it may have a huge volume of transactions. Scroll down and [Select] the batch file to be processed. If the file was stored in another location, use the [Look for Batch at another location] in order to locate the file. A confirmation screen will now appear. Check the batch number to make sure it is correct and then click the [Yes] button to complete the Journal. Once done, a confirmation screen will apprear.

102 Delete an Existing Batch To delete an incorrect Batch, call up the file to be deleted by highlighting the file and then clicking on [Select]. Tip: Use the [Look for Batches at another location] do locate and delete unwanted batch Journals. Once located, you will be asked to confirm the Batch to be deleted by clicking the [Yes] button. The batch is now deleted. You may now opt to delete further batch file Clear a Batch files Busy flag Batch busy flags are protocols that stop other users from accessing a batch file while it is being verified or processed. If another use tried to access a busy batch, a warning will appear. Due to the volatile nature of some networks, it may happen that these safety protocols sometimes get stuck. If you are sure that nobody else is working on a batch file, you may override this locking mechanism by clearing the lock by clicking on the [Yes] button. Once cleared, a note prompt will alert you.

103 Past Period Journals (***Use with Caution***) The system allows you to Post Journals into Past Periods of the Current Financial Year or the Last Financial Year. These take the same form as the Standard and Bank Journals above, but the dates of entries posted must be prior to the beginning of the current period. Warning: Past Period Journals have a ripple effect on the Brought Forward and Balance amounts in the accounts involved from the period posted to until the current period. You may find it necessary to reprint certain Nominal reports for accuracy (such as Trial Balances, etc). Please note: If you post an entry into an Income or Expense account in the last financial year, the posting amount is added to the Brought Forward amount in the Year-end Appropriation (system) account at the beginning of the Current financial year. It is removed from the Brought Forward amount of the Income/Expense account at the beginning of the current year as well. This is in keeping with the Year-end process which transfers the amounts in all the Income and Expenditure accounts to the Year-end Appropriation account as part of the Year-end Update (which Revelation runs as part of the last Month-end Update of a Financial year). Note: If any past-period entries involve Vat/Sales Tax, an entry is made into the CURRENT Vat Control Totals for obvious reasons. Warning: The Past Period Journals option should be used with extreme caution and preferably under the guidance of your auditor. Note: It is HIGHLY Recommended that you switch on a Supervisor Password on your system to avoid users from accessing this feature Processing a Past Period Journal Once you call up the Past period Engine, you will be given the opportunity to select to post into either the CURRENT Financial Year or into the LAST (previous) financial year. The difference is simply that if you post into an INCOME or EXPENSE account for the LAST financial year, the result for those legs (Income or Expense) will be posted into the Retained Income/Loss account, as this financial year has already closed. Now make your Journal Selection by clicking on the appropriate option. Tip: The Journals function in exactly the same way as described in point 5.1, 5.2 & 5.3.

104 578 After the warning screen, select the [Yes] button to continue. Remember: Depending on your selection, the date of the Journal must fall within any of the Past Periods selected (Either Current or Last financial year). The rest of the Journal is the same as for a Standard Journal.

105 579 Once the Journal is complete, you will be given the oppertunity to process another Past Period Journal into the same Financial year, or to print the Journal just processed. 5.9 Reverse a previously posted Journal Incorrect Journals may be reversed without having to post each leg of the Journals opposite entry. This is to assist the user from missing a leg or posting the wrong Debit instead of a Credit and vice versa. In Order to reverse a previously posted Journal, simply call up any leg of the journal and Revelation will automatically look for and reverse the entire Journal. This is especially helpful when large journals have to be reversed. The Journal may be reversed in either the Current of Past Periods. To start the Journal reversal, call up one of the Nominal accounts that were part of the original Journal.

106 580 Now look for and select any of the legs that were involved in the original Journal and then press [Select]. In the case of Journals that were passed in a previous period, use the [GO BACKWARD] button to find the correct period and Journal leg that needs to be reversed. You will be prompted with a confirmation warning. If this is the correct leg of the Journal select the [Yes] button. It is however possible to change the date for this reversal so that this Reversal may fall on any date in the current or Past and Future periods. If the origional Journal fals within a Past Period, the origional date will be displayed by default but this may be changed manually. Once you hit the [Ok] button above, the reversal will be posted. You will now be notified and be given the opportunity to post further revelsals. You may now call up any Nominal Account that was involved in the origional Journal to make sure that the reversal was successful. The Auto Reversal will be indicated with the the following Narration Auto Reversal Journal.

107 581 Tip: Double click on the leg that was reversed in order to view the reversal Journal details. Hit the [Print] button in order to print the reversal Post Dated Payments If you pay someone other than a Creditor with a Post- Dated Payment, then use this option to link the payment to the Nominal account concerned. You may for example have an arrangement with the Receiver to pay off late Tax penalties. When the payment falls due, you then use this option again to actually process the Payment as a Payment in the normal way. This option also applies to Payments received that are not for credit of a Debtors account. Tip: You may use this option even if you are no longer using Payment payments. Most Banks now offer a facility where you can load a payment to be actioned on a later date. After loading the Bank, use the PD option to Input PD Payments Call up the Nominal account that this PD payment must be actioned against. Once done, you will be presented with the PD Input screen.

108 Post to Account This is the GL account that you selected when the PD Posting was initiated. The Payment will be effected against this account and the Bank Account. If VAT is applicable, the VAT will be calculated and posted to the correct Account Payment/Cheque No If this is a Cheque payment, use the cheque number here. If not this is a reference number as available Due Date This is the date that will trigger the reminder when you access Revelation on the corresponding date Amount Enter the Inclusive amount here. Depending if this is a Payment received or made, you will need to specify if it is a Debit (Payment made) or a Credit (Payment received) Bank Account You now need to select the bank account that this PD Payment will be effected against Narration You may enter any narration here that will accompany both legs of the PD Payment. This may be up to 30 characters long Tax Code Enter the correct VAT/TAX code for this payment. If no VAT is applicable, leave the column blank. To finish the PD Payment input, click the [OK] button. Once the date lines up with the system date, the PD alert will become active when you enter Revelation on that date Amend PD Payments To amend the PD Payment, call up the Nominal account that the PD Payment is attached to and click the select button. You may now amend the PD Payment as if is in capture mode. Once done, click on the [Save] button. Once done, but if the Amendment is not saved yet, use the [Amend] button to revisit the Input screen. Once you are happy with the amendments, hit the [Save] button.

109 Delete PD Payments To Delete a PD Payment from a Nominal account, call up the account and hit the [Select] button. Once you have the correct PD Payment called up, hit the [Delete] button. A confirmation warning will be displayed. To complete the deletion, hit the [Yes] button Process PD Payments Once the date of the PD Payment and the System date lines up, a Warning will be displayed once you enter Revelation.

110 584 By clciking on the highlighted prompt in order to list the PD Payments that have become due. You may now action the payment automatically by [Processing the PD Payments]. Confirm the action date and then press [Ok]. You may now select how you want to process the PD Payment. Three options are availible Process ALL Payments automatically This is the preffered way to process high volume PD Payments. When this option is selected, all the PD Payments that are dated as Due, as-well-as all PD Payments before, will be displayed. To start the Automated process, click the [Begin] or [Enter] button. Warning: Make a Backup before you start Process ALL automatically, but prompt for confirmation on each Payment This option will first prompt you with each PD in a list before it is processed. Before each PD is processed, a confirmation prompt will appear. This will give a final prompt to either [Process Payment] or to [Skip Payment]. One by one the PD s will be posted. The actual PD and related account will be displayed in the backgound.

111 Select which Payments to process manually (& allocated Aging manually) This process is a manual posting process that will prompt you with an Allocation screen after each PD has been activated. Manually select each PD Payment and then click on [Select]. Now allocate the PD Payment amount against each open invoice. Use the arrows to move the allocation marker next to the correct amount. And then press [Enter]. This will take you to the Settlement Discount field. If applicable, insert the discount amount or use [F5] to calculate the correct amount. Now press the [Finish] button to complete this transaction Import Journal from external file Import Journals allow you to import Transactions form numerous sources such as Auditors updates, migrating information and Payroll Journals. A good knowledge of Excel will greatly benefit the import process. If you do not understand Excel, get help from a knowledgeable person From a Standard Import file This option enables you to import General Ledger transactions from Excel or Text files. Although text files are supported, due to the fact that they function similar to Excel, we will only be explaining the Excel imports. Warning: When importing Nominal Journals, unlike Debtors & Creditors Imports, NO contra entry (like the Debtors Control Account) is selected and posted to automatically. For this reason you are responsible to make sure that the total Debit and Credit entries on this import Balance to Zero in the Spreadsheet. If not, the import will fail Actioning the Import file To start the import, press the [Ok] button after reading the information.

112 586 Tip: If ticked, this option will delete the Import file in order to avoid that the import is reentered and cause duplications. Tip: Due to the potentially high number of Transactions that this import operation may process, it is advisable to perform a backup of the data before the import commences. You will now have to locate the Excel file that you are going to import. This file may also be created by another Revelation package.

113 Import Selection Screen Once selected the correct file, Revelation will read the content of this file and present it on the Import Selection screen Select the Sheet name Each Spreadsheet may contain multiple Sheet names. They will be listed here. Press the down arrow and select the correct sheet name Select if the first Line is a Description Line If the First Line of the Spreadsheet contains a descriptive header, you should tick this option. If you don t, the system will try and import this line as an active line and the import will fail Import Confirmation Screen You will now be given the opportunity to line each of the columns of the Spreadsheet up with the import engine. Select the correct column by pressing the down arrow next to each field. Note: The first 4 fields are mandatory for this import to be successful.

114 Account Number This is the nominal account in Revelation that must be used to post this amount to. If it is not present in Revelation, the import will be aborted Date You may also post past period amounts into this import by changing the date accordingly Reference Code This is the Reference that will be linked to the Journal line. Other than with Debtors & Creditors Journal reference, you may give all the line items the same reference Amount This is the amount for the Journal line. It is important that the correct sign is used to indicate a debit or a credit. You will also have to make sure that all the debits equal all the credits. If not, your import will not be successful. If the Journal line contains VAT, this must be the Inclusive amount VAT/Tax code Nominal Journal entries usually do not have VAT attached to them. If this is the case, leave the VAT code field blank or set it to Zero. If VAT is applicable (let s say you are importing Bank charges), then it is very important to indicate the correct code here (Usually 01 ). If a VAT code is used that does calculate VAT, the system will assume the Amount column is an Inclusive Amount VAT/Tax Amount If the Journal line contains VAT and you have selected the correct code, you may enter the VAT portion here. If not, the system will calculate the VAT based on the code entered (Recommended) Narration/Comment This is a Narration line that will be linked to this line of the journal Excel to Journal Header Display Use this button to view the Excel Column headers without having to open the sheet in Excel. This is done to assist in aligning the import to the correct columns. Once clicked, Revelation will interrogate the Excel Spreadsheet and then displays the column headers.

115 Actioning the Import Once you hit the [On] button on the Import confirmation screen, your import will begin. A progress bar will appear. A confirmation screen will alert you once the import was successful. Check your figures by printing the Audit Trial or relevant Nominal Reports From a VIP Payroll Export File Payrolls are NOT accounting packages but often get confused as such due to the fact that some companies sell both an Accounting package and a Payroll. This is by no means an indication that either of the products are specialised. We at Revelation have decided to focus on only Accounting Software. We do however acknowledge the need for a Payroll and have partnered with one of the best Payroll Companies, VIP Payroll. They too specialise in only one product type. If your VIP package has the General Ledger option enabled, it is possible to Export your Payroll totals to an external file that can then be imported into Revelation in order to update the Revelation GL with the payroll figures Creating the VIP Export file In VIP select the [Export] option and then look for and select the [General Ledger] tab. Now look for and select the [Brilliant for Windows] option. VIP will now create a file, usually named VIP2BRIL.GL. Once the import starts any Transaction for non-existing accounts in Revelation will be displayed BEFORE any import takes place in order for you to note them down as they will NOT be imported. You should first exit the import and create the accounts in Revelation. Once done, you may try the import again Importing the VIPGLBRIL.GL file into Revelation Once you have read the Import information screen, click the [Ok] button.

116 590 Tip: Due to the potentially high number of Tranasctions that this import operation may process, it is advisable to perform a backup of the data before the import commences. You will now be prompted to locate the VIP2BRIl.GL file. Once located, click the [Open] button. Once the Import was successful, you may print and check the information. Click [OK] to complete this poscess.

117 Import Journals from CaseWare file Caseware is an International Auditing Software that is used by Auditing Companies to create advanced Financial Reports. Once the Financials have been completed, it only makes sense to then update the Revelation Information with the this information. This can be achieved through a simple Import Creating the Caseware Export In Caseware, your auditor needs to go to File >> Export >> Adjustments >> Software >> VENICE. This will then create a File called CWVENICE.TXT or VENICE.TXT. This text file may now be ed or sent to you. Once you click [Yes] on the next screen, you will be prompted for this file. Once the import starts, Revelation will look and see if all the account number information that is going to be imported is present in Revelation. If not, you will be prompted for the correct accounts in Revelation. Tip: Due to the potentially high number of Tranasctions that this import operation may process, it is advisable to perform a backup of the data before the import commences. You will now have to locate the VENICE.TXT file where it was saved when the was received. Once located, click the [Open] button.

118 592 Once the Import was successful, you may print and check the information. Click [OK] to complete this poscess Import Journals from a Draftworx Export File Information to follow shortly Post a Stock Valuation update Journal If Cost-of-Sales is switched on, the value of your stock will appear on the Trial Balance under the Assets. This should in theory be exactly the same value as on the Stock Valuation Report. Depending on your selection, this should either be the average (Recommended) or Latest cost price. Sometimes however, stock values could go out of sync between the TB and the actual Stock Valuation Report. This could be caused by numerous reasons (such as allowing stock to go into negative, or by manually adjusting cost prices ect.). To rectify this imbalance, the Stock Valuation update Journal calculates the actual value of stock in each Category and then posts an Adjustment Journal accordingly. Warning: Before any Adjustment Journal may be posted, it is important to Clear any outstanding Deliver notes

119 Posting Stock Valuation Journals To post the Adjustment Journal click on the [Yes] button after reading the information. Make sure that all other users are logged out of the company. It is also advicable to make a backup before executing the Journal. Depending on if you have selected to move over to a new month before doing a month-end, you may choose the date that you would like to effect the Valuation Journal. If you are in the new month and you select to update the value as at the end of the previouse Month, all the stock values for the current month will be ignored in this Journal run. If you select the Journal as at TODAY, then the value adjustment will be effected for both months upto and including the current date

120 594 The system will now calculate the value of the stock as per the Stock Valuation Report. It will also indicate the date that this valuations has been calculated for. Tip: Compare this figure with the actual report, in order to make sure that it is the correct date and values. Once you are happy that this information is correct, click the [Yes] button. The journal will now be posted. The one leg of the Journal will be posted into the stock assets account/s and the contra leg will be posted against the Expense account Stock Adjustment account. See: Chapter 5 Point and for more information on this very Special and sensative Account. Tip: If you print the Stock Valuation Report for comparison purposes, you MUST tick the option to Include items where OnHand is LESS than Zero. If not, the report may not agree with TB Tip: Keep a clode eye on the Stock Valuation Nominal account as this will show the adjustments made on the TB / Stock Assets account/s. Look for the Stock Valuation Adjustment Narrations. Hot Tip: This Journal can be Automated during the month-end Procedure (Recommended). This will allow the stock valuation to be accurate on a month-to-month basis rather that waiting for to a long period to pass before updating.

121 Forex Revaluation Journal (NOT Recommended) As Revelation Empire Builder and Enterprise are both Multi Currency packages and cater for Forex Bank Accounts (Optional on Enterprise), it may be necessary to pas Revaluation Journals from time to time. Each time a Forex posting is transacted in Revelation, the rate of exchange is captured against that posting. The same is true for Creditors and the Forex Bank Account. When Forex revaluations are posted, the system will indicate a Forex Gain or a Forex Loss. See: Notes at the end of this Chapter. Before the Forex Re-valuation can continue, it is important to first update the rate of exchange that the system must use to re-value the outstanding Debtors, Creditors and Forex Bank. Note: You will be given the opportunity to select one or the entire Ledger to Re-value. To change the Exchange rate, first visit [Setup and System Maintenance]>>[System Preferences]>> Currencies.

122 596 Now change the currencies accordingly. Once this is complete, you may continue with the Re-Valuation process. Select the [Yes] button to start the Revaluation Warning: All other users must first exit out of this compnay before the process can begin. It is also advisable to perform a backup before running this Journal because of the potential high volume of transactions that may be involved. Click [Yes] to continue.

123 597 You may now select the Ledgers that you would like to Re-Value by ticking/un-ticking each one. You may also re-value them one-by-on by simply repeating this process for each Ledger. Hit the [Ok] button. A exchange rate confirmation screen will apprear. Make sure that you have selected the correct rates and then click the [Yes] button. During the Re-Valuation process, an progress bar will appear to indicate how long the process will still take. Wait for all the Ledgers to complete. On Completion, you will be given the opportunity to print the Revaluation Journal. Example: Forex Re-Valuation Journal.

124 Forex Revaluation A matter of opinion Disclaimer: It is very important that you understand that this paragraph is the personal opinion of the writer and does not necessarily reflect the popular view on this topic. I am of the opinion that Forex Revaluations are an absolute waste of time and as far as I am concerned is nothing else than corporate fraud. You have just purchased goods from your overseas supplier on Credit. You thus owe your Supplier in their currency. The fact that you do not pay your Supplier immediately now creates a dilemma for most companies. The clever people now try and squeeze extra profit by waiting for favourable exchange rates before paying for the goods. Besides the fact that this is high risk and part of the reason why the world is struggling with the recession, I have no problem with this part of the practise as Forex Gains or Losses are inevitable. My issue comes in on the next level of stupidity called Unrealised Profits due to exchange rates speculation. Some wise guys are trying to justify their positions in companies by showing potential profits in the books by means of Journal entries into the TB. They even gave it a name called Unrealised Profits. Imagine the company made a Loss for the month and you still have not paid the Forex Creditor. The exchange rate now becomes favourable but the company does not have the funds to pay the Creditor. By re-valuing the debt, the company shows a profit called Unrealised Profits. During the next month, the cash flow improves and we can now pay the Forex Creditor, but the exchange rate has turned on us. The Bubble Profit that was entered into the books will now burst as we can no longer hide the loss. To make things worse, some companies then decide not to pay the Creditor as they are hoping that the exchange rate will again turn in their favour. Your company is now effectively gambling. You are in effect offsetting your problems to a later date. This practise is on par with factoring your debtor s book to the banks. If I had my way I would make it illegal to owe a Forex Creditor unless funds were secured with the Bank to cover any Import. The maximum credit period should also never exceed 60 Days Forex TB Reporting with Tempory Re-Valuation (Recommended) For those users that agree with the above statement, Revelation has built in the option to emulate a Revalued TB. This will give the user the exact information without actually writing false Journals into the Forex Gains or loss account. Under the Add-on Modules, look for and select the [Foreign Currency Nominal Reports] engine. You may now choose any of the active currencies to report the TB in. To see the Forex amounts reported

125 599 into the local currency, create a Forex Currency called Local and make the exchange rate = to 1 (In this case SA Rand is the local Currency). You will be given the opportunity to change the exchange rate by clicking the [Yes] button. Select [NO] The entire TB, Including the Forex Currency, will be translated into the Local Currency. The TB will report in the Local currency but with the Forex Currencies temporeraly converted into the local currency. This will include any Forex Bank Accounts.

126 Auditors Module We have added a special Auditors Feature that allows you so upload your Revelation data to your Auditor whenever you need. Once the Data has been uploaded to our FTP Server, your auditor will be notified via an that the data is available. They will now download the data onto their PC. The Auditor may now post journals, pay VAT, Edit and even add accounts. Once they are finished with their Journals, you may import them as a Batch. You will be alerted via that an upload is available from your Auditors. To import these Journals, hit the [Import Adjustment entries made by your Auditor] button under [Auditor]. This will now import the Audit journal into your system. Hot Tip: Alert your Auditor or accountant about this feature. They may contact us at any time to receive this FREE offer Import Adjustment entries made by your Auditors This option will download a file that contains the entries that your Auditor has posted into the copy of your data that was uploaded to the Auditor recently. These entries will now be posted into THIS company s data. Before the import starts, you may view or print the Journal Entries that the Auditor is about to import into your Data. To start the import, click the [Yes] button. Revelation needs to be connected to the Internet in order for this process to function correctly. Once connected, the system will now look for your disc number on our FTP server and then look for and retrieve the Batch Journal. You may now either [Display] the Journal in a Text file or commence with the [Import]. Here is an example of a Auditors Batch Journal file.

127 601 Once you are happy with the content of the import file, you may commence with the import by selecting the [Import] button. Warning: It is always advicable to BACKUP the data before any import process occures. This will give you a restore position in the event of failure or incorrect postings that were imported. Once the import was successful, a prompt will display accordingly. You may now visit either the Audit Trial or each of the impacted Nominal Ledger files to view the imported Journal files in order to make sure that they are correct VAT Adjustment Journal (***Use with Caution***) When trying to post Standard Journals into one of the VAT Accounts (Input & Output), the system will not all it. The reason for this is obvious Journals into VAT Accounts mess up the Balance between the VAT accounts and the VAT Reports. The following message will appear if you try to post to them.

128 602 *** This option is intended as an Auditors Tool and should be used with caution.*** It is important to note that the Journals passed here will NOT affect the VAT Reports as it does not have calculation value. This will in effect mean that your VAT report and Actual VAT account are out of sync. Hot Tip: If the VAT Control Engine is switched on, the VAT Adjustment Journal option is no longer required as the VAT Control option clears all the Input and Output VAT with each month-end. You may then just use normal Journals between the VAT Control Account and any other Nominal Account (like the VAT Control Account). See: Chapter 26 Point (Account Preferences>>Nominal VAT Control Enable/Disable) If it does become necessary to post some form of correction entry into one of the Vat accounts that must NOT generate an entry into the Vat Summary Report, use this option to process it. Call up the Vat account (Input or Output) that you would like to Increase/Decrease. Now call up the Contra account. Make sure that your Debits and Credit balance out and then [Save] the Journal away. It is Highly recommended that you add a [Narration] to this entry. Please note: You may not post into both the VAT Received and VAT Paid account on the same Journal as it causes problems when reconciling Input and Output VAT. Rather do two separate Journals, both into the VAT Control account. The results will balance out accordingly.

129 603 6 Review

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131 605

132 606

133 607 Notes

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135 609