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This document is a general overview of what the opentaps Financials module does.
Change Log
November
10, 2006
May 2 2006
March 10
2006
March 8
2006
The first number is the account code, the descriptive text is the account name, and the number
in parentheses is the glAccountId. The account code is for users to classify their accounts and
can be as long as you need it to be. The glAccountId is a unique sequence for your system to
distinguish one account from another and is usually set to twenty or fewer alphanumeric digits.
For convenience, the glAccountId is usually set to the account code, and this is what happens
when you use the Create New Account feature in Configurations (see below.) However, if your
organization needs to create more accounts than codes of twenty alphanumeric digits would
The beginning balance is the amount from the last reconciliation. If the account has never been
reconciled before, it is zero.
The ending balance and as of date are input by the user in the previous form and will be the
ending balance and as of date for this reconciliation.
The calculated balance is what an ending balance which is calculated from the beginning balance
and the entries which the user has checked off. When the reconciliation is done, the calculated
balance and the ending balance should equal.
Below it is a list of entries to the GL account since the last reconciliation, with a link to the
accounting transaction to help you verify the transaction.
Next to each entry is a small check box. If the entry is correct, click on the check box. Once an
entry has been checked off, the calculated balance is updated. For example, if it's a debit account
(like a Checking account), a debit entry (Receipt) will increase this value and a credit entry
(Disbursement) will decrease its value.
There are two actions on the page: [Save] and [Reconcile]. You can press [Save] at any time to
save your work so far. The entries you have checked off will be marked as "partly reconciled" in
the system, so that the next time you start, they will already be checked off.
Once the calculated balance and the user input ending balance agree, the [Reconcile] button
comes to life. Click on it, and the system will mark the checked off entries as reconciled and
record the ending balance and as of date in a new reconciliation entry.
1.
A net income should be calculated since the previous closed period. This net income
should be DEBIT to the Profit and Loss account and CREDIT to the Retained Earnings account,
unless this net income has already been posted to this time period. (This could happen if we're
closing out a period with sub-periods which have already been closed, such as a quarter with
months that have already been closed.)
2.
All accounts should have an ending balance calculated and recorded for this time period.
The ending balance of ASSET, LIABILITY, and EQUITY accounts should be carried forward from
the previous period and added to their net activity during the period. The ending balance of other
accounts is just their net activity during the period.
3.
When closing accounting periods, all accounting periods which end on a particular date must be
closed.
After closing out time periods, the posted balance of the REVENUE, INCOME, and EXPENSE
accounts should be zeroed out.
To close time periods, go to the [Financials] > [Configurations] > [Time Periods] screen. There
should be a menu on the bottom for closing out time periods. Only the earliest time period
available for closing is shown. Selecting this will close out all time periods ending on this date.
Integrating with External Accounting Systems
Integration is done at the General Ledger to General Ledger level, where AcctgTransEntries are
exported from opentaps to an outside accounting system in its chosen format. With the right
configuration, any export format could be supported. The following details are for QuickBooks, a
popular small business accounting system by Intuit.
To configure integration:
1.
Create an EntitySync entity which synchs the AcctgTrans entity alone. Point it to the
exportGLToFile service.
2.
Create a template which translates AcctgTrans and a list of acctgTransEntries to a format
acceptable to the outside accounting system, such as QBXML.
3.
Create a config/GLExport.properties file which has a property "file.name" for the name file
to write the exported GL transactions; a "template.name" property for the name of the template
365),
Profitability ratio ((1 - COGS/Sales) * annualized inventory turnover))
3.
Set up your bank account as a GL account and configure it as the Bank Settlement
account for your organization.
4.
Daily, print from your payment gateway a report showing all the settled credit card
transactions and the sums by credit card type.
5.
Daily, create a bank settlement transaction for each credit card type from the Receivables
> Settlements screen.
6.
Daily, use the Reconcile feature from Transactions to reconcile your credit card pending
settlements GL accounts. Your bank settlement transaction entry should balance out against all
the pending settlements, leaving a balance of zero after each days settlement.
7.
Periodically, reconcile your bank settlement (ie, cash) account against statements from
your bank.