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Financials

 

Before undertaking any function within Infusion that will update information contained in the Financials module, the Financial Control Links should be checked/set up to see that the correct GL IDs are assigned to the correct Account as specified in the Chart of Accounts. This is outlined in the Admin Section of the Help Manual under the following subsection.

 

 

Settings / GL Cashbook

 

 

 

Defaults

 

 

Financials Control Bar

 

From the Financials Control bar you are able to do a multitude of tasks.

 

 

 

                                                           

 

 

 

 

 

Creating a new GL ID

 

From the Control Bar select New

 

Enter a GL ID. This can be Alpha and/or Numeric. Note GL IDs are formatted as text fields so will not sort numerically if they are numbers.

 

The Function dropdown serves two purposes. The first part of the function describes the accounting type of the Account. The different Account Names are Income, Expense, Current Assets, Fixed Assets, Intangible Assets, Current Liabilities, Term Liabilities and Equity. Income and Expenses codes will be included in the Profit and Loss report while the remaining codes will be included in the Balance sheet.

 

The second half refers to the purpose of the account. There are several types of Accounts you can have:

 

 

 

 

 

 

 

The Opening and Closing Inventory Accounts in the Chart have a Link field beside the GL ID Account Type field. This field is used to link to other Accounts when the Chart is being setup.

 

The Opening Inventory Account (Expense – Opening Inventory) needs to be linked to the Closing Inventory account (Income – Closing Inventory) while the Closing Inventory Account needs to be linked to the Inventory account (Asset type Account).  

 

Set a GST Rate for the account in the Default GST Rate field.

 

The Sub Account of Main Totaling Account is the account this GL ID will total to. The ID must add to a Totaling ID further down the Chart.

 

The Consolidating Account allows totaling of Accounts to an alternative GL ID. The ID must add to a totaling or consolidation ID further down the chart. This could be to the likes of a Head Office set of accounts.

 

The Year End Rollover Account is used to transfer the balance to a selected Account at the end of the year. This is normally used for transferring the current years profit to Retained Earnings. The account selected must be a Year End Total and normally be a GL ID higher in the chart.

 

Show as % of will on selected reports show the value of this account as a percentage of the selected account.

 

For Totaling accounts there will be an Underline / Overline field that gives the ability to format their presentation on financial reports. Options are to have no formatting, Underline, Overline or Both.

 

Print Column and Print Line allows you to select the column to be used when printing Departmental or branch Profit and Loss reports.

 

Advertising for Branch A, B, and C along with the totaling account should be set up as Column A Line 52 Column B Line 52 Column C Line 52.

 

 

 

 

 

 

For reporting purposes the account can be set up as Non Printing (on Profit and Loss / Balance sheet).

 

If financial transactions are to be exported to MYOB Accountants Office (Financials / Utilities / Export to MYOB Accountants Office) then the AO account they will be sent to is set in Export Account ID.

 

Once the GL ID has been created any details may be edited except the ID.

 

A GL ID can only be deleted if it does not contain Transactions.

 

 

Notes Tab

 

The Notes tab allows additional details to be recorded against the account.

 

 

Budgets Tab

 

Allows Budget figures to be viewed for the Current Financial Year setup against the GL ID.

 

Note: Additional Budgets can be set up in the Manage Budgets screen.  But are only available Expense and Income transaction account.

 

 

Enquiry Tab

 

The Enquiry tab will open up the GL ID account displaying transactions for the current period

 

 

 

 

 

 

Setting Up Bank Accounts

 

When accounts of type Current Asset – Transaction or a Current Liabilities – Transaction a Bank Account tick box will appear.Setting Up Bank Accounts If the Bank Account tick box has been selected, four extra fields will appear below this box. These allow a place for entry of a Bank Account format, Bank Account Number, the Next Cheque Number and the Opening Bank Rec Bal.

 

You can also store the O/D Limit for the account along with the current interest rate.

 

 

 

 

 

 

If the Direct Debit module is being used a Direct Debit Authority Number will need to be set up against the account. Contact your bank to arrange for this.

 

 

Financials Right Click Menu

 

 

 

                                                 

 

 

 

Modify – Opens the Manage GL ID Screen.

 

Notes – Opens the Notes Field.

 

Enquiry – Opens the GL ID Enquiry window.

 

 

Financials Dropdown Menu

 

Access the Financials drop down menu from across the top of the screen.

 

 

 

 

 

 

Manage GL Accounts

 

Opens the Manage GL IDs screen. Infusion software comes with a standard Chart of Accounts. This chart can be modified to suit the user’s individual needs.

 

As the GL ID field is a text field all G/L IDs will need to be the same length e.g. 0001. to get them to sort in the same as if they were numeric.

 

The order in which a G/L account will print on a report can be seen by selecting the header field of the “*” column. When a new account is created it will be inserted in the chart immediately after the account the cursor is on. To shift the account in the chart use the Move Up and Move Down buttons at the top of the Manage Financials screen that display when the “*” column is selected.

 

 

 

 

 

 

GL Enquiry

 

The enquiry displays all transactions for the selected G/L ID. The default date range is the current month. Select Show All Transactions to see all transactions.

 

 

 

 

 

 

The Balances option shows balances for current, last and next financial years broken down by month.

 

The Print option prints all of the transactions in the specified date range.

 

 

Transaction Journals

 

Allows creation of transaction journals.

 

 

 

 

 

 

To create a new Journal click New. An ID will need to be created along with the Batch Description.

 

 

 

 

 

 

A Recurring batch will recreate itself once it has been posted, while an Accrual batch will create a reversing batch for the following day. If neither of these options are selected a Standard batch will be created.

 

Select OK to display the Enter Journal Entries screen.

 

 

 

 

 

 

All Journals are entered onto the one screen. A running total for the Debits and Credits will display in the Batch Variance field. The Batch will not be able to be Posted until this is 0.

 

The F8 key allows a lookup of the GL accounts while in the GL ID field.

 

Hold One and Hold Range are used to place transaction lines on hold so they won’t be posted when Post is selected. This may be used when there is uncertainty over a transaction or it should be in another date.

 

If the Batch contains multiple entries to the same GL ID, consolidating the entries into one reduces the number of entries needing to be posted. Selecting the Summary button will create a single line entry for all Transactions on the same Date and with the same GL ID.

 

To insert a line into the batch, select Insert Line. This will insert a line under the line currently selected.

 

Once the batch is balanced, select OK. This will return to the main Journal screen – from here the batch can be Edited, Deleted, Printed or Posted.

 

If the batch does not balance the following message will display:

 

 

 

 

 

 

Selecting Yes will allow the batch to be Saved but it will need to be balanced before it can be Posted.

 

 

Manage Budgets

 

Allows setup and maintenance of Budgets. Multiple budgets can be set for each year. Budget Types are set up under Admin / Settings / Manage Budget Types.

 

 

 

 

 

 

Select the Enter Financial Year Start date and the Budget Type.

 

The Duplicate option copies the budget value in the first month of a GL ID to all other months.

The Split option will split the budget value in the first month of a GL ID evenly over the 12 months of the budget year.

 

Get Budget will prompt for a year then copy over budget data from that year to the current one (same Budget Type).

 

The Add % will add a specified percentage to the current budget figures.

 

Use Actual will prompt for a year then copy the actual figures from that year to the current budget.

 

 

Reports

 

Lists a range of financial reports available.

 

 

 

                               

 

These can also be accessed from the Financials Control Bar Menu.

 

 

Utilities

 

 

Import Budgets

 

Allows importing of budgets from a CSV file. To import a budget the file must be in the format as per the pop up window.

 

 

 

 

 

 

Only accounts in the import file will be overwritten. Figures for all other accounts will not be changed. Use the Delete button to clear all figures from the budget selected. Make a backup before importing any data.

 

 

Check GL Integrity

 

Checks GL Transactions as well as the GL Chart. If the chart contains errors, a report will be displayed listing the GL IDs which may need to be changed.

 

 

Swap GL ID

 

Allows GL IDs to be swapped throughout Infusion. IDs not in the chart can be entered in as the Original GL ID.

 

 

Export Chart of Accounts

 

Allows the Chart of Accounts to be exported (default file name “finchart”) as a CSV file.

 

 

Export Financial Transactions

 

Allows export of Financial Transactions (default file name “fintrans”) by a GL ID and Date range to an XLS file.

 

 

Export to MYOB Accountants Office

 

Allows export of financial data to MYOB Accountants office software – to a file MYOBAO.txt. If email defaults are set up this file can be sent to an email address (i.e. Accountant) or Saved to a local directory.

 

 

Year End

 

 

Close Off Year

 

Use this utility to close off the financials at the end of the year. This will roll over any Balances, update the History and purge Transactions older than the time specified in the Customer, Supplier and Products defaults.

 

Make sure you create a year end backup before running this Utility.