|List of Financial years|
Accounting journals are like a books in manual accounting system, and its good to keep separate book for every years. But in OpenERP no need to keep separate journals for every financial years. Its very easy to maintain separate the transaction based financial years rather then keeping them in separate journals.
Sometimes people do this because they want to keep separate numbering which start from 1 (one) every financial years for every journals. but according to me its better to configure the sequence to do the same instead of keeping the separate journals, please have a look at the below screen.
|Sequence based on Financial years for Accounting Journals|
So, now you can understand what’s the important of Financial Years on the sequence.
If you want to enable the auditing please unchecked “Skip ‘Draft’ State for Manual Entries”. According to the auditing process, entries are posted manually by physical documents verification. We can also use the Post Journal Entries wizard under Periodical Processing to post the entries by journals for selected period. So according to this configuration when we do any accounting entry it will be in the draft and not reflect the chart automatically. Lets open the chart of account using following configurations.
|Select the Accounting Period and Targeted Transactions|
Above configuration will open the below chart of account.
|Chart of Account – Only posted entries are selected|
Expenses and Payment
Lets do some expenses and payments for the same using the suppliers vouchers and supplier payments.
|Expenses by Periods|
Payment to the expenses made during the April, May and June 2010.
|Payments done against the expenses – By Months|
You can explore the expenses made and payments relevant to the expenses. Same way you can explore the sales and payment entries with in April, May and June – 2010.
Some times you may required to work with the bank ECS, postdated cheques or enter the regular entries for some expense or income. you can manage this kind of situation easily with the recurring entry system. In our case ABC Pvt Ltd have taken a loan of 7,53,000/- from Bank of India, you can check in the balance sheet. and we have to setup the recurring entries for 2 things
- Every month we have to pay 1500 Rs interest which is a expense to the company
- Payment of the Installments which includes principal amount + interest.
|Recurring entry for Interest on Installment|
|Accounting entries to be audited|