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Specify reconciliation settings

You use the settings to specify whether Profit automatically writes off differences found during the differences reconciliation.

To specify administration settings for reconciliation:

  1. Go to: Financial / Management / Administration settings.
  2. Go to the tab: Other entries.
  3. Select the journal for reconciling invoices.

    In the Invoice reconciliation journal field, you select the general journal in which Profit enters the generated journal entries.

  4. Go to the tab: Payment differences.
  5. Select the journal for the generated journal entries for the payment differences.
  6. Select the ledger account for the payment difference.

    You distinguish between a negative and a positive payment difference by assigning separate ledger accounts.

  7. Enter the maximum percentage and amount that you would accept as a payment difference, for example, 1.0%.

    The percentage is optional, the amount is required. If you enter a combination, then the maximum payment difference is first calculated on the basis of the percentage. If the maximum amount is not exceeded, then the payment difference is written off.

  8. Enter an allocation code if you allocate one of the ledger accounts for payment differences. If no allocation takes place on the ledger account then the fields are grey.
  9. Go to the tab: Internal transfer differences.
  10. Select the journal and ledger account for journalising differences.

    Profit will only write off differences if you have recorded both a percentage and a maximum difference.

  11. If required, select a cost centre for the allocation of the difference entries.

    Allocation will only occur if the ledger account is configured for allocation.

  12. Click on: OK.

Directly to

  1. Configure reconciliation
  2. Authorise reconciliation
  3. Add a variable general journal
  4. Add a ledger account for reconciliation differences
  5. Administration settings
  6. Configure an entry layout
  7. Configure a ledger
  8. Settings for down payment

Process

Journal