Frequently asked questions Financial

 

 

 

 

 

 

How do I enter costs and revenues from Profit Financial on a project?

If you work with Profit Projecten and Profit Financieel, you can post purchase invoices and cost entries from Profit Financieel as project entries against a project.

Just like hours, materials and units, you can also charge the client for purchase invoices and other costs in case of automatic invoicing 'based on cost plus'. You can specify this when entering the purchase invoice or the costs and enter a surcharge percentage for calculating the amount to be charged.

You can also transfer purchase invoices or revenues from Profit Financieel to Profit Projecten.

An entry from Profit Financieel to a project is also known as a ‘project entry'.

More information:

  • Carry forward the purchase invoices and costs from Financial
  • Set ledger accounts to carry forward purchases to projects

How do I change the name of a debtor or creditor?

You can change a the name of a debtor en creditor using:

  • Go to:Financial / Debtor / Debtor or Financial / Creditor / Creditor.
  • Open the properties of the debtor or creditor.
  • Go to: Actions (F8) /Organisation/person.
  • Change the name of this organisation/person in the properties.
  • Click on: OK.

 

 

Why is there a difference between the balance from the extended trial balance/trial balance and outstanding debtor/creditor items?

It can happen that the balance of the outstanding items does not match the balance of the Accounts Receivable (or Accounts Payable) summary account in the Trial balance or the Extended trial balance.

The difference in balance can be explained as follows: The peildatum used by Profit in the list of outstanding items is based on the factuurdatum, while the Trial balance and the Extended trial balance are shown based on the boekingsdatum. The Ageing analysis is also compiled on the basis of the factuurdatum.

To check the balance of the Debtors and Creditors summary account in the Trial balance or the Extended trial balance, you must use the Check list debtors (Profit) and Check list creditors (Profit) reports. The reference date of these reports is based on the boekingsdatum. The totals on these reports will match the balance of the summary account in the Trial balance or the Extended trial balance.

More information:

  • Check the debtor and creditor summary account balance

How do I resolve the message: ‘You still cannot create a VAT/ICP declaration because not all the VAT codes present are linked to a VAT section’?

This message appears when you add a new VAT/ICP declaration if all the VAT codes present are not linked to a VAT section.

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  • Under the message, you see which VAT codes you need to link. In the screen example, this is VAT code 36 (Import outside the EU) to a VAT section for 'NL'.
  • Or click Detail next to the message so that you can see which VAT code you need to link.
  • In this example, Profit displays the following:

    Number..........: -2147180996 #80049E3C [ANTA]

    Description.....: General message: You still cannot create a VAT/ICP declaration because not all the VAT codes present are linked to a VAT section.

    Link VAT code xxx to a VAT section for 'NL'.

You link a VAT code to a VAT section as follows:

  • Go to: Financial / VAT/ICP / Configuration / VAT section.
  • Open the properties of the VAT section to which you want to link the VAT code.

    In this example, one of the VAT sections where Legislative country is 'NL'.

  • Go to the tab: Linked VAT codes.
  • Click on: New.

    The wizard for linking a VAT code to a VAT section is started.

  • Select the VAT code that you want to link to the VAT section.
  • Click on: Finish.

More information:

  • Link a VAT code to a VAT section

 

How do I resolve the message: ‘For invoice ****, no revenue account is set up for group ****'?

If you journalise from Order Management / Management / Journalise or Projects / Invoicing / Journalise and you see the following at the bottom of the window: ‘Task completed with errors', then you must retrieve this error information from the Queue:

  • Go to: General / Management / Queue.
  • Select the relevant task of the journalising
  • Click on the action: Error information.

The message means that a revenue account is not configured in one or more of the article groups or integration groups. The articles that you have included in the invoice are linked to an article group:

  • Go to: Order Management / Item / Article.
  • Open the properties of the relevant article.
  • Go to the tab: General.
  • You can see the article group to which the article is linked.
  • Go to: Order Management / Item / Grouping / Article group.
  • Open the properties of the relevant article group.
  • Go to the tab: General.
  • Enter the desired account for revenue in Revenue account.

In the case of a cost type or a work type:

  • Go to: Projects / Item / Costs or Projects / Item / Work type depending on whether it is the costs or a work type.
  • Open the properties of the cost type or the work type.
  • Go to the tab: General.
  • You see which integration group is set.
  • Go to: Projects / Item / Groups / Integration group.
  • Open the properties of this integration group.
  • Go to the tab: General.
  • Enter the desired account for revenue in Revenue account.

But if the revenue account is still entered in the properties of the relevant article group, then the error message may have to do with the VAT duty integration. For this, carefully read through the following link from our Help files. You can use this Help file to resolve the error message by configuring the revenue account for the relevant VAT duty.

More information:

  • Split domestic and international VAT duty invoicing

How do I resolve the message ‘The opening balance in the file does not match the balance in the journal plus the total of the unprocessed bank statement entries from bank statements with the status...'?

This message appears when importing bank statements. Profit checks if the balance from the bank statement matches the balance from the bank journal/bank ledger account.

In Profit, the balance of the bank can deviate because of the following situations:

  • The balance from the bank statement does not match the balance from the bank ledger account/bank journal in Profit.
  • Manual entries have been made outside bank statements.
  • The bank statement is imported more than once.
  • There are previously imported bank statements which have not been processed.

You need to check the bank statement and your administration to determine why the bank balance differs. You then resolve the cause of the blocked bank statement, depending on the situation that is applicable.

More information:

  • Check a blocked bank statement
  • Release a bank statement

How do I resolve the message: ‘Journal entry is not balanced’?

The message appears when you enter or change a journal entry. This is because of the following cause: One of the journal entries is not balanced. One of the entries is not balanced debit- / credit wise. You can check this by summing the debit / credit columns manually. With this, you find the line in the entries for which the balance is too little/too great meaning that the entry is unbalanced.

Note:

Profit checks primarily on journal entry number. All lines together within one journal entry number must balance in total.

 

 

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More information:

  • View and change entries