Financial Entries

You enter your financial entries in the journals. You can enter your entries manually; however, Profit can generate many entries automatically. This is true, for example, for sales invoices.

When you have completed an entry, Profit automatically processes it in the ledger. Thus, the ledger is always up-to-date.

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Description

You record your entries in journals. Every journal in your administration is intended for a particular type of entry, such as sales invoices or bank statements.

For some types of entry you probably have multiple journals. You determine this yourself in the configuration:

You use one journal for each of your bank account numbers. Each bank journal always has a fixed contra account: the ledger account on which all receipts and expenditures for the bank account number in question are entered.
You use separate sales journals for domestic and international sales. The same applies for purchasing.

Invoices in Profit

In Profit, a distinction is made between invoices and financial entries. You create invoices in the integration modules (Projects/Subscriptions/Order Management and Course Administration). When you journalise them, the financial entries with the associated invoice numbers are created in Profit Financieel. These are immediately outstanding items and you can create reminders for them (so reminders are made based on the financial entries). From a technical viewpoint, we make a distinction between the 'actual invoices' and the financial entries. Within the database, there is a link between this invoice and the financial entry because the invoice number has to be unique.

Fin_Financiele mutaties (10)

Enter entries manually

You use the entry program to add manual entries. Entries can be made by more than one person at any one time. While making entries, the entries are saved in a temporary table. As soon as you have completed an entry, Profit automatically processes it in the ledger.

You can only post entries to a financial year that has been recorded in the period table.

You can record entries manually from the 'Journal entries' section. Every journal has its own entry screen, the journal layout. You can change these entry layouts for journal entries. You can decide which fields are displayed in a given entry layout. You can also set preferred values for fields, skip fields, copy a value from one field to another field, etc. The combination of the journal settings and the entry layout allows you to optimise the entry process for your organisation.

Example:

In the cash book settings, you specified that Profit must check for a negative cash balance. By doing so, you prevent a negative cash balance from occurring in your administration (the Tax Authorities checks for this). In the journal layout for the cash book, you place the input fields in the optimum sequence. Any non-mandatory fields you do not use are removed from the journal layout.

Make entries automatically

First determine which entries can be entered automatically. Within the Profit financial administration, you have the following options:

Generate fixed journal entries
These are journal entries that must be recorded again for each period. Examples include depreciation entries or amounts that are depreciated automatically without an invoice (such as the monthly advance for the energy account).
Generate transitory items
You can use a transitory item to make a quick distribution of costs and revenues over the periods to which they actually relate.
Automatically read bank statements
Pay purchase invoices automatically

In addition, you can generate entries from other components of Profit:

Journalise purchase invoices, sales invoices and stock entries from Profit Order management.
Journalise subscription invoices from Profit Subscriptions.
Generate wage journal entries from Profit Payroll.
Journalise project entries from Profit Projecten.
Journalise depreciation entries from the assets administration.

The only entries you enter manually are those entries that cannot be entered using the above methods.