The Settings section of the Accounting tab allows you to define what data entries shall be collected and saved in the reports or (if the integration is on) sent to the accounting service provider. Each set of such entry types (“Journal lines) is collected into a “Journal”
You can add, delete and edit journals in the Tools → Accounting → Settings tab.
Create a Journal
In order to create a new Journal, click the New Journal button at the top left corner of the settings page.
Journal Line Settings
The “Edit journal” tab will emerge. Here you can specify the Journal lines, i.e. specific entry types.
Thus, the following fields shall be defined for each line:
Account: A non-hidden account from the Chart of accounts (whether created manually or synchronized with an integrated accounting service provider)
Amount: The type of entry, for which the data is collected.
This includes:
Repayment transactions (Repaid amount)
Disbursement transactions (Disbursed amount)
Interest
Principal
All fees including those defined by TurnKey Level or the client anywhere in the credit products.
All customer-specific types of payments
Type: there are only two possible types:
Debit
Credit
Keeping the Balance
As you can see above, even once just opened to create a new Journal, the tab already has two lines - one of the Debit type and one of the Credit type.
Field | Type | Required | Description | Comments |
|---|---|---|---|---|
Journal settings | section header | |||
Batch creation start date | Input date | Yes | The date, when batches are created automatically. Can be in the past, present or future | |
Journal name | Label string | Yes | Journal name | |
Journal Description | Label string | No | Journal description | |
Add Journal | Button | No | The "Add journal" page is opened | |
Edit | Button | No | The "Edit journal" page is opened | |
Delete | Button | No | A confirmation message appears, and if confirmed, the account is deleted | |
Journal details | See New journal page | |||
"New journal" / "Edit journal" Pages
The "New journal" and "Edit journal" pages are identical.
When a New journal window emerges - it contains 2 predefined lines: one with operation 'Debit' and one with 'Credit'
Field | Type | Required | Description | Comments | Hint |
|---|---|---|---|---|---|
Name | Input string | Yes | Journal name | Xero = Narration | |
Description | Input string | No | Journal Description | ||
Journal Lines | |||||
Account | Dropdown | Yes | Code from the chart of accounts | Account code from the chart of accounts | Account code from the Chart of accounts |
Amount | Dropdown | Yes | multiple selections | ||
Amount period | Dropdown | Yes | Period | Total | ||
Type | Dropdown | Yes | Debit | Credit | ||
Operation type | Dropdown | Yes | see the Operation types | ||
Delete | Button | No | Delete the entry | ||
Additional parameter | when developing keep in mind that in the course of customization we must be able to add additional parameters, e.g. Loan type or installment number | ||||
Add journal entry | Button | No | Add line | ||
Save | Button | No | Save journal | Can't be saved if there is no at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'. Save Button is disabled, error message is displayed 'For each Journal, there is at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'. | |
Close | Button | No | Cancel journal creation and close the window | ||
Journal creation validation
Check | Error Message | What happens if fails |
|---|---|---|
For each Journal, there is at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'. | Journal must have at least one Debit and one Credit record. | Journal can't be saved Save Button is disabled, error message is displayed |
For each Journal, there are no two lines within one Journal that have the same receiving account AND posting type | Duplicate lines |
Manual Batch Creation
Operation types
Operation type | Name in UI | Description |
|---|---|---|
Accrued | Accrued | Accrued. Applicable only for disbursed loans and Initial payments |
DIsbursed | Disbursed | Disbursed amount |
Paid | Paid | Paid amount |
Written off | Written off | The value that was written off as a result of writing-off |
RestructuredOldLoan | Before restructuring | The value that was written off as a result of restructuring |
RestructurednewLoan | After restructuring | The new value is obtained as a result of restructuring |
RestructuredDiff | Restructuring difference | The value that was added to the principal as a result of restructuring |
"Amount includes" values
Amount | Description |
|---|---|
Disbursed amount | Disbursement transaction amount |
Repaid amount | Repayment transaction amount |
All fees | The sum of all fees, interest, and principal |
All fees excluding principal | The sum of all fees and interest, w/o the principal |
Principal | Principal |
Interest | Interest |
List of user-defined fees | List of all fee types created in the credit products |
If Journal settings have been changed, the next closest batch is created based on the new settings.