Quick Entries

Quick Entries simplify repetitive financial transactions by automating field population for bank deposits, payments, journal entries, supplier invoices, and more. They ensure accuracy while allowing flexibility to override predefined values when necessary.

Quick Entries are also referred to as Preset Transactions and allow allocation of amounts to specific accounts or taxes based on defined rules.

Features

• Automate repetitive transactions with predefined templates.
• Allocate amounts across multiple accounts or taxes.
• Customizable for Supplier Invoice, Journal Entry, Bank Deposit, and Bank Payment.
• Supports advanced setups including tax-inclusive calculations, dimensional tracking, and multi-line operations.
• Fully editable before final processing to ensure error-free transactions.

Procedure

1. Creating Quick Entries

1. Navigate to General Ledger > Settings > Quick Entries.
2. Click on Add New to create a Quick Entry.
3. Enter the following details:
   • Name: Choose a descriptive name for the Quick Entry.
   • Entry Type: Select the transaction type (e.g., Bank Payment, Journal Entry).
   • Default Base Amount: Set the initial amount for calculations (optional).
   • Description: Provide a meaningful description of the base amount.
4. Save the Quick Entry.

2. Defining Quick Entry Lines

After creating a Quick Entry:

1. Select the Quick Entry and click Edit.
2. Add operations to specify how amounts are allocated:
   • Post constant amount: Allocate a fixed amount to a selected account.
   • Post percentage: Allocate a percentage of the base amount.
   • Post taxes (Net): Allocate tax based on the base amount as a net value.
   • Post taxes (Inclusive): Allocate tax when the base amount includes tax.
   • Post remainder: Allocate the remaining amount after prior calculations.
3. Specify whether the base amount should be increased, decreased, or unchanged after each operation.
4. Optionally, assign dimensions to track specific categories or departments.

3. Using Quick Entries

Quick Entries can be applied in various transaction screens:

After selecting the Quick Entry, enter the amount, and the system will automatically populate the corresponding fields based on the defined operations.

Examples

1. Simple Example: Monthly Phone Bill Payment

• Scenario: You pay a monthly phone bill with a tax-inclusive amount of 100.
• Steps:
  1. Create a Quick Entry with the following lines:
     • Line 1: Post Taxes (Inclusive), reduce base. Select the tax account and tax rate.
     • Line 2: Post Remainder to the Phone Bill expense account.
  2. In Bank Payments, select this Quick Entry, enter 100, and process.
• Result:
  • Debit Phone Bill Expense (pre-tax amount): 90.91.
  • Debit Tax Account: 9.09.
  • Credit Bank Account: 100.

2. Advanced Example: Payroll Processing

• Scenario: Employee Salary is 2000 with payroll tax of 11.02% and withholding tax of 15%.
• Steps:
  1. Create a Quick Entry with the following lines:
     • Line 1: Post 100% to Salary Expense.
     • Line 2: Post -11.02% to Accrued Payroll Tax (liability).
     • Line 3: Post 11.02% to Payroll Tax Expense.
     • Line 4: Post -15% to Withholding Tax (liability).
  2. In Bank Payments, select this Quick Entry, enter 2000, and process.
• Result:
  • Debit Salary Expense: 2000.
  • Debit Payroll Tax Expense: 220.40.
  • Credit Accrued Payroll Tax: 220.40.
  • Credit Withholding Tax: 300.
  • Credit Bank Account: 1480.

3. Tax-Inclusive Rent Payment

• Scenario: Monthly rent payment of 500 includes VAT (10%).
• Steps:
  1. Create a Quick Entry with the following lines:
     • Line 1: Post Taxes (Inclusive), reduce base. Allocate 10% VAT to the tax account.
     • Line 2: Post Remainder to Rent Expense.
  2. In Bank Payments, select this Quick Entry, enter 500, and process.
• Result:
  • Debit Rent Expense: 454.55.
  • Debit VAT Account: 45.45.
  • Credit Bank Account: 500.

Tips and Tricks

• For tax-inclusive entries, always place the Tax Included, Reduce Base line before the Remainder line.
• Use negative values for deductions or liabilities, such as withholding tax or payroll deductions.
• Group lines with the same tax type together for clarity and easier adjustments.
• Quick Entries can handle advanced operations like allocating import VAT or managing complex expense entries.

By leveraging Quick Entries, you can significantly reduce manual effort, maintain accuracy, and ensure consistency in financial transactions.