Solved

Entry Types Implementation

  • 11 November 2021
  • 3 replies
  • 94 views

Hi All, I am new in Acumatica and try to understand: when creating Entry Types should I ask the client about their cash transactions (what kind they use)? What is the best practice? Thank you :slight_smile:

icon

Best answer by ChandrasekharM 29 November 2021, 22:32

View original

3 replies

Userlevel 6
Badge +4

Hi @ntonoyan Welcome to the Acumatica Community!!

The entry types are used in Acumatica in module like Banking (Cash Manager), Receivables, Payables to record the Cash Receipt(Payment received), and Cash Paid(Disbursements) to record the miscellaneous fees paid or received.

Yes, you have to explain the use of Entry Types in Acumatica and get the list of direct cash entries on the legacy system. The person performing the bank reconciliation or an accountant can help you.

Just ask the below Question to the client to setup the entry types:

  1. List of direct entries like Bank Fees , Interest received, CC Fees, direct corporate credit card expenses (without an AP Bill)..etc.,
  2. Applicable Bank Account for the above entries(if more than one bank account (cash account) is defined in Acumatica 
  3. Type - Receipt (Incoming Cash) or a Disbursement (Outgoing Cash)
  4. Account and Subaccount for the above transactions.    .

Examples of Entry types:

Bank Fees  - Directly paid or deducted by bank without any AP documents(Vendor Invoice)

Interest Charge received from bank - Interest

Credit Card fees 

Late fee or Charge

Thanks

Userlevel 6
Badge +4

Hi @ntonoyan, Please find the below screenshot for reference.

 Screenshot showing the Entry Types:

 

Thank you very much, @ChandrasekharM !

 

Reply


About Acumatica ERP system
Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Built on a future-proof platform with open architecture for rapid integrations, scalability, and ease of use, Acumatica delivers unparalleled value to small and midmarket organizations. Connected Business. Delivered.
© 2008 — 2020  Acumatica, Inc. All rights reserved