Accounting financial transactions are created each time an invoice is processed, payment is made, or any other document is processed within EBMS. All the transactions created from various EBMS modules are posted to the financial system to update the financial totals in the system.
These individual transactions contain valuable information including but not limited to the following:
GL account: This code identifies the posted general ledger account.
Financial classification: Code that indicates how to handle a transaction.
User login name, date, time of each transaction: This is useful to determine who and when a transaction happened.
Transaction Date: Identifies the fiscal post date of the transaction.
Reference: these codes will give further information such as invoice number and other codes to reference the documents.
Source: A code identifies which document within EBMS created the transaction. For example, the code: ARI indicates that an AR invoice created the invoice.
Description: Visual description that was entered within the notes or descriptions of the document.
Debit or Credit indicator.
ID: includes the account ID such as a customer, worker, vendor, or other code.
Job codes: Review the Job Costing > Jobs > Changing Job Information for more details on job settings.
Technical codes such as the Post Stamp or Record Type that power the comprehensive audit trail of EBMS: Review the Find the Source Documents Using the Financial Audit Trail section for more audit trail details.
And additional other details that allow the software to post the accounting transaction to the proper accounts as well as identify the source details of the transaction.
Note that the financial transactions are never changed or deleted after they are posted. Reversing transactions are created when a document or voided, unprocessed, or deleted.
Processing invoices, purchases, payments, taxes, timecards, journals, and other dialogs within EBMS create general ledger transactions at the time documents are processed as diagramed below:
The multiple light gray circles is a diagram of the unposted transactions that are created from multiple modules within EBMS. The transaction sources are listed within each circle. Continue with the following sections to review the tools that posts unposted transactions from the original temporary location (light gray) to the permanent location (dark gray) and also updates the chart of accounts, account history tabs, and the financial reports.
These transactions are placed into an un-posted transaction file at the time a document, payment, or journal is processed.
The Display Unposted Transactions dialog can be used to view financial transactions or correct any transaction issues such as an incorrect date, a date within a closed period, an invalid general ledger account, or imbalance totals.
Correcting a financial transaction:
Go to By Date
sub-menu to open the following un-posted transactions dialog:
To display a detailed list of transactions, click the Details button. Highlight the transaction that is creating the problem and click Source to identify the source of the transaction.
Click the Change Account button to change the general ledger account. This is the best way to correct a bad general ledger account problem as shown in the example above.
Click the Query button to list a subgroup of transactions based on specific criteria. Review [Main] Standard Features > Advanced Query Options for details on querying information.
When the problem is fixed, click the Post button and post the transactions. When the transactions have posted, you will be returned to the main window.
The display By Date will be in the same type of window but only lists the date, debit, and credit amounts as opposed to the above window that also lists the GL account, description, and department if applicable.
Note that unposted transactions can be viewed within the Sales, Inventory, Expenses, Labor, as well as the Financials menu.
Select the Post button to update general ledger totals and history tab totals. The post transaction step includes a number of steps to guarantee accurate posting.
The transactions are copied from the un-posted transaction file to the financial transaction detail file. The financial transaction within the detail file can be viewed by drilling down (right clicking) on any general ledger total or history tab amount
The following financial summaries:
The general ledger account totals within the chart-of-accounts: Many of the financial statements such as the balance sheet, profit & loss, or trial balance are derived from the GL chart of account totals. Review the Financials > Chart of Accounts > Adding General Ledger Accounts section for more details on the chart of account setup.
Each account’s history tab: The history totals can be viewed on the year tabs of a customer, vendor, inventory items, employee, etc. Review the Account History Tabs section to review the summary pages for these transactions and to view the financial transactions that link the totals to the source documents.
Department summary tabs: The summary totals per department are listed within the department accounts. A department can be a location, profit center, or individual departments. Review the Department and Profit Center Overview section.
Note: Bank accounts, cash accounts, etc. balances are not affected until transactions are posted.
Go toto post all un-posted transactions within all the modules of EBMS. This step combines all the post processes within the individual modules.
The financial transactions within EBMS are used as the foundation to the powerful audit trail tools of EBMS. Review the Find the Source Documents Using the Transaction Audit Trail section for more details.
The general ledger transaction detail file is the complete source of
accounting details. Not only does it contain the individual debit and
credit values but it contains the source details as well as the user,
date, and time that identifies who and when the transaction was created.
EBMS contains reporting options to view these transaction details. Select
Financials > Transactions
group as shown below:
Select the following reports to display transaction detail:
Use the Detailed G/L Transactions report to view a list of transactions by GL code or date range
Use the G/L Detailed Transactions by ID to group or summarize transactions by the ID. This report can be used to summarize transactions within a GL code by the customer, vendor, or worker or other ID.
Use the G/L Detailed transactions by Source to group transactions by the source code such as a sales invoice (ARI), expense invoice (API), timecard (PYT), etc.
Use the G/L Detailed Transactions by User report by group transactions by the login user.
See various other reports that can be used to print financial transaction detail.