Here's how it works...
Step 1: Clean up
In order to ensure smooth annual financial statements for your client , it is essential to fully reconcile the escalated bookings and transactions.
Accept Invoices:
Make sure there are no already paid vendor invoices in the "Approve Vendors" tab. Please approve all vendors that have already been paid or will be paid in the near future. This allows the corresponding documents to be reconciled with the pending or escalated transactions.
Approve expenses:
The same applies to outstanding expenses. Please authorize expenses that have already been paid to employees or are due to be reimbursed soon.
Escalated documents:
Navigate to "Check bookings" (1) and then to the "Escalated Documents" (2) .
Accounto automatically books uploaded documents. If the account is unknown or other information is missing, the booking cannot be made. In this case, the document will be escalated to you. Escalated documents must be booked and approved manually by you. Until you book these documents, the booking will not appear in the journal.
Escalated transactions:
Navigate to "Reconciliation" (1) and then to the "Escalated" (2). If information is missing from the transaction or no matching document can be found, the transaction will be escalated. Escalated transactions are displayed in the register as escalated and must be reconciled with the corresponding documents or manual postings.
Principle
Next, you will see some examples of how Accounto book transactions and what you need to consider when reconciling a manual booking or two documents.
Reconciliation through a document and manual postings
If a document exists for a transaction, it can be selected and will be automatically posted to the corresponding contra account of the document (often 1100 for accounts receivable or 2000 for accounts payable).
As soon as manual postings are added, these must also be posted to the 1100 or 2000 account.
Art | Should | Have | Amount |
transaction | 2000 debit / 1100 credit | 102x | 10'000 CHF |
Receipt 1 | Expense/income account | 2000 creditor / 1100 debtor (debit) | 5'000 CHF |
Manual booking 1 | Expense/income account | 2000 creditor / 1100 debtor (debit) | 2'500 CHF |
Manual booking 2 | Expense/income account | 2000 creditor / 1100 debtor (debit) | 2'500 CHF |
Reconciliation through multiple documents and manual entries
As soon as more than one document is reconciled with a transaction, all manual entries that are to be attached to this transaction must be posted to the transit account 1099 instead of 2000 or 1100.
Art | Should | Have | Amount |
transaction | 1099 | 102x | 10'000 CHF |
Receipt 1 | 2000 | 1099 | 2'500 CHF |
Receipt 2 | 2000 | 1099 | 2'500 CHF |
Manual booking 1 | Expense account | 1099 | 2'500 CHF |
Manual booking 2 | Expense account | 1099 | 2'500 CHF |
Credit card receipts with and without currency differences
Credit card receipts are automatically transferred from the transit account 2050 Credit Card Payments to the effective credit card account (207x) by assigning them to a credit card transaction.
Art | Should | Have | Amount |
Credit card transaction | Expense/income account | effective credit card account e.g.: 2071 | 550 CHF |
If there is a difference between the receipt and the transaction, a posting mask opens, whereby this difference must also be posted to the counterpart account of the receipt.
Art | Should | Have | Amount |
credit card receipt | Expense/income account | 2050 or effective credit card account e.g.: 2071 | 500 CHF |
Bank tendons | 6900 | 2050 or effective credit card account e.g.: 2071 | 10.50 CHF |
Currency difference | 6999 | 2050 or effective credit card account e.g.: 2071 | 50 CHF |
Reconcile foreign currency transactions
Example currency difference ( currency loss ):
A vendor invoice for EUR 10,000 was posted at an exchange rate of 1.05, or CHF 10,500. Due to exchange rate fluctuations, CHF 10,800 was ultimately paid. The currency difference of CHF 300 must now be debited. Furthermore, CHF 20 in bank charges were incurred. When the receipt is assigned to the transaction, a posting mask with CHF 300 will automatically open. This would be posted as follows:
Art | Should | Have | Amount |
transaction | 2000 | 102x | 10'820 CHF |
document | Expense account | 2000 | 10'500 CHF |
Currency difference | 6999 | 2000 | 300 CHF |
Bank tendons | 6900 | 2000 | 20 CHF |
The bookings written in italics must be made manually by you.
Example of currency difference ( currency gain ):
Art | Should | Have | Amount |
transaction | 2000 | 102x | 10'320 CHF |
document | Expense account | 2000 | 10'500 CHF |
Currency difference | 2000 | 6999 | 200 CHF |
Bank tendons | 6900 | 2000 | 20 CHF |
The bookings written in italics must be made manually by you.
Reconciliation without receipt
Reconciliation by manual posting
If no receipt for a transaction is available, it can be settled with a manual entry. Please note that the entry is made directly to the bank or credit card account. The entry entries could be, for example, as follows:
Bank credit: Bank account (102x) / Income account
Bank debit: Expense account / Bank account (102x)
Art | Should | Have | Amount |
transaction | Expense/income account | 102x | 2'500 CHF |
If it is a credit card transaction, the 2050 Credit Card Payments account is used instead of the bank account.
Art | Should | Have | Amount |
transaction | Expense/income account | 2050 | 2'500 CHF |
Multiple manual entries can also be made in the booking form. The key is to ensure that the correct total amount (according to the transaction) is posted to the bank account.
Art | Should | Have | Amount |
transaction | 1099 | 102X | 5'000 CHF |
Manual booking 1 | Expense/income account | 1099 | 2'500 CHF |
Manual booking 2 | Expense/income account | 1099 | 2'500 CHF |
If the receipt is submitted later, this step should be delayed so that the transaction can be reconciled with the receipt.
Step 2: Check cash balances
Check that all cash and cash equivalents accounts contain the correct balance as of December 31.
Please do not make any corrections to bank accounts with an EBICS interface or MT940/camt.053 upload. No manual changes may be made to these accounts. Please contact us if there are any discrepancies: [email protected] |
Step 3: Check transit accounts
Go through the following accounts for the financial year in the account sheets and check whether they correspond to a balance of zero (less outstanding debtors/creditors at the end of the financial period):
1090 Unexplained payments
1099 pass-through account
1100 Trade receivables (debtors) (plus outstanding invoices)
2000 Trade accounts payable (creditors) (plus outstanding invoices)
2050 credit card payments
2055 Debit card payments and other payment services
2209 Salary transfer account
individually created transit accounts
The 1090 account must be empty. No postings for the current fiscal year should be visible there. If postings do exist, there are likely still transactions in the escalated transactions or in the "Pending" tab.
Account 2050 must also be empty, as all reconciled credit card receipts are automatically transferred to the corresponding credit card account (227X).
The best way to check is to create a PDF of the account sheets and check the corresponding debit/credit entries. If the difference isn't large, you can also search for the amount.
Nothing may be manually posted or changed on these accounts:
This also includes the entry of these accounts in the reconciliation module |
Step 4: Check social security accounts
Go through the AHV, BVG and similar accounts: 2270, 2271, 2273, 2274 and 2279.
These accounts must also be zero for the current financial year (unless there are still credits or debts with the relevant social security institution at the end of the financial period).
Step 5: Demarcations
You make accruals and provisions in the journal or in the account sheet by means of a manual posting.
Please check the following account groups for depreciation:
Trade receivables and short-term receivables
Inventories
Fixed assets
Please also check whether provisions need to be made or triggered.
Step 6: Income statement
Create an income statement . Review the income and expense accounts. If certain entries need to be posted differently, you can easily and quickly adjust them using a booking rule .
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