Accounts and Transactions

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Overview

This section introduces the main accounts screen.

The system has a fully integrated accounting system and each insolvent entity has its own Chart of Accounts, based on standard configurable templates.

You will be taken through each type of financial transaction to gain an understanding of basic data entry.

To view all accounts contained in the Chart of Accounts for your particular Job, click Financials > Accounts.  Here, you will find the Chart of Accounts as shown below:

Introduction to the accounts module

Navi 1.png

This is the area to view the Chart of Accounts.  Generally, to record transactions and to add assets and creditors, you will do this in other areas.

To omit all of the nil activity accounts, tick the Hide Nil Activity checkbox.

Double-click an account to see the transactions entered on that account.

Transaction screen icons

The icons that are shown against each of the transactions in the account screen reference the type of transaction used when creating the entry.

25-06-2014 09-58-27.png

A summary of the icons is shown below.

Icon

Meaning

24-06-2014 09-59-04.png

Journal entries, including

  • Asset or Creditor capture entries
  • Asset or Creditor adjustments / revaluations
  • Control account entries
25-06-2014 08-53-30.png Non-cash or bank journal entry, forced to abstract
25-06-2014 08-54-12.png Non-cash or bank journal entry, forced to R & P
25-06-2014 08-54-12.png Non-cash or bank journal entry, forced to both abstract and R & P
24-06-2014 10-56-25.png Purchase Order entry
24-06-2014 10-40-13.png Accounts Receivable entry
24-06-2014 09-58-38.png Receipt
24-06-2014 10-07-27.png Accounts Payable entry
24-06-2014 09-57-42.png Payment
24-06-2014 09-58-10.png Transfer of funds between bank accounts

Related

Topics
Set up default bank account
The default bank account is the main account for the entry of receipts and payments.  You may however wish to set up a new bank account for the Job and use this as the insolvent entity’s main trading account.
Recording Transactions
This section will take you through the process of entering Receipts and Payments, reviewing the bank account ledger and producing transaction reports.
Entering Receipts
This section explains how to enter a receipt.
Transfers between accounts
This section explains how to transfer a sum of money from one account to another.
Printing Cheques
The system allows for printing cheques, either using MICR (Magnetic Ink Character Recognition) or pre-formatted blank cheque templates.
Introduction to Purchase Orders
This section provides an overview of Purchase Orders.
Introduction to Accounts Receivable
The system tracks Accounts Receivable (pre-appointment) and Accounts Receivable (post-appointment) separately.
Introduction to Accounts Payable
This section explains the process in dealing with Accounts Payable.
Estimated Outcome Statements
An estimated outcome statement ("EOS") provides a financial report indicating the expected return to creditors after taking into account the costs and expenses of administering the insolvent estate.  The EOS is produced primarily for Receiverships to provide the appointing lender an indication of their possible losses, but it can be produced for other insolvency types.
Allocating Payments to Assets
The system allows you to allocate receipts and payments to certain accounts.
Reconciling a bank account
Bank reconciliations match bank statements to the system accounting entries. The system allows you to save unfinished reconciliations without being finalised, to allow for partial reconciliations, which may be completed at a later time. Accounts must be reconciled up to the relevant date for preparing annual receipts and payments. Also, the system allows for previous bank reconciliations to be viewed or undone.
Producing Transaction Reports
This section explains how to produce a report detailing transactions in an account.
The Statement of Affairs Wizard
This section explains how to produce a Statement of Affairs.
The VAT Wizard
This section will show you how to use the VAT Return Wizard to calculate the VAT for reporting on the VAT Return.
Client Account Transactions
CCH Insolvency allows a practice client account to maintained so that any monies received pre-appointment can be allocated to a particular job and reviewed in that job without affecting the job’s bank balance. This allows for a clear separation between pre- and post-appointment monies, and proper reconciliations of both the client and job accounts.
Foreign Currency Transactions
Other
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