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Names - Cashbook

Article Number: 1043 | Rating: Unrated | Last Updated: Mon, Jun 19, 2023 at 7:04 PM

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Names - Cashbook

This is a fast way to enter account codes with the information needed for income and expenditure accounts. You can enter the cash and control accounts using this option too, but you should take the Cash Account option later to mark the cash accounts with the extra parameters needed.

First enter an account code.If the account exists already, then the account name is displayed for you to alter. If the account is new, then you must enter an account name. You can enter three (or four if foreign currency) more factors for this account too, as described below.

You can enter or amend up to 15 accounts on each screen. Once a screen is full, you are presented with a new blank screen on which to continue. <Enter> at a blank account code returns you to the menu.

If you key <Escape> whilst typing an account name, tax code or column number, the cursor returns to the account code column without entering or changing that account code.A second <Escape> (with the cursor in the account code column) returns you to the menu

Note

An account is immediately written or changed in the accounts file at the time you complete each line on this entry screen. If you add an incorrect account number, then you must use the delete option below to remove it. You can reference the same account more than once when using this screen.A later entry overwrites an earlier one.

Tax code

It is entirely optional to enter a tax code against cash book accounts, and the purpose is solely for use as a default when entering receipts or payment transactions which contain a VAT element. You could need to analyse tax on (for example) petty cash and employee expenses, and it can be helpful to have the default tax shown on the account codes used for these.If you enter a tax code here, this tax code is offered for cash receipt or payment transaction entry against this account code.

You don’t have to give a tax code here, and can leave it blank — you can still enter a tax code at transaction entry time. The types of account for which you might want to enter a tax code include not only petty cash and employee expense headings, but also cash sales and expense items such as equipment rental contracts which are paid by standing order. You can use the <F4–Select> key to view the tax codes.

Note

The majority of tax transactions take place in the sales and purchase ledgers, and these do not look to the cash book for the default tax code.Only a few cash book accounts benefit from a default tax code.

Receipt column

Payment column

You can define a default column number for this account for both receipt and payment transactions.The effect of this is that the account can only be referenced when entering a receipt or payment in the column specified. This also means that this account could not be referenced through the Miscellaneous column if you‘ve defined one that can otherwise accept any income or expense code. If you leave the column number at zero, then no such check is carried out for this account.

You could also use this feature to ensure that the debtor and creditor control accounts are not referenced by any other column by accident, by keying the debtor and creditor column numbers respectively for these accounts.

Note

You are advised to use this feature sparingly. You can already specify that a column be restricted to a range of accounts (see later). If you change your column setup at a future date, then you may also need to check the accounts, to see what column numbers you entered on them.

Currency Code

Prompted when the foreign currency application is in use, the essence of the nominal ledger and cash book is that all transactions are converted to base currency values, but details are also held in a foreign currency for specific accounts. Each account on the nominal ledger should have a currency allocated to it. In the absence of a currency code then the base currency is assumed.

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