• joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Topic: Quick Entries, examples and tips.

We will put some examples and tips on Quick Entries here. You are welcome to contribute if you have done some smart ones.

Let us start with a simple one. You want to make a Quick Entry for phone bills.

First go into Quick Entries and create a new Quick Entry. Select Bank Payment and call it f.i. Phone. 
Don't set a fixed amount. Save it and select it again. Create 2 Quick Entry Lines.
1. Select 'Tax included, reduce base. Select the relevant tax type.
2. Select 'Remainder' and select the expense account for Phone bills.

If you don't use tax, then omit the first line.

Go into Bank Payments, select Quick Entries and select the Phone. Add the amount from the bill and press go.
Your lines should be there ready for processing.

Here is a more advanced one. If you only have a few employees you probably don't have a payroll program. You can preset a couple of Quick entries for that.

Say your employee has a sallary of $2,000. The payroll tax is 11.02% and the withholding tax is 15%.
First create a Quick Entry, Type: Bank Payment. Call it Salary X. Eventually preset the amount $2,000. And 
some entry lines:
1. % amount, select a Salary account (or create one, expense), 100%, Save
2. % amount, select an account for accrued payroll tax (or create one, liability), -11.02%, Save.
3. % amount, select a payroll tax account (or create one, expense), 11.02%, Save.
4. % amount, select an account for withholding tax (or create one, liability), -15%, Save.

If you have a fixed amount of tax, you could instead have choosen Amount, and the amount (negative).

Go into Bank Payments, select Quick Entries and select the Salary X. Select Go and your lines are ready for processing.

OBS

2009-08-19. The new change to Tax Type instead of Item Tax Type has now been done and committed to CVS Main.

Please remember to change your Quick Entries including tax to the above.

If more lines with other Tax Types are needed, group them together and use the same action.

  • From: UK, Kensington / Reading
  • Registered: 03/06/2009
  • Posts: 23

Re: Quick Entries, examples and tips.

Having done some experiments... one I find works well for entering expenses that were subject to VAT and were booked to a personal credit card.

Create a quick entry :
Label it Gross Amount
Put the Gross Amount into the default base amount field

Line 1 : amount -100% book to the credit card ( minus sign so it is credited to the liability )
Line 2 : Taxes included, reduce base - books the tax amount to the appropriate tax account
Line 3 : Remainder - to the appropriate GL account for the expense.

using this makes the entry fairly quick.. I set up a few like this with common descriptions so I didn't have to edit them all...

Important realisation was that the rules are applied in order and that the remainder takes the base amount that is left after applying ALL prior rules in sequence.

vernonr's Website

  • p2409
  • Senior Member
  • Offline
  • From: Australia
  • Registered: 12/11/2008
  • Posts: 127

Re: Quick Entries, examples and tips.

Adding quick entries for payments (expensed) in Australia with GST:

Use this kind of quick entry for bank payments (for items) that you expense like Office Supplies etc, when the retail price on your docket/invoice includes GST.

In Quick Entries Edit screen
1) Add quick entry eg. 'Stationery', type 'Bank Payment'
2) Click 'Add New'
3) Edit the new 'Stationery' Quick Entry
4) Under 'Quick Entry Lines' change 'Posted' combo box to Taxes Included - Reduce Base and 'Tax Type' GST. Click Add New
5) Add the next Quick Entry Line: Posted set to Remainder (the default)
6) Under Account, select the G/L account you want the item expensed to eg. 'Office Supplies' and click 'Add New' to add this second line.

Now when you use the quick entry, the amount will be allocated to GST (10%) and the remainder, with the correct account postings eg. $50.00 goes to $4.55 GST and $55.45 to Office Supplies.
I think the same set up is relevant for VAT in the UK, and maybe other European VATS too.

Pete