Rebooking and cross-booking in timeSensor LEGAL

Rebooking and cross-booking in timeSensor LEGAL

This article has been machine translated. If you find any errors, we would be grateful if you could report them to translation@timesensor.com.

General

In timeSensor LEGAL you can enter payment transactions directly under Finance / Cash accounts. But what happens if, exceptionally, you have to enter a transaction that does not involve a cash account? There is a trick for this: temporarily promote any account from your chart of accounts to the land register, enter your entry and then reverse the promotion.

For transfers in the balance sheet accounts

Select the account in which the transfer must be made, make it a land register and make the desired changes.

Temporarily designate an asset or liability account as a land register:
  1. Select Special in timeSensor LEGAL on the area bar.
  2. Click Accounting at the top of the toolbar and select Chart of Accounts.
  3. Find the desired account and double-click to open its details. 
  4. Click on the Money Account tab and select the box Serves as Money Account, save the changes.
  5. Now you can select the freshly changed account in the Finance area in the function bar under Money Accounts and make the desired transfer posting.

Afterwards, please do not forget to uncheck the status Serves as cash account.

Cross entries in accounts of the income statement


It is recommended to open a new liability account for this purpose only. The desired transfer entry is achieved with two or more entry records via this account.

Enter cross entries:
  1. Select Special in timeSensor LEGAL on the area bar.
  2. Click Accounting at the top of the toolbar and select Chart of Accounts.
  3. Click the Plus button to open a new account.
  4. In the Settings tab, give the new account a number (for example, 2990), a name (for example, Cross posting).
  5. Set the account type to passive.
  6. In the tab Money account click on the box Serves as money account and save the changes.
  7. Now you can select the freshly created account in the Finance area in the function bar under Money Accounts and make the desired cross entry.

Do not forget: Incoming equals debit and outgoing equals credit!



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