Transfers in timeSensor LEGAL

Transfers in timeSensor LEGAL

Transfers in Balance Accounts:

Select the account from which the transfer should be made, mark it as a ledger and make the modifications.

Follow these Steps to Temporarily Mark an Asset or Liability Account as Ledger:

  • Go to the area "Special".
  • Click on "Accounting", then select "Chart of Accounts".
  • Select the account and double-click on it to open its settings. In the tab "Ledger", check the box "Serves as Ledger" and save your changes.
  • In the area "Finances", under "Ledgers", you can now select the newly modified account and enter the transfers.
  • Do not forget to uncheck the box "Serves as Ledger" once you're done.

Screenshots Gallery:

Transfers in Income Statement Accounts

It is advisable to create a new liability account just for this. The transfer will be done with two or more bookings through this account.

Follow these Steps to Make a Transfer

  • Go to the area "Special".
  • Click on "Accounting", then select "Chart of Accounts".
  • Click on the "Plus" button to create a new account.
  • Choose an account number (e.g. "2990") and a name (e.g. "Transfers") in the tab "Settings". Make sure the account type is "Liabilities".
  • Check the box "Serves as Ledger" in the tab "Ledger".
  • In the area "Finances", under "Ledgers", you can now select the newly created account and make the transfers.

Remember: "Entry" means and "Debit" and "Out" means "Credit"!

Screenshots Gallery:







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