Transaction Types

When journal entries are recorded in accounting, usually, most journal entries have a fixed format. For example: journal entries for Tax Invoice to Customer, Receipts etc. You can easily record such journal entries using Transaction Types, with the Transaction Type determining which accounts should be debited and which accounts should be credited and at what ratio.

When issuing Checks, Marketing And Purchase Documents through WizCount, Transaction Types must be recorded for these documents.

The Transaction Types defined so far are listed on the left side of the page. Click a Transaction Type from the list to see the Transaction Type details. When the Transaction Type is displayed, it can be corrected.

To set a new Transaction Type, select New Transaction Type (on the left side of the screen).

When finished, click Update.

The Transaction Type fields are described below:

Code: The Transaction Type code. You may use numbers and letters in both English and Hebrew.  The Transaction Type code is usually set by the initials of the Transaction Name. For example: IC – Invoice to Customer, IV – Vendor Invoice.

Name: The full name of the Transaction Type. For example: Invoice To Customer, Vendor Invoice. The Transaction Type name is displayed when recording journal entries.

Details: When recording a journal entry, these details are copied by default into the Details field of the accounting journal entry.

The Transaction Type format is set later on. Meaning, the Account Keys (for both debit and credit) included in the transaction are set, and the ratio between the cards is determined using percentage: for example, the definition of a tax invoice for a customer with 17% VAT rate is:

 

===== Debit =====

===== Credit=====

  ?            117

Income                  100

 

VAT On Output       17

 

Tax: The record number in the journal entry on the debit or credit column.

ID: The Account ID recorded with a debit or credit in the transaction. The Account ID can be any of the Account Cards or ? (Question Mark). A question mark is recorded in a journal entry, when a certain card in the Transaction Type is variable. For example: When defining a Transaction Type for customer invoices, the customer’s Account Key varies from one invoice to another. Therefore, the customer Account Key is represented by ? (Question Mark).

Name: The Account Name of the Account key.

%: The relative portion of the Account Card in the accounting operation (see tax invoice example above).

Primary: When you record a journal entry using the Sheet View, WizCount will display one account in debit and one account in credit, even if the Transaction Type was configured with more than one card on each side. This section is used to select the Account Cards you want to include in the journal entry.

Total: The Total in percentage on the debit and credit side. The journal entry must be balanced, which means that the percentage ratio must be maintained so that the debit side and the credit side are even.

The structure of Documents Journal Transactions (where the VAT rate is 17%) is demonstrated in the following examples:

 

Document

 

Debit Acc.

%

Credit Acc.

%

Sale Tax Invoice

 

 

?

 

 

117

 

 

Income

Vat On Output

 

100

17

 

Credit Invoice

 

 

Income

Vat On Output

 

100

17

 

?

 

 

117

 

 

VAT Exempt Sale Tax Invoice

 

?

 

100

 

Exempt Income

 

100

 

 

VAT Exempt Credit Tax Invoice

 

 

Exempt Income

 

 

100

 

 

?

 

100

 

 

Purchase Invoice

 

 

Expenses

Vat On Input

100

17

?

 

117

 

Purchase Credit

 

 

 ?

 

 

117

 

 

Expenses

Vat On Input

 

100

17

 

 

VAT Purchase Invoice 2/3

 

 

Expenses

Vat On Input

 

106

11

 

?

 

 

117

 

 

VAT Purchase Invoice 1/4

 

 

 

Expenses

Vat On Input

 

 

113

4

 

 

?

 

 

 

117

 

 

Received Check

 

Check Account

 

100

 

?

 

100

 

Check Deposited In The Bank

Bank

100

Check Account

 

100

 

 

Check Payment To Vendor Exempt From Withholding Tax

 

 

Vendor

 

100

 

Bank

Withholding Tax From Vendors

100

0

 

Check Payment To Vendor With 10% Withholding Tax

 

 

Vendor

 

 

100

 

 

Bank

Withholding Tax From Vendors

 

90

10

 

 

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