Wiki Detay | wiki workcube

Current accounts aim to track the debts and receivables of a business in detail outside the accounting accounts. In the dynamic environment of business life, there are purchases and transactions that result in many debit and credit records, such as forward sales, foreign currency sales, purchases with special conditions. Mostly, such special situations are recorded as simple transactions in the uniform chart of accounts and are detailed under current transactions records.

For example; Imagine you receive an order for 10 windows from a customer. The customer will pay 100 USD, which is the cost of one window, every month. In addition, no deferred payment instrument such as a check or promissory note was received from the customer for this sale. When you issue the invoice for this transaction, 1,000 USD is debited to the customer's accounting account, while 10 100 USD debits can be written to the customer's current account, which will be paid on the 5th of each month. In this way, a structure is established where this customer's installments can be tracked. Many accountants can do the same using accounting charts of accounts. However, using current transactions will provide you with convenience.

What is a Current Account?
“Current Account” is the main account for the monetary transaction records of all customers, suppliers and employees with whom goods and services or debt-credit relations are established. There are three basic relationships in W3: individual customers and suppliers, corporate customers and suppliers, and employees. Monetary records of these relationships are collected under the "Current Account". A given good is recorded as a debit to the current account. The collection received is recorded as receivable. Determines Debit – Credit = Balance. Sometimes an employee or supplier may have more than one current account.

For example, an employee can have accounts such as an advance payment current account, a salary current account, and a separate current account can be opened for each project for a supplier who works in 3 different projects.

Using 3 currencies at the same time.

All monetary transactions are in three currencies at the same time in W3. It works with unit.

System/Local Currency: Every company is also a taxpayer. The currency in the taxable country is the System/Local currency. Accounting records and declarations must be calculated in local currency.
System 2. Currency: Companies sometimes want to record and report all their transactions in currencies such as USD or EURO, which are widely used in the world, due to their foreign partnerships. The second currency is used for this purpose.
Transaction Currency: It is used to record each transaction in the currency in which it is made.

Business functions and transactions that make current records are specified in the Accounting, Current and Budget Transactions List. Only 3 of the functions mentioned in the list directly assign current records to the Current module.

Before Use
Before performing current operations in W3, you must make the following definitions.

Transaction Types and Authorizations
Opening Current Accounts (Depending on customers, suppliers and employees)
Currencies
Other FA Settings

Module Functions

Current Transactions
Current Statement
Current Receipt
Current Transfer
Current Exchange Rate Valuation

Related Functions in Other Modules

Cash / Cash Transactions (For those collected and paid to the cash register)
Debt Receivable Management / Debt Receivable Breakdown
Debt Receivable Management / Closing and Aging
Bank / Bank Transactions (For those collected and paid to the bank account)
Cheque-Note/Check Transactions
Check Note / Promissory Note Transactions
Invoice / Invoices
Expense and Income / Expense and Income Vouchers (Current Account selected)
BI / Standard Reports / Current Account Report

Tips

Record was not found

Feedback

Did you find this content helpful?

Please Write Your Feedback!

Name*

Last Name*

Email *

About Workcube Objects

Record was not found