Accounting Transactions

The information provided by the accounting department is very valuable for businesses to plan their activities and determine their current status. With this information, current situations can be determined and future investments can be made. Accounting is not just a system in which responsibilities to the state are fulfilled. With a sound accounting system to be established, reports that will guide many decisions regarding cost, marketing, sales, and distribution can be taken.

Accounting data is extremely important in calculating the tax burden for the state. Businesses calculate how much tax they will pay to the state through accounting transactions. Each business pays taxes to the government according to its activities in a financial period and how much profit/loss it makes from these activities. According to the results, the taxes to be paid to the state are also calculated and reported by means of accounting, and the tax debt is fulfilled.

In the transactions carried out in Workcube; All monetary transactions that are set as “Perform Accounting Transaction” when selecting the transaction category will automatically record the accounting transactions. Accounting transactions work simultaneously with 3 currencies as in all ERP transactions.

Accounting transactions can be created automatically from the related modules mentioned below, or they can be recorded manually within the scope of authorization. For example, when an invoice record is created, the offsetting receipt will be automatically created in the accounting module depending on the transaction category used in the Invoice, or an automatic Collection Receipt will be created in the Accounting module as a result of the Cash Collection transaction to be made to a cash register.

Before Use
Before performing accounting transactions in Workcube, you should make the following definitions.

• Transaction Types and Authorizations
• Chart of Accounts definitions (optionally in accordance with IFRS)
• Accounting Receipt Number definitions
• Currencies
• VAT Rates
• Withholding Rates
• Withholding Tax Rates
• Other ERP Settings

Module Functions

• Accounting transactions
• Offset Receipt
• Collectible Receipt
• Payment Receipt
• Transfer Receipt
• Accounting Receipt import
• Opening Receipt
• Closing Receipt
• Income Account Closures
• Account Transfer
• Receipt Consolidation
• Create Cost Reflection Accounts

Associated Functions in Other Modules

• Cash / Cash Transactions (For those collected and paid to the cashier)
• Bank / Bank Transactions (For those charged and paid to the bank account)
• Check-Promissory Note/ Check Transactions
• Check, Promissory Note / Promissory Note Transactions
• Current Account / Current Account Transactions (Accounting Transaction selected)
• Invoice / Purchase Invoices – Sales Invoices
• Stock / Stock Transactions (Accounting Operation selected)
• Expense Management / Expense and Income Receipts (Accounting Selected)
• Guarantees / Received - Given
• Fixed Asset / Buying - Selling - Depreciation and Valuation
• Credit / Credit - Financial Leasing Transactions
• HR / Payroll
• BI / Standard Reports / Chart of Accounts Report
• BI / Standard Reports / General Journal Report
• BI / Standard Reports / Trial Balance Report
• BI / Standard Reports / Current and Accounting Codes Report
• BI / Standard Reports / Product Accounting Codes Report

Tip

As mentioned above, you can create uniform charts of accounts in Workcube in accordance with IFRS (International Financial Reporting System). This feature allows you to use uniform and IFRS codes at the same time. What you need to do is to define the accounting codes together with the IFRS code equivalents.

Important

Make sure that the default option is selected in the related Accounting transaction category detail (eg Offsetting Receipt) so that automatic posting can be created in Accounting from all related modules.

Do not forget to define Accounting Receipt numbers so that automatic registration can be created in Accounting from all related modules.

In order for an automatic transaction record to be created in Accounting as a result of transactions performed in connection with the product, product accounting code definitions must be complete.

Member accounting code definitions must be complete in order for an automatic transaction record to be created in Accounting as a result of transactions carried out in connection with the Member/Customer/Supplier.

Accounting code definitions must be complete in order for an automatic transaction record to be created in Accounting as a result of Cash, Bank, Check/Note transactions.

Do not forget to define the VAT rate, SCT Rate, Withholding, and Withholding Rates completely so that automatic registration can be created in Accounting as a result of taxable transactions.

Suggestion

It is recommended that the Chart of Accounts that you create before using the accounting transactions in Workcube is not transferred as it is currently used, and that it should be defined by clearing any wrong data created in the past, and revising it if necessary.

Do not forget to enter the IFRS code equivalents next to your Accounting Account codes in order to be able to report in accordance with IFRS.