Current Account and Transactions

Current accounts aim to follow the debt and receivables of a business in detail, apart from the accounting accounts. In the dynamic environment of business life, there are trades that cause many debt-credit entries such as forward sales, foreign currency sales, special conditions, and purchases. Usually, such special cases are recorded as plain transactions in the uniform chart of accounts and detailed under current transactions records.

E.g; Imagine that you receive an order for 10 windows from a customer. The customer will pay 100 USD for one window each month. In addition, a deferred payment instrument such as a check or promissory note was not 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, and 10 100 USD debits are to be paid to the customer's current account on the 5th of each month. In this way, a structure is established in which the installments of this customer 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 financial transaction records of all customers, suppliers, and employees with whom goods and services or debt-credit relations are made. There are three basic relationships in W3: contact customers and suppliers, account customers and suppliers, and employees. The monetary records of these relations are collected under the “Current Account”. A given good is debited to the current account. The received collection is recorded as a credit. Determines Debt - Credit = Balance. Sometimes an employee or supplier may have multiple current accounts.

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

Using 3 currencies at the same time.

All monetary transactions work with three currencies simultaneously on W3.

System/Local Currency: Every company is also a taxpayer. The currency of the taxpayer country is System/Local currency. Accounting records and statements must be calculated in local currency.

System 2. Currency: Companies sometimes want to record and report all their transactions in foreign 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.

The business functions and the 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 in the Current module. 

Before Use
Before making current transactions in W3, you should make the following definitions.

• Transaction Types and Authorizations
• Opening Current Accounts (Depending on Customer, Supplier, and Employees)
• Currencies
• Other FA Settings

Module Functions

• Current Accounts
• Current Statement
• Current Receipt
• Current Transfer
• Current Exchange Rate

Associated Functions in Other Modules

• Cash / Cash Transactions (For those collected and paid to the cashier)
• Debt Management / Debt Breakdown
• Debt Management / Closing and Aging
• Bank / Bank Transactions (For those charged and paid to the bank account)
• Check-Promissory Note/ Check Transactions
• Check, Promissory Note / Promissory Note Transactions
• Invoice / Invoices
• Expenses and Income / Expenses and Income Receipts (Current Transaction selected)
• BI / Standard Reports / Current Accounts Report