This page contains instructions for adjusting the accounts to zero in stages, if you have been using Procountor for creating invoices but not for accounting.
Phases of adjusting the accounts to zero:
- Creating a VAT summary
- Checking account balances
- Adjusting the accounts to zero
- Verification of success
If Procountor has been used for purposes such as creating invoices but not for accounting, the automatic accounting entries generated by the receipts must be adjusted to zero before the beginning of actual accounting.
- The environment may contain old receipts that need to be adjusted to zero, i.e. sales invoices, travel invoices, bills of charges or purchase invoices, bank statements, reference payments, etc.
- These transactions have often been saved with VAT included, so you must create VAT summaries before adjusting them to zero.
Creating a VAT summary
Create a VAT summary for all months to be zeroed. Create the first summary for the earliest month with transactions.
- The VAT summary will transfer the VATs to the VAT liability account. The reporting database is then updated.
- VAT summaries must be created for
- the profit (loss) for the fiscal year to balance in the balance sheet and income statement.
- Each account and VAT rate do not have to be adjusted to zero individually.
- Do not include these VAT summaries created for zeroing purposes on the periodic tax return.
Checking account balances
- Check which accounts have a balance other than zero in Procountor. You will quickly see which accounts have a positive or negative balance from Accounting/Reconciliation tools/Account verification report.
- The report must be executed up to the actual date of Procountor’s adoption. Please remember to set the starting date far enough back.
Adjusting the accounts to zero
The accounts are adjusted to zero using either a journal receipt or a journal receipt and the Import accounting data function.
Using a journal
- Export the figures on the left-hand side of the accounting account inspection report to a format such as PDF or HTML by clicking on In printable form/All accounts.
- The information will then be entered on the journal receipt from this output file. The new journal receipt is created at Accounting / New journal receipt
- Give the journal a name such as Zero receipt dd.mm.yyyy, and date it to the day preceding the first day of accounting.
- Enter the accounting entries on the journal receipt one at a time, with opposite signs. You can add rows to the journal by clicking on the Add transaction button.
- Approve the journal as a business transaction.
Using a journal and the Import accounting information function
- Account balances can be imported to the program using the accounting data export file, from which the program will then generate a journal receipt for accounting.
- Export the figures on the left-hand side of the accounting account inspection report to Excel by clicking on the In printable form/All accounts button.
- The account is entered in column A, name of the account in column B, and the sum in column C.
- To eliminate the entries, you must reverse the signs of the figures in column C of the Excel spreadsheet. This will adjust the balance of the account in question to zero.
- The data is imported from Management/Import data. When importing the data, date the journal to the day preceding the beginning of accounting and approve the journal.
- The Import accounting information function will then generate the journal receipt.
Verification of success
Check that the accounts were successfully adjusted to zero.
- Check the accounting account inspection report to verify that the balances of all accounts are zero. Please remember to Update the reporting database before executing the report, however.
- Once the account balances have been adjusted to zero, you should export the balances of the income statement and balance sheet to the system, using a journal receipt dated to the day preceding the beginning of accounting.