Accounting General

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Accounting General#

This section describes the various Accounting General procedures in Q360

Enter and Post GL Journal Transactions#

Enter and Post General Ldeger Journal Transactions

 

  1. Main Menu > Accounting > General Ledger > Enter Journal Transaction
  2. Click the form ADD button
  3. Choose Date of Posting and Company
  4. Enter a Comment (title or reason for entry)

 

Option 1: Enter lines manually:

  1. Click the grid ADD button
  2. Enter an Account Number / Segment or use the EDIT button to look this up
  3. Enter an Amount in Debit or Credit column
  4. Repeat the above steps until done and the Entry is in balance – optionally, you may set an Entry Reversal Date at which point Q360 will auto create a matching reversing Entry
      Note:  You may ONLY edit a manually created journal Entry as long as the Fiscal Period is not closed

Option 2: Import journal Entries from file:

  1. Grid Extended Menu > Import
  2. Browse for the import file or drag it in (Tip: reference Q360 Help Center for sample import file)
  3. Click Import File – Q360 will import the lines and display them in the grid ready to be edited (if needed)

 

Using option 1 or 2, when done, click the Save button to save and post the journal Entry

Perform a Bank Reconciliation#

Bank Reconciliation

1.  Main Menu > Accounting > Bank Reconciliation

2.  Select Company

3.  Select Account to reconcile – any bank flagged account may be reconciled

4.  Set desired option in Group Receipts By:

  • Check No.: collapses all payments that are part of the same payment reference number to one row
  • Date: collapses all payments or receipts from a given day to one row
  • Batch No.: collapses all receipts that are part of the same batch reference number to one row
  • None: shows each individual payment or receipt as a separate row

5.  Choose the Ending Date for reconciliation – You may select an existing Ending Date to update the ongoing reconciliation by reconciling additional new transactions

6.  If the Opening Balance is enabled, this is your first bank reconciliation with this account in Q360 and you will need to enter the correct Opening Balance from your Statement before clicking the Save button

7.  Enter or update Ending Balance

8.  Select one or more transactions to reconcile

9.  Click the Clear Selected buttons to reconcile (or un-reconcile selected transactions)

10.  When done, click the Save button

 

Note:  you may use the History tab to review or print a list of past reconciliations

Close Accounting Periods#

Edit or Close Fiscal (Calendar) Periods:

  1. Got to Accounting > Admin > Fiscal Calendar
  2. Select a Fiscal Year from the drop down menu
  3. Click the EDIT button
  4. Use the checkboxes in the AR Closed, AP Closed, and / or GL Closed columns to select which periods you wish to close
  5. Click the SAVE button

Note: Closing Periods will prevent anyone other than you from making Accounting record changes in the Periods you have closed

Periods may be reopened if necessary by placing the form in EDIT mode, unchecking Period checkboxes, and saving the form again.  Periods may only be reopened if the Fiscal Year has not been closed

Close an Accounting Year (Fiscal Year)#

Close an Accounting Year

1.        Main Menu > Accounting > Admin > Fiscal Calendar

2.        Filter by Company Name and Fiscal Year

3.        Click EDIT

4.        Choose and check off which AR, AP, GL and FY you would like to close

5.        Save

Review and Post Time Bills#

Review and Post Time Bills

Option 1: Time Bill Post Queue

  1. Main Menu > Projects > Post Time bill Records
  2. Filter by Time Period, Company, Branch, Department, User ID, Project and / or Project Manager – resulting grid will display Time Bills and identify whether each is associated with a Project, Task, Call No, or Opportunity
  3. Highlight a single or multiple lines and click Post Selected button
  4. Uncheck “Show Pending Time bills Only” to display posted Time Bills
  5. Highlight a single Line Item and from the grid Extended Menu, select “Change Wage Type for Selected,” or Split Time bill

Option 2: From a Time bill

  1. Open or drill into an existing Time Bill
  2. Go to the Time Bill Extended Menu and click “Post Time bill” – Time bill Posted flag will now display P for Posted

Post Project Costs and Revenue#

Post Project Costs and Revenue

Scenario 1: Individual Project

Posting Project Costs ensures the recognition of Project costs associated with materials shipped to Customers

  1. Project > Extended Menu > Post Project COGS
  2. Click Refresh button on Project Profit Tab
  3. Note: WIP has now moved to Actual and Earned Material Columns

Scenario 2: Post COGS for All Projects

  1. Main Menu > Projects > Post COGS For All Projects
  2. Choose Post Date
  3. Choose Company No. and click OK

Scenario 3: Posting Project Revenue for Individual Project

Posting Project Revenue will recognize the Revenue Earned to Date based on the Job Method and the value of Percent Labor Complete at the time of posting

  1. Project > Extended Menu > Post Project Revenue
  2. Refresh screen. Note: WIP has now moved to Actual and Earned Material Columns
  3. A window will pop up asking for confirmation of action.  Confirm
  4. A window will pop up asking for a Date, enter Date and click Ok
  5. Click Refresh button on Project Profit Tab. Note:  Amount from Un-Post. Rev field in earned column will be moved to Earned field in Earned column

Scenario 4: Post Project Revenue for All Projects

  1. Main Menu > Projects > Post Revenue For All Projects
  2. Choose Post Date
  3. Choose Company No. and Click OK

Create Project Closing Entry#

Create Project Closing Entry

  1. Project > Extended Menu > Create Closing Entry
  2. A window will pop up asking for confirmation of action.  Confirm
  3. A window will pop up asking for a Recognition Date.  Enter date and click Ok
  4. A Check Project Close Window will open with items that need to be addressed if Project is not ready to be closed.  Address items in list, if there are any, and click on Create Closing Entry again

Note: Project Status Code on main Project tab of Project is now COMPLETED

Find and View AR, AP, and GL Journal Entries#

Accounting > General Ledger > View GL Journal

  1. Go to Main Menu > Accounting > General Ledger > View GL
  2. Click the Filters tab
  3. Choose filters:
    1. Journal
    2. Account No.
    3. Company
    4. Journal Type
    5. Time Period
  4. Drill into Entry to see further details

Accounting > Accounts Receivable > View AR Journal

  1. Accounting > Accounts Receivable > Find AR Journal
  2. Click the Filters tab
  3. Choose filters:
    1. Journal
    2. Account No.
    3. Company
    4. Journal Type
    5. Time Period
  4. Drill into Entry to see further details

Accounting > Accounts Payable > View AP Journal

  1. Accounting > Accounts Payable > Find Journal
  2. Click the Filters tab
  3. Choose filters:
    1. Journal
    2. Account No.
    3. Company
    4. Journal Type
    5. Time Period
  4. Drill into Entry to see further details

 

Accounting > Accounts Receivable >Find AR Journal Entry

  1. Go to Accounting Main Menu > Accounts Receivable > Find AR Journal Entry
  2. If you know the Entry Number enter it in the search field.  If you do NOT know the Entry
    Number, click on the Search button in the Search field
  3. Drill into Entry to see further details

Accounting > Accounts Payable >Find AP Journal Entry

  1. Go to Main Menu > Accounting > Accounts Payable > Find AP Journal Entry
  2. If you know the Entry Number enter it in the Search field.  If you do NOT know the Entry
    Number, then click on the Search button in the Search field
  3. Drill into Entry to see further details

Create a Balance Sheet#

Create a Balance Sheet:

  1. Accounting > Admin > Balance Sheet Designer.  The Custom Balance Sheet form will open
  2. Click the ADD button.  The Add Custom Balance Sheet form will open
  3. Enter a Title and optional Comment.  If you want the new Balance Sheet to be public, check the Public flag checkbox
  4. Click on the Design tab
  5. Add Headers (i.e. Assets) by filling in the New Category field and clicking the “+ Header” button.  Repeat this for all desired Headers
  6. Add individual Sub Accounts to the above created Headers by highlighting the Header to which you wish to add Sub Accounts (in the Statement design grid).  Then, highlight a Sub Account (in the Account grid) and click the “Insert Account” button.  You will see the Sub Account added to the Statement Design grid under the selected Header
  7. Once all Accounts and Sub Accounts have been added, you may wish to add a Total.  Type a Total title in the New Category field and click the “+ Total” button
  8. Then, highlight your new Total line in the Statement Design grid and in the Details section of the form, determine how you would like the Total to display and what you would like the Group Type to be
  9. To calculate the Total, highlight your Total line in the Statement Design grid and then select and “+ Add” Categories from the Categories grid.  These Categories will appear nested under your Total
  10.  Repeat steps 5-9 for Liabilities, Equity – all Sub Accounts listed in the Accounts grid should be used
  11. Save the form

Notes:

  • Headers and Sub Headers may be reordered by dragging and dropping
  • Custom Balance Sheets may be found at Accounting > Reports > Balance Sheet.  Custom Balance Sheets will be listed in the Balance Sheet drop down menu

Run a Balance Sheet:

  1. Search for a Balance Sheet by opening Accounting > Reports > Balance Sheet.  The Balance Sheet window will open
  2. Fill in Time Period and select a Balance Sheet from the Balance Sheet drop down menu
  3. Optional: select a Company from the Company drop down menu and enter a Comment in the Comment field (this will appear in the second line of the Balance Sheet when it is printed)
  4. Click the Run Report button.  A Print Report window will open
  5. Select Report Template, Print Destination and Print Format, and click the Print button

Create an Income Statement#

Create an Income Statement

  1. Got to Accounting > Admin > Income Statement Designer and click the ADD button on the Custom Income Statement form that opens
  2. On the header tab, enter a Title and Comments (if desired), and check the Public Flag checkbox if you want the new Income Statement to be public
  3. On the Design tab, add a Header by typing a Header Name in the New Category field and click the “+ Header” button.  The Header will appear in the left window.  Repeat for any Sub Headers needed
  4. To add Sub Accounts to a Header, highlight the Header and then select Accounts (Accounts grid) – click the Insert Account button to move the Account under a Header
  5. Repeat process (steps 3-4) for as many Headers as necessary
  6. Add a Total by typing a Total Title in the New Category field and clicking the “+ Total” button.  Total Details may be clarified in the Details section of the form
  7. Define the categories (Headers) that you wish to be included in the Total by highlighting the Total line in the Statement Design grid and selecting Categories from the Categories grid, clicking “+ Add” after highlighting each
  8. Repeat steps 3-4 and 6-7 for Expenses and Expense Total respectively
  9. Create a Net Profit / Loss Header (step 3)
  10. To create a calculation for Net Profit / Loss, highlight this line in the Statement Design grid and in the Categories grid, select each Header / Sub Header and click either the “+ Add” button or the “- Subtract” button depending on whether each should be added to or subtracted from the total i.e. + Income headers – Expense headers
  11. Save the form

Note: Headers and Sub Headers may be rearranged by dragging and dropping them

To see your newly created Income Statement, go to Accounting > Reports > Income Statement.  Select a Company, Income Statement, Time Period and any other additional details, and click the Run Report button.  A Print Options window will open, from which you may select how you would like your Income Statement displayed or printed.  Note: Comments entered on the Income Statement form will display on the second line of the printed / displayed Income Statement

View Accounting Quick Views, Reports, and Live Data#

Accounting > Quick Views > Account Detail

  1. Accounting > Quick Views > Account Detail
  2. Click the Filters tab
  3. Choose Filters
    1. Company
    2. Time Period
    3. Start Date
    4. End Date
    5. Account No.
    6. Segment
  4. Click Run

Create a Budget#

Define one or more Budgets for varying Periods or Date Ranges (e.g., Organizational, Departmental or a mix of cost budgets and income targets)

  1. Define a budget – Accounting Main Menu > Budgets > Define Budgets
  2. Export Load Sheet, import Load Sheet, or create a new Load Sheet
  3. Compare Budget to Actual amounts using Live Data Reports

Detailed instruction for Budget creation may be found at Budgets

Budget Grouping instruction for printing purposes may be found at Budget Groups

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