Typically we have always posted 'all' financial entries to the Accounting Software, however there is now an option to only post financial entries to the Accounting Software for Sales Invoices, Customer Payments and Purchase Invoices
This option is ideal for organisations who simply wish to post Sales and Purchases directly to Sales and COGS respectively. All other financial transactions generated from Ostendo are 'not' posted to the Accounting Software when this option is selected.
When this option is in use, the following financial transactions are posted to the Accounting Software:
Sales Invoicing:
DR DEBTORS
CR SALES INCOME
Customer Payments (Initially Recorded)
DR BANK (or UNDEPOSITED FUNDS)
CR UNAPPLIED PAYMENTS
Customer Payments (Applied)
DR UNAPPLIED PAYMENTS
CR DEBTORS
Customer Deposits (Initially Recorded)
DR BANK
CR UNAPPLIED DEPOSITS
Customer Deposit (Applied)
DR UNAPPLIED DEPOSITS
CR DEBTORS
Bank Deposits
DR BANK
CR UNDEPOSITED FUNDS
Purchase Invoices
DR PURCHASE RECEIPTS
CR CREDITORS
All other financial transactions generated from Ostendo are marked as 'Transaction Valid' with a Financial Batch Number of '000'. This then prevents these transactions from being posted however they still remain in Ostendo for reporting purposes.
Activating Simplified Posting In Ostendo:
A User Defined Constant controls whether full Standard Ostendo posting or Simplified posting is triggered. If this Constant exists with a Constant Value of 'True', Simplified Posting will be used, otherwise in the absence of this Constant or if the Constant Value is False, then full Standard posting will occur.
Defining the Constant:
Go to File -> Customisation Configuration -> User Defined Constants- Specify a Constant Name of 'ONLY POST FINANCIAL INVOICES AND PAYMENTS' (case sensitive)
- Specify a Constant Type of Yes/No
- Tick the Constant Value to mark as 'True'
- When mapping the Ostendo Cost Centres to the Accounting Software GL ensure the PURCHASE RECEIPTS Cost Centre is mapped to a COGS GL Account
IMPORTANT:
Extreme care must be taken if the above Constant is amended. Simply turning on or off this Constant will result in the change of behaviour of Financial Postings from that point on-wards.
If a change is to be made, then a review and modification of the PURCHASE RECIEPTS mapped GL account setting should also be made at the same time. |
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