Chart of Account Transactions

Created by Mubarak from Asaan Retail, Modified on Fri, 16 Sep 2022 at 03:06 PM by Mubarak from Asaan Retail

TABLE OF CONTENTS


Step-1: Log in to the Asaan Retail portal.

Step-2: Hover your cursor to the flyout menu on the left and click the Financials icon. Then, click “Chart of Accounts”.





If you want to add a transaction that moves a particular amount from ‘AR Cash Drawer’ to ‘HBL’.

Step-3: Click on the Transactions button at the top-right corner in the chart of accounts profile.



Step-4: In the new window (Transactions profile), click on the “+Add Transaction” button.

Double Entry Transaction

Consider the following case of double entry COA transaction, where you have two instances of “Chart of Accounts”.

  • HBL - The existing balance of 10,000 PKR
  • AR Cash Drawer - The existing balance of 11,000 PKR

Step-5: In the pop-up window, select the account as Cash Drawer (Assets) and click on the “+” button (at the bottom of the pop-up window) to add the credit or debit accounts.

(You can also add multiple sources/credit sources for amount transfer by clicking on the green-colored “+” on the right side of the Accounts field & add multiple destination/debit accounts as well).

Step-6: Since you are crediting the AR Cash Drawer account and debiting the HBL account, set the nature of the transaction to ‘credit’. Then, check the ‘Include Debit Account’ option for the HBL account (that you are going to debit with 5000 PKR).



Now you can see the HBL account debited with 5000 PKR and started showing 15000 PKR (Which was previously showing 10000 PKR). Similarly, the AR Cash Drawer is now showing 6000 PKR (After a transaction of 5000 PKR to the HBL account).

Single Entry Transaction

You can credit or debit your chart of account (COA) without:

  • Choosing the debit account while crediting your COA.
  • Choosing the credit account while debiting your COA.

In the said case the transaction will be implied on the single chart of account that you would choose to debit or credit without any destination (credit) or source (debit) account involved, respectively. For instance:



The above debit transaction is a single entry transaction as there is no credit account selected.

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