This article will help the user with setting up their accounts.
Scottish Accounts vary from the rest of the UK, such that in Scotland, they are permitted to have a surplus.
A Surplus means holding more money in your client's account than is owed to the client. For example, if a client were to request for their money back, anything left over in their account is a Surplus.
This Surplus can be made up by not transferring money from client to office account when bills/ fees are paid, instead they are left in Surplus and thus available to use.
Surplus Set Up
To set up the surplus, go to Insight™:
1. Navigate to the Accounts Tab and click on Nominal Ledger.
2. Click Add in the top left corner.
3. Fill in the Nominal Details and save changes.
4. Next, click on the System tab ► Settings ► Surplus Ledgers (found at the bottom of the list on the right-hand side).
5. Tick the Use Scottish Accounts box. This will create a Surplus Ledger, as seen below. This step only needs to be done once. Most firms will operate a Firm Wide surplus account. If unsure, please check with your accountant before setting this up.
6. Click the Add button, at the top left corner of the screen and use the details section to connect the Nominal you have just created in steps 1- 3. You will also be able to set a target float in this section. Not every firm will have a target float, so if you don't, you may leave this blank.
Save changes.
Related Articles
Scottish Accounts Guide - Surplus Ledger and Transfer
Scottish Accounts Guide - Client Postings