This article will guide the user to accessing the Surplus Ledger.
How to Access the Surplus Ledger
1. Once you have set up the Surplus Ledger by following the Scottish Accounts Guide - Set Up, you will then be able to access the Ledger by going to the Accounts tab and clicking on Surplus.
2. From here, the user will be able to view the entries that have gone through the Surplus Ledger and see a breakdown of funds held by the firm and how the Surplus is made up. This information can be printed by clicking on the Print button.
Making a Surplus Transfer
From the Surplus page, the user will also be able to do what most will refer to as a Surplus Transfer. This is the moving of funds from client to office vice versa. The purpose of this posting is normally to transfer funds into the office account to cover a larger payment e.g. wages, office rent.
To make a Surplus Transfer, scroll to the bottom of the page and use the posting box.
Start filling in the Date, Reference and Description with what you require.
If you have a target float set, the posting will automatically calculate what needs to be transferred in order for you to comply with your target.
In this example, we can see that Insight™ has calculated that we need to transfer £5, 327.27 to meet our target float of £8, 000.
Now although Insight™ has populated this amount automatically for us, you may need to transfer a different amount. You will be able to over type the amount in the amount box.
Using the Debit/Credit drop down will determine how the posting will affect the surplus & office bank.
If you select Debit, this will debit the surplus ledger and credit the office bank.
If you select Credit, this will debit the office bank and credit the surplus ledger.
Once done with your posting, you can select Post in the bottom right-hand corner.
The money will need to be physically moved on your bank to mirror what has been done on Insight™. |