Financial - Receipts, Cashbook, Sales Ledger, Nominals
Receiving Money
PHCloud has a dedicated receipts section for receiving payments against a customer's account. This includes both invoice payments and Payment On Accounts. POA's are held against that customer's account and can then be allocated against an invoice at a future stage, such as when it is unclear exactly which invoice a payment is for.
1. Navigate to Financial on the left hand menu and within here you will find Receipts
2. Enter an account name in the customer search box at the top and select the customer you are looking for
3. The system will now bring back all outstanding items on the customers account. Here was can see the item type, reference, total and outstanding figures. Across the top we have the payment receipt options allowing us to select a payment type, payment date, reference and amount being received.
4. Once you.ve entered the details for the receipt we can now select the invoices that this amount is to be received against. This is done by tagging each invoice using the let hand selection box. If it is unclear at this stage which invoice the payment is for please see Step 7
6. Once all the monies have been allocated against the relevant invoice we can click save to complete the receipt.
Payments on Account
7. At the point of receiving money it may not always be completely clear which invoice it is to be allocated against or there may be another query on the account. Should this be the case you don't want this to stop you getting the money in the bank. This is where Payments on Account come into play. We can add an amount received into this section and not allocate it against an invoice. When saving the system will tell us that it is going to save this as a payment on account. This then goes onto the Cash Book without actually being allocated to an invoice.
8. These payments on account can then be tidied up in future within the customers account screen. If you navigate to the Customer section and the Allocation tab you will find all outstanding invoices or payments on account listed. From here you can tag payments against the relevant invoices you wish to allocate them against and click Save to action. If there is any amount shown in the Left to Allocate box then this will be saved as a payment on account.
Cash Book Reconcile
A key part of your accounting procedures should be ensuring that monies received are always reconciled back to what is entered onto your PHCloud system. This allows for mistakes to be identified early on at a point where they are easily corrected. Once the money has been deposited in the bank, it becomes increasingly more difficult to identify where differences appear between the system and your bank statements.
PHCloud has a purpose built Cash Daybook and reconciliation tool to allow you as an operator to quickly and easy double-check the money received has been entered correctly on the system prior to depositing in the bank. Below you will find the steps to ensure the best practise with the cash daybook.
1. Navigate your way on the left hand menu bar to Financials and select Cash Book from the child menu
2. You are now able to filter the payments by payment type or simply leave the All filter selected and click the top check box to select all payments.
3. At this point you could now print a cash book sheet to check off against the money you have ready to bank to ensure this all tallies up with what has been posted on the system. This done using the Print Batch button at the top right hand corner. Only the selected items will be printed.
4. Once you're satisfied that everything balances you can now select the blue Complete Batch icon. The system will give you the opportunity to enter a comment which will be recorded against the posted batch and to confirm you're happy to proceed.
4. The final Cash Book can then be printed and emailed if required. All previous Cash Book batches can now be found by clicking on the Previous Batches Icon at the top of your screen. Here you will find all past batches listed and are able to open any of these up, check and re-print as required. Please note past batches cannot be amended.
Sales Ledger Posting
PHCloud sits upon a full financial Sales Ledger to provide detailed financial analysis of your business. VAT returns, exports to your chosen financial package such as Sage, Quickbooks, Zero etc or other financial reports rely on the fact that information held on these internal ledgers is correct. To do so, any invoices generated on PHCloud pass through the Sales Day Book prior to being posted to the ledger.
The process within PHCloud is designed to be easy to use and follow even for those with very little accounting experience.
1. Firstly navigate your way to the Financial tab on the left hand menu and select Sales Ledger from the child tab
2. Much like the Cash Book you will now be presented with a list of un-posted sales invoices. Select the required invoices using the tag-all check box or by individually tagging the items you wish to process. The total of all the invoices selected is clearly shown on the right hand side for you.
3. At this point you can select the Print Batch button from the top right hand side to print off a Sales Day Book Audit report and reconcile against your invoices. This report also confirms the journal postings required for your accounts software below the list of transactions.
4. Once you're happy that the information is correct you can now select the blue Complete Batch button to post your selected invoices to the Sales Ledger. As with the Cash Day Book you'll get the opportunity to record a comment and a final confirmation prior to completing.
5. Selecting Previous Batches from the top left will allow you to return and view previous batch postings as well as printing or emailing the Sales Day Book Audit report.
Nominal Activity and Trail Balance
To provide both clarity and confidence in the ledgers that sit behind PHCloud we provide clear Nominal Activity and Trail balance sections within the financial area of the system.
Nominal Activity
In the main Financial tab on the left-hand side, you will find Nominal Activity. Here you will find a break-down of each of your Nominal Codes showing their description, category, Opening Balance, Debits and Credits and their closing balance.
Trial Balance
If you select Trial Balance from the Financial section you with be presented with the following screen. Providing proof that your ledgers are correctly in balance and the total journals for Debit and Credits.
Configuring Your Nominal Codes
PHCloud allows you to define your own nominal codes to match up with your chosen accounts package. We provide a default list of codes and accounts similar to those found in popular systems provided by Sage, Quickbooks and Zero.
1. On the left hand menu select the Settings option and then navigate down to Nominal Codes
2. You can now see a full list of the default nominal codes within the system.
3. Clicking the Add Nominal Code button will pop up a new nominal code window and allow you to add further codes into the system. These can be for example additional cost codes for Coach Hire depending on those used in your accountancy software. The default nominal will be the one used automatically against standard coach hire jobs and invoices.
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