Account Details Maintenance

This screen is used to maintain account details. Depending on whether the account is a custom account created by the user or one of the accounts from the system standard chart of accounts, different fields will be available for editing. You will also find that different fields become available depending on the account type selected.

Before adding your own custom accounts you can check whether an appropriate account is already available to add from the Liberty Accounts standard chart of accounts. (menu option Accounts||Add From Standard Accounts).

Accounts - Add Standard Accounts

Monitor Toggle

Toggle the switch to display the balance of the account on the home page; allowing for drill down from there.

Active/Inactive Toggle

Toggle the switch to set the account as inactive. Deactivate accounts if you do not want them to appear in drop-down lists when working with accounting transactions.

Account Name

Enter name of account.

Ledger Code (If Ledger Codes have been activated - see guide below)

Enter a ledger code as required.

The use of Ledger Codes is switched on from the accounting options tab of the organisation profile by ticking the Enable ledger codes box and then SUBMIT.

Control - Organisation Profile - Accounting Options

Account Type

Select from the drop-down list the Account Type for the account being created. If you are not sure which account type to select seek guidance from your advisor.

Non-Posting Account

The system has some accounts that cannot be posted to by default, a user may also designate an account as non-posting (usually a summary account) by ticking the box.

Non-posting accounts are displayed in account drop-down boxes as greyed out and cannot be selected.

Default

If the Account Type is a Bank Account a Default Box is displayed. Tick this to set this Bank Account as the default selection when transactions are being recorded. Note the account selection can be overwritten as the transaction is entered.

Note there can only be one default so if another Bank Account was previously set as the default its status will be reset to be not the default.

PayPal (where account type selected is Current Assets - Bank Account)

Tick the box to create a PayPal account that allows for transactions to be downloaded and or a Pay Now facility for Sales Invoices

The PayPal API User Name, API Signature and Password will be required to verify and manage the account

The PayPal Integration User Guides provides more details.

Sub-Account of

Select from drop-down list if the account being created is a sub-account of an existing account. Note expense accounts will automatically be assigned to administration costs if no value for "Sub-Account" is specified.

Default VAT Code

This field only appears if you select 'Account Type' of Expense or Income. You may select a default VAT code to use when posting to the account. You can always override the default code when you perform a transaction.

VAT Recoverable

This field is used to define whether VAT is recoverable for an expense account. Normally VAT is recoverable but for some expenses such as Client Entertainment it is not permitted to recover VAT.

When a transaction is entered for an account marked as VAT non-recoverable an entry to the non-recoverable VAT expense account is created automatically when the transaction is submitted.

Tax Deductible

This field applies to expense accounts. It is used to indicate whether an expense account is tax deductible.

P11D Classification

This field is used to classify an expense account for P11D returns.

Bank or Credit Card Details (where account type selected is Current Assets - Bank Account)

Branch/Fund

Bank and Credit Card accounts can be associated with a branch/fund. When reconciling transactions through the account any bank charge or interest journals generated as a result of the reconciliation will be associated with the branch/fund.

Bank Import Format

For bank statement uploads select the Bank Account Service Provider from the list of supported providers for this particular account.

A 'Generic' import option is available. This import format can be used where you are creating your own csv files for import. The file should use one of the following as headings with Amount In / Out being always positive amounts and Amount being positive for deposits and negative for payments:

Date, Description, Amount In, Amount Out

or

Date, Description, Amount

The defined 'Bank Import Format' is used as part of the statement upload process and provides a seamless upload of files.

Account Number

This field only appears if you select 'Account Type' of Current Asset-Bank Account or Current Liability-Credit Card. You may enter the bank or credit card account number.

International Account Number

If required an international bank account number and additionally the bank name ( the field has up to 30 characters) can be entered in this field. Information entered here will appear on the remittance advice if the bank details are set to display (See Document Settings user guide for more information)

Swift Code

If required a bank swift code and additionally the bank name (the field has up to 30 characters) can be entered in this field. Information entered here will appear on the remittance advice if the bank details are set to display (See Document Settings user guide for more information)

ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Bank Identifier Codes (BIC). It is approved by the International Organisation for Standardisation (ISO) and is the unique identification code of a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.

The SWIFT code is 8 or 11 characters, made up of:

Where an 8-digit code is given, it may be assumed that it refers to the primary office.

Sort Code

The bank sort code you wish to appear on documents.

Account Owner

For Limited Liability Partnerships you can use this field to indicate which of the partners the account "belongs" to.

Employee Loan Account

This tab will only be visible if P11D reporting has been activated on the organisation profile.

Tick the box to confirm that this account is an employee/director loan account and transactions through it could included for P11D reporting purposes

If you are uncertain as to the meaning and implication of this you are strongly advised to seek professional advice.

Loan Qualification Status

Select the loan qualification status - qualified or non-qualified

This selection is used for certain P11D exemption tests. Under some circumstances qualifying loans need not be reported for P11D purposes. whilst all non-qualifying loans over a maximum balance of £5,000 in the tax year will need to be reported.

The rules and interpretations can be complex so if you are uncertain as to the meaning and implication you are strongly advised to seek professional advice.

Cross References

TB Cross-Reference

This field can help to simplify the process of transferring year end trial balance data to a third party statutory accounts package where the third party package has its own account codes.

When a trial balance export file is generated the value held in this field is also included, ready for import into the third party package.

Import Cross Reference

This field may be used to hold a user-defined alpha-numeric code for the account.

This field is useful for entering codes that cross-reference account codes in other systems and is currently used for the bill upload under the Specials menu. Note that the codes are case-sensitive and must match exactly during uploads for an item to be loaded.

Return of Parish Finance

This tab will only be visible for a Not-for-Profit (Charitable) Organisation for which Anglican Church Options have been set.

The new account will need to aligned to an section from the Return of Parish Finance report. Select the required section from the drop-down.

Return of Parish Finance - Sections

The current sections for the Return of Parish Finance are: -

Income accounts

Expense accounts