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Registers

Updated

Overview

 

Note: Help content (except videos) has been updated to reflect the UI/UX changes in BQE CORE.

Registers are accounting ledgers that allow you to see each transaction that contributes to the accounts along with their running balances. A register allows you to view all the transactions, generally in their date order; enter new transactions like writing checks, paying bills, making deposits, etc., and manage accounts including making adjustments, voiding transactions and reconciling bank accounts. A register is also useful in evaluating current balances and balance forwards through adjusting date ranges. All transactions posted to a register must be balanced (Total Debit = Total Credit). Click to watch this video on using account registers in BQE CORE.

account_registers_thumbnail.png

Registers are only available for accounts that appear on the balance sheet statement (such as bank, A/R, A/P, retainer, credit card, equity, liability, asset, and more and not for non-balance sheet accounts (such as income and expense accounts). There are generally four types of registers:

  • Accounts Payable
  • Accounts Receivable
  • Bank

    The bank account register holds information related to bank transactions, say for checking and savings accounts. A bank register provides an alternative way of recording income and expenses such as non-vendor expenses, service fee, cash payments, etc. You can add and view memos. However, the Bank (IOLTA) account register is a read-only register.

  • Other

    Other registers consist of every other account type that does not reset every fiscal year. So it excludes account categories like income, expense and cost of goods sold (COGS). Other registers can be for current or fixed asset, credit card, current or long-term liability, and equity accounts.

With the Cloud Feeds feature, BQE CORE gives you the ability to download your bank and credit card transactions directly into the appropriate account registers, thus saving you a lot of time re-entering the data. You can then match the downloaded transactions to the existing ones.

Field Descriptions

How To

Add Transactions

Edit Transactions

Split Transactions

Create Recurring Transactions

View Journal

Reconcile Accounts

Export Transactions

View Reports

Mark Screen as Favorite

Field Descriptions

Field Name Field Description
Registers >
Account Select the account whose register you want to view. It can be any A/P, A/R, bank, credit card, asset or liability account.
Type The type of bank transaction or entry, such as A/P or A/R. It can be a deposit, check, bill, payment, invoice, discount, trust fund received or used, etc. E.g., if you choose a payee and an income or expense account, the type in that case will be 'Check'.
Number/Ref Displays the reference number of a transaction, vendor bill number, check number or invoice number, depending on the type of account register selected.
Payee

Person who receives a payment involved in a transaction. This is the default payee and can be a vendor, client, employee, or any of your contacts. Checks or General Journal entries using A/P accounts must specify a vendor. If you do not select anything here, CORE uses the default payee of the transaction.
Account Account involved in a transaction. Checks or General Journal entries using A/P or A/R accounts must specify a project or a vendor. Also, you cannot add a check payment by specifying an A/P and A/R account in the same transaction. Undeposited Funds account does not show up in the A/P register (for checks, credit cards and vendor credits).
Resource When you are recording a transaction for an A/P account, you can select an employee or a vendor as a payee. If you do not select anything here, CORE uses the default payee of the transaction.
Project ID Project associated with the transaction, if any. Checks or General Journal entries using A/R accounts must specify a project.
Cleared Status

Displays the status of reconciliation for bank type accounts. If it shows a blue box, it is not reconciled. If it shows an empty box, it is reconciled but not cleared. If it shows a check mark, it is reconciled and cleared.
Balance This is the ending balance amount of an account and depends on the type of account. It shows the balance as of the transaction date, even when the ledger is sorted by other fields.
Registers > Reconcile Accounts >
Statement Date To reconcile your CORE account with a corresponding statement, you must select the statement's end date.
Statement Balance This is the ending balance of the statement being reconciled, say of a bank or credit card statement. Statement balance resets to zero (0) if we cancel the reconciliation. Typically,
Statement Balance = Beginning Balance + Deposits - Payments and Withdrawals
Service Charge While reconciling your bank accounts, you must provide details about any expenses incurred. Your bank statement lists bank service charges such as standard monthly charges. When reconciling trust fund accounts, CORE ignores this charge, even if you enter some amount here.
Interest Charge

While reconciling your bank accounts, you must provide details about any income earned. Your bank statement lists the amount of interest earned on your account. If you select an account other than income or expense here, it creates a transfer or deposit entry in the Deposits section of Reconciliations. When reconciling trust fund accounts, CORE ignores this charge, even if you enter some amount here.
Period

Allows you to control the date range of entries that appear on the grid for reconciliation. It defaults to the As Of statement date, but can be changed. All the entries as well as the summary values at the top of the grid follow the selected period.
Cleared Balance

Displays the running balance from all your cleared transactions. The Cleared Balance is zero when you begin a reconciliation session for the first time. For subsequent reconciliations, it displays the total from previously cleared transactions. Typically, it is the same as the Beginning Balance and is different only if there are any charges associated with the reconciliation.

For bank accounts, the calculations are:

Cleared Balance = Beginning Balance + Interest Charge - Service Charge + Deposits Cleared in the session - Payments Cleared in the session

For credit cards, the calculations are:

Cleared Balance = Beginning Balance + Finance Charge + Payments Cleared in the session

 

Add Transactions

To create a new transaction in a register, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_add.png

  2. In the list view, select the relevant Account from the drop-down on the top-right. Check Field Descriptions above for details.
  3. Click Add and enter the required information in the top row of the grid. Check Field Descriptions above for details.
    • Date
    • Type: of bank transaction or entry, such as A/P or A/R
    • Number/Ref. 
    • Account: involved in a transaction
  4. The fields displayed are different depending on the type of account selected. Click Done.

Edit Transactions

While most account registers are editable, some registers are read-only in CORE, such as the Undeposited Funds and Trust Funds (Bank IOLTA).

To edit a transaction:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_edit_transaction.jpg

  2. In the list view, select the relevant account from the Account drop-down.
  3. Select a transaction on the grid that you want to delete and click the row-action menu dropdown-caret.png to select Delete. 
  4. To edit a single transaction, click Detail on that row.
  5. You are taken to the source screen of the transaction, where you can enter more details or make your changes, as needed.
  6. Click Save.

Split Transactions

The Split Transactions option allows you to split a transaction into its sub-components while being recorded. CORE restricts negative entries in the register when creating transactions in split mode and also does not allow splitting transactions for reimbursable expenses.

To split a transaction in a register, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_split.png

  2. In the list view, select the relevant Account from the drop-down, say a bank or A/P account.
  3. Click Add.
  4. On the grid row, click dropdown-caret.png to select Show Split Transactions.
  5. Enter the required information for each split transaction. Check Field Descriptions above for details.
    • Date
    • Number/Ref.
    • Payee
    • Account
    • Project (in case of A/R accounts)
    • Payment
  6. Click Done.

You can view the split transactions by clicking dropdown-caret.png and selecting Show Split Transactions.

Create Recurring Transactions

CORE allows you to memorize transactions for future use by making them recurring. 

To create a recurring transaction, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_reconcile_1.jpg

  2. In the list view, select an account from the Account drop-down on the top-right.
  3. Now select a transaction on the grid that you want to memorize, say a bank transaction, and click dropdown-caret.png on its row to select Create Recurring Transaction.
  4. On the screen, say Create Recurring Check, enter the schedule and frequency of the recurring transaction. Check Recurring Checks for details.

View Journal

You can understand the accounting behind a transaction by looking at its journal entries. In CORE, you can open the Journal report to view the transaction details, including the accounts being credited or debited.

To view the journal, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_journal.jpg

  2. In the list view, select the relevant account from the Account drop-down on the top-right.
  3. Now select the transactions on the grid whose journal you want to view.
  4. Click Actions > View Journal.
  5. Preview the journal report and then choose to export or print it.

Reconcile Accounts

Typically, accountants are the ones who reconcile the accounts. Please note that you cannot reconcile the system accounts (with account numbers 12000, 12010, 3900 and 2200) and tax accounts (with account numbers 25100, 25200, 25300 and 25400). This option is not available for A/R, A/P, other current liability, and few other accounts.

To reconcile accounts, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_reconcile_1.jpg

  2. In the list view, select the relevant account from the Account drop-down on the top-right.
  3. Click More > Reconcile.
  4. On the Reconcile Accounts dialog, enter the required information. Check Field Descriptions above for details.
    • Statement Date: statement's end date
    • Statement Balance: ending balance of the statement being reconciled
    • Service Charge, Date and Account
    • Interest Charge, Date and Account

      registers_account_recon2.png

  5. Click Continue.  
  6. On the Reconciliations screen, you can sort the columns by date or amount to save time in searching for records for reconciliation. You can also select the relevant date range from the Period drop-down. Check Field Descriptions above for details.

    registers_reconcile2.png
  7. Typically, the Cleared Balance is zero when you begin a reconciliation session for the first time. You can view the cleared transactions in CORE and check them off one by one by checking their Clear box against Checks/Payments so that the closing balance (cleared balance) in CORE is the same as the statement balance. Select the deposits or credits to clear, if any.
    Note: CORE auto saves your reconciliation details as a draft, or you can save them manually using Save Reconciliation > Draft. You can click Undo All to clear and reset all the changes made in this session, including the statement details.
  8. Next, click Save Reconciliation > Final. If the Difference Balance is $0, your accounts are reconciled!
  9. However, if there is a discrepancy between the transactions in CORE and your statement balance, then CORE prompts you to choose one of the options:
    • Auto Adjust: You can fix the issue by selecting Auto Adjust to force CORE to create a journal entry for the difference. The G/L entry created for the difference either debits or credits the Reconciliation Discrepancies - 66900 system account. You can set the Adjustment Date for that entry.
    • Cancel: You can use this option to return to the screen without making any adjustment. You can then fix the issue manually by opening that account register and entering the transaction there. When you return to Reconciliations, the new transaction is automatically added, and you can clear it here.

Note: If needed, you can click Modify Details anytime to go back to the Reconcile Accounts dialog and make changes there.

Export Transactions

In CORE, you can export account transactions to the Comma Separated Values file format. CORE exports data from all available columns and not just the columns visible in the grid.

To export a transaction to a .CSV file, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_export.jpg

  2. In the list view, select the relevant account from the Account drop-down on the top-right.
  3. Click More > Export as CSV.
  4. A .csv export file is created and saved on your system at the default download location, say your desktop. Click to open the spreadsheet.

You can also check the detailed video on exporting data in CORE.

View Reports

To view a report:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers_print.jpg

  2. In the list view, select the relevant account from the Account drop-down.
  3. Click More > View Reports.
  4. Select a report from the Report List dialog. It opens in the viewer.
  5. Preview the report and then choose to export or print it.

You can also check the detailed video on running and managing reports in CORE.

Mark Screen as Favorite

You can mark or flag the most-often used and important screens in CORE as your favorites up to a maximum of ten. These favorite screens then display separately on the side menu under the Favorites list. You can manage all your favorite screens in CORE from User Settings.

To mark this screen as your favorite, watch this video or follow these steps:

  1. Open the Registers screen from the side menu > Accounting > Chart of Accounts.

    registers fav.png

  2. In the list view, click favorites.png on the top-right.
  3. You can access this screen from the side menu under Favorites.

You can also check the detailed video on marking screens as favorite in CORE.

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