This section guides you through the process of adding a new financial event in the system.

Overview

Financial events are crucial for accurate accounting. When adding a new event, you'll define its properties, including debits, credits, and how it behaves with VAT and reference numbers.

To add a new financial event, navigate to Setup > Accounting > Financial Events > Add a new Financial Event.

Financial Event Fields

Complete the following fields to set up your new financial event:

• Event Number: The system automatically assigns the next available numeric number (up to 999,999,999). This field is required.
• Description: Provide a clear and descriptive name for the event. This field is required.
• Transaction Description: Enter a standard description that will appear on the ledger's transaction entry whenever this event is recorded. This field is required.
• Dr (Debit): Select the ledger account that will be debited for transactions using this event.
• Cr (Credit): Select the ledger account that will be credited for transactions using this event.
• Event Attribute: Choose the appropriate Event Attribute (Source Attribute) from the dropdown list. This attribute is crucial as it identifies the type of transaction being recorded, allows the system to group similar transactions, and helps identify correct events for specific functions. This field is required.
• Force Reference Number: Select this option if you want to make the reference number a mandatory field when recording transactions using this specific event.
• VAT Applicable: Check this box if VAT applies to this event. When selected, VAT will be recorded. Remember, VAT is only recorded on the ledger leg (either debit or credit) where a specific VAT Type has been defined (not "None"). The Input/Output VAT type is set up in the Ledger's configuration, and the VAT percentage must be specified in the Accounting General Setup.

RealPay Payout Integration Specifics

For events related to the RealPay Payout Integration, ensure the following details are completed:

• Event Number: Automatically assigned by the system (up to 999,999,999). This is a required field.
• Description: Provide a descriptive name for the event. This is a required field.
• Transaction Description: Enter a standard description that will appear on the ledger's transaction entry when this event is recorded. This is a required field.
• Dr (Debit): Select the ledger that must be debited.
• Cr (Credit): Select the ledger that must be credited.
• Event Attribute: From the dropdown list, select Payment to Client Bank Account.
• Force Reference Number: Select this option if you want to make the reference number a required field when transactions are recorded using this specific event.
• VAT Applicable: Select this option if VAT is applicable. When selected, VAT will be recorded only on the ledger (either the debit or the credit leg) where the VAT Type has been specified. Do not create events where both the debit and credit legs have VAT Types set to "None". The Input/Output VAT is specified during the Ledger setup, and the VAT percentage must be specified in the Accounting General Setup.

Buttons

• Save: Click this button to permanently store the new event's information.
• Cancel: Click this button to discard any changes and return to the previous screen.