General Ledger Details
Answered
Please add in at least one more column i.e. first line of description from transactions details.
Since your system allowed to add more than one line of itemised transaction under single withdrawal or deposit transaction, to make it more perfect for people without accounting knowledge to read the General Ledger Details, you should add in all line of descriptions with two column of amount. First column for itemised amound and second column for the subtotal amount for each withdrawal or deposit transaction.
As a boss who do not understand what is double entry, they are more happy to see withdrawal details than merely contact plus bill number or payment reference number because most of the case, the SME bosses do not even recognised what the vendor's/customer's company name is even if both of the bosses knew each other. Eg. Boss A knows Boss B, not necessary Boss A knew Boss B is using which company name to issue bill. As for an account keeper, for sure i will key in the name appear on the bill, because it must be recognised as my creditor or debtor if it is not a cash purchase or cash sale.
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Official comment
Hi Vincent,
Thank you for the feedback! This is indeed a commonly requested update from the community.
Below is an update that we'll be releasing soon where we've added an editable memo field which will reflect the description field. If all goes well, you can expect this update along with many other reporting updates to be rolled out next Wednesday. We're currently in our final phase of testing.
Comment actions -
My opinion is not workable if you want the account keeper to re-key in the "Memo" again or even you provide of dropdown list to select the lines of description in transaction. It is double work to them and is not meeting your company vision & mission to simplifying the data entry steps.
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Hi Vincent,
The memo field will be available on all transactions, invoices and bills but also made editable directly from the General Ledger Detail report.
We can explore further enhancing the feature once it is rolled out, for example automatically reflecting item description should the memo field be left empty or adding a suggestive memo description based on previous entries etc.
Nevertheless, we've taken note on your concerns.
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Hi Vincent Yap,
Just dropping a quick note to inform that we've rolled out the update which allows you to input memos when raising invoices or any other transactions. These memos are viewable on the general ledger detail report.
Do share with us your thoughts on this new update :)
Regards,
Travis Tai
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I don't think this is the right way to suit your objective. account keeper with least accounting knowledge has to key a few lines of item, description and they will lost when see there is another field call summary - memo? For my guess, in their mind they will think that what am I suppose to summarise if the scenario is 1st line buy stationery, second line buy paper and 3rd line buy stamps.
Furthermore, I have to make double sets of description like picture below if I really want to get the real detailed general ledger. Just my opinion.
Regards,
Vincent
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I echo Vincent's request above.
Reason being, all the transactions need to be reviewed for tax computation. Without meaningful description for each of the transaction, we are not able to interpret the entries. Some transactions would have tax implication.For example, in Singapore, expenses for business vehicle is tax-deductible but private vehicle expenses are not.
If there's ONE bill charging all the repair expenses for multiple vehicles (both corporate and private vehicles included), how do we differentiate them in UPKEEP OF VEHICLE GL? We cant possible indicate everything at the memo whereby obviously the character limitation is there. Plus, we cannot waste time keying in long description (eg Van A - RM100, Van B - RM2250, Van C - RM440, Vehicle 1, RM300 etc.....) However, we can indicate vehicle details for each of the line when we key in individual amount.
If we have additional column showing all the description entered in GENERAL DETAILS REPORT, we will be able to identify which amount is meant for which vehicle. It's just a COMPLETE data populated by Financio for the users.
Thus, i honestly hope that Financio can look into enhancing this very basic and essential feature so that we can see the transaction details. Same goes to Journal entries where we are not seeing any description at all.The GL data is almost useless without the transaction details.
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Despite our numerous reminders on this matter, Financio works in other areas (e.g. OCR, bank feeds, etc). Hope to receive more users' feedback so that the upper management will take this to heart. GL details plays a critical role in tax and audit. What is the use of printing GL for auditor if the report cannot tell the basic info on the transaction nature?
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If Financio's Accounts Department is using this GL report themselves and submit for Audit review, i really wanted to know if there's any feedback from the Auditor? I would also like to know if their reporting team find any issue interpreting the GL details generated from Financio? Speaking to Financio's own accounting team should be a great start, i suppose?
I saw a few posts requesting for transaction details months ago but seems like no progress?
Pretty sad and frustrating....
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if not mistaken, the technical team is aiming to create as simple easy to understand accounting entries format for management level reading but not for technical accounting level and auditing purpose. so if u r aiming to use this to replace offline accounting software, think twice. u will spend double time cost when u r asked abt the details.
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