Administration profile: Financial section (Beta)

Disclaimer

All screenshots in the article were taken in the Dutch version of Yuki.

In this section, you can set how Yuki should handle cash paid transactions in the domain.

In addition, here you enter the relevant data about the financial year of the administration, 

Open the domain in which you want to create a new administration and then click on the Settings icon in the navigation bar. Then in the now-opened screen in the Domain section, click on Companies.

The following screen is always opened in the Default view:

In the upper right corner of the screen, click on the + Company button.

The following screen is opened:

Choose the correct legal form. This affects the creation or disabling of certain GL accounts In Yuki.

ATTENTION!

For the legal form ‘Sole proprietorship’ where one owner is entered, it is possible to select the option ‘No bank transactions are booked’.

After defining the default value payment method ‘From private’ for each supplier and/or the payment method ‘In private’ for each customer, the costs or revenue are automatically posted by Yuki to the corresponding private withdrawals or private deposits ledger account.

Any VAT return with status 'Completed (historical)' or 'Completed' does not need to be matched with a payment because it is automatically posted by Yuki to the relevant private withdrawals or private deposits ledger account.

Cash expenses or income

You need to specify here how Yuki should handle cash paid transactions in the domain. There are three options:

• Yes, this company regularly uses cash (everything is booked through a cash statement)
  This is the best verifiable option and should be chosen if the company deals with cash payments very regularly. If this option is chosen, amounts can be posted in and out of cash only through the completion of documents of type ‘Cash Statement’. Sales invoices designated as cash paid go to a suspense account as well as cash withdrawals and/or deposits booked from a bank transaction.
• Yes, this company only uses petty cash (payment type 'Cash' is available when booking purchase invoices)
  Invoices and/or receipts with payment type 'Cash' are booked directly from cash. Cash withdrawals at the bank are booked directly in cash. Cash deposits at the bank are booked directly out of cash. Important with this option is that it is very well agreed with the client that they provide a document in Yuki of every cash withdrawal or cash deposit. This option is recommended only if there is limited cash traffic (office cash for small expenses).
• No, this company doesn't use cash (payment method 'From private' is available when booking purchase invoice)

  In this case, it is acted as if all cash transactions are private transactions. Cash paid invoices and receipts are considered a deposit to the CA private. Cash withdrawals at the bank (money from ATM) are considered as withdrawals private. This option is well suited for small businesses with only one owner or self-employed individuals.

Financial year

• Indicate whether the financial year runs from January through December. If not, indicate the fiscal date on which the broken or extended financial year begins.

  
  

  ATTENTION!

  A broken or extended financial year must be requested from and approved by the tax authorities.

  
  

  An extended financial year must be shorter than 24 months (maximum 24 months minus 1 calendar day).
  
  

• Specify the financial year from which the administration is kept in Yuki. All opening balance sheet entries are posted on the last day for that financial year.

  
  

  This value (e.g. 2020) is a setting that determines that no transactions can be recorded for this year. If you do record an entry in a financial year before the first financial year, you will get the message, “Transactions with an entry date prior to the start date of the administration should be created in an opening balance.” The opening balance is a special type of accounting document that allows entries to be made outside of periods.

  Once there are entries in an administration, the financial year can NOT be changed. If you do try to change the financial year you will get the message, "Cannot adjust company start date.  There are already opening balance transactions on {0} for {company name}. The only way to change the financial year is to delete the transactions. This can be done e.g. by temporarily moving them to the next financial year by adjusting the date. It may happen that document type ‘Opening balance sheet’ also needs to be changed to 'General journal' and some entries on the ‘Suspense accounts opening balance sheet {}’ are temporarily moved to another account.

To enter a different financial year end date for each administration, click on Advanced settings. The following screen is opened:

In the End date field for a financial year, enter a different end date.

Click on the Next button to save the data entered in this section and continue entering data in the Tax section.