You can use AccountsPrep to record your cash sales and expenses transactions, mostly to be able to report on your tax.

You'll need to set up your default ledgers from your settings before you post any data.

You can choose between three methods, but you can use AutoEntry (AE) to scan your documents before you process them in AccountsPrep (AP).

This feature is useful if you need to record your sales and purchase tax breakdown for reporting or tax return purposes.

AccountsPrep doesn't provide for accounts receivable (AR) or Account payable (AP) functionality.

The purpose is to facilitate fast write-ups for simple clients who don’t use accounting software nor operate their own AR/AP ledgers.

Accountants without AR/AP can instead use the following approach:

The best time to add your Cash Sales and Expenses is after you process your bank statements. You can then avail of the duplicate-check facility when coding the Cash Sales and Expenses.
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You can create Cash Sales or Cash Expenses entries from

There are three ways to create Cash Sales and Expenses in AccountsPrep - in order of efficiency and effectiveness:

Importing from AutoEntry or from CSV upload will allow you to process and review a large amount of data.

Before you proceed with any of the three options, you need to first set up your default ledger accounts. (See below)

You can also check below how the integration works with AE if you want to use it.

When you code your sales or expenses data, you’ll only be able to select the relevant sales or expense category for the net amount. This is the case whether you have imported or entering data directly.

The system will then post the entry for the Tax and Total Gross amounts on a default ledger.

You can't select those accounts when processing the batch, but you can set the default accounts you want the system to use.

AccountsPrep can automatically flag potential duplicate entries by comparing Cash Sales/Expenses to your bank transactions. The check will flag entries that have the same total amounts. It will also check the other two parameters that you can set regarding the Date-range and Reference number-match.

If you’re posting to both AR/AP accounts, you can use the duplicate-check to confirm the corresponding Bank entry is in the correct AR/AP account.

See below how AutoEntry and AccountsPrep fit together in the context of Cash Sales and Expenses:

Nominal Accounts and Tax Codes Sync

The accounts and tax codes will automatically sync from AccountsPrep into AutoEntry as Categories and VAT (Tax) codes. You can view those from AutoEntry's Manage Lists page.

Customer and Suppliers

You’ll need to create your contacts in AutoEntry beforehand.

Sales and Purchase upload

You can upload your Sales and Purchases into AutoEntry. Check our video showing the uploading of Purchases. (The process for Sales is identical).

Review

You can then review the Sales and Purchase invoices/credit notes in your AutoEntry inboxes. (You can also update and approve if required).

Import into AccountsPrep

You can finally import your invoices/credit notes into AccountsPrep as Cash Sales and Expenses.

All invoices and credit notes in AutoEntry's Sales or Purchases inboxes are available for import into AccountsPrep. (whether approved or not)

All the invoice details below will transfer:

Customer/Supplier Accounts, Invoice Numbers, Dates, Categories, Tax Codes, Amounts (Net, Tax and Total) and invoice images (PDFs).

Difference in the labels' names:

The name of the following fields will differ.

Line items separation:

An invoice/credit note with Line Items or Tax Summary lines will import as separate Cash Sales/Expenses lines in AccountsPrep.

Foreign Currencies:

The system will convert any foreign currency based on the company's base currency at the rate set in AutoEntry.

After you import or add the data, you can review and code the details before you post the batch.

The import from AutoEntry will give you a link to the invoice PDF associated with each Cash Expense line. (This will open the AutoEntry link in a new tab).

A flag will highlight any potential duplicate entries by checking against posted Bank Payments.

If there’s no Tax Code in the invoice/line in AutoEntry, the Tax Rate in AccountsPrep will assume the 'Unspecified Rate (UNS)'.

You can either post the line as it is (with or without a manual update of the Tax Amount). Or else assign one of the company's defined Tax Rates. (The Tax Amount will automatically recalculate based on that rate).

Depending on the option you select, you’ll either enter the Net or Total amount. The system will calculate automatically the associated net or gross amount based on the tax rate.

When all Cash Sales and Expenses postings are complete, tax breakdowns will be available in AccountsPrep's Taxes Report. You can also check the Account Details.