Farmplan allows you to quickly enter a ‘contra’ entry. This type of entry refers to Invoice or Cash Analysis entries where a deduction and sales are entered on one invoice, for example where wheat has been sold but as part of one invoice you also have weighbridge charges, Levy etc., where the customer is invoicing your business on your behalf.
Click here for a video showing a Cash Analysis receipt being entered for a sale of wheat for £5,620 which is allocated to Wheat Sales, no VAT (Zero rated). There is also a second line on the same invoice for £120 for Levy charges. This figure is entered as -£100 and allocated to Commissions/Levies code and -£20 to the VAT code. The balance of the receipt (£5,500) will be shown in the Amount box and will be posted to the customer ledger for the customer, in this case A. Rable.
To enter a Cash Analysis Payment or Receipt:
Click on Cash Analysis
Select Cash Analysis Payment or Receipt
Customer/Supplier – Select the customer (or supplier) from the drop down list. Use the ? to enter a new one.
Transaction Details – Enter the receipt details e.g. date paid, bank account, type (e.g. cheque or direct credit/debit) and the total amount that will affect your bank account.
Coding – Allocate the items on the invoice by selecting a Heading code from the drop down list.
Description – Make sure that you enter a meaningful description so that you or your accountant can identify this at a later date.
VAT – The program knows the default VAT rate from the Heading Code selected. If the ‘S’ (Standard) code is selected the program will automatically calculate the VAT at the current rate. You can change this if required.
6. Totals – You can enter as many different lines as you need. When the Total Amount at the bottom of the screen equals the Amount you entered at the top, you have completed this entry.
7. Entry Number – The program will generate an Entry Number (top left of the screen). We recommend that you write this on the invoice so that you and your accountant can cross reference it to the computer.
8. Data Entry Templates – This is a very useful tool available within the data entry options that will speed up data entry and allow you to be consistent with your coding for similar entries.