Posting setup in OC Financial Leasing App

Posting setup is related to accounting to define how transactions are recorded in the general ledger. Based on combination of Gen.Bus Posting Group a Gen.Prod. Posting Group is automated the process of assigning the correct general ledger account specified for Principal Amount, Interest Amount, Service Amount, Insurance Amount and Unpaid Interest .

• General Business Posting Group

  • This posting group is used to classify a business entity (like a customer or vendor) based on the type of business transactions they are involved in.

  • It helps to determine which general ledger accounts are used when posting entries related to business activities.

  • For example, this could define different groups for different location of customers or suppliers (like "Domestic" or "Export").

  • Description of field settings:

    • Code

      • code that will identify the posting group

    • Description

      • short description of the posting group

    • Def. VAT Bus. Posting Group

      • Select business posting group which has settings related to VAT Posting Setup, where is possible to define Tax %, VAT Calculation Type for certain combinations of VAT Bus. Posting Group and VAT Prod. Posting Group

    • Auto Insert Default

      • If the Automatic insertion field is checked, after filling in the General Business Posting Group, the system will automatically insert the set VAT Business Posting Group (on the customer, vendor, document card).

      • The system inserts the posting group filled in the Default VAT Commercial Posting Group field.

• General Product Posting Group

  • This group is used to classify what you buy and sell, so products or services for the purpose of financial posting.

  • It defines the general ledger accounts that are associated with specific product categories or items when sales or purchases are recorded. For instance, you could have different posting groups for "Financial Leasing" items and "Loans" financing or for “Services”, “Retails”,… which would affect how transactions involving those groups are posted.

  • Based on combination of General Business Posting Group and General Product Posting Group set in OneCore Posting Setup system assigns the appropriate accounts for Principal, Interest, Insurance, Service and Unpaid Interest.

  • Description of field settings:

    • Code

      • Code that will identify the account group

    • Description

      • Short description of the account group

    • Default VAT Prod. Posting Group

      • Specifies the default product VAT code

    • Automatic Insert

      • If the Automatic Insert field is checked, after filling in the General Business Posting Group, the system will automatically insertn Def. VAT Prod. Posting Group (on the customer card, vendor card, on the document).

• Table Type

  • Table type Payment means posting of regular installment in Payment Calendar

  • Automatically is filled Payment because in OC Apps are not available other calendars, e.g. separate Insurance Calendar

• Line No.

  • Sequence number of the line within the given combination of General Bus. Posting Group and General Prod. Posting Group

• Order No.

  • Used for numbering the order of lines (manual entry according to the user's own logic)

• Currency Code

  • Currency of the source documents

  • Posting must be set separately for each currency

  • For the local currency, the Currency Code is empty

  • For a foreign currency, it is necessary to select a code from the list of currencies

• Validity From

  • It is filled in only if you need to change the accounting for the given combination during the life of the contract (e.g. when accounting legislation is changed)

• Validity To

  • It is filled in only if you need to change the accounting for the given combination during the life of the contract (e.g. when accounting legislation is changed)

• Source data

  • Principal (Principal Amount field from Payment Calendar)

  • Interest (Principal Amount field from Payment Calendar)

  • Annuity (sum of the Principal and Interest fields)

  • Insurance (Insurance Amount field from Payment Calendar)

  • Service (Principal Amount field from Payment Calendar)

  • Unpaid Interest (Deferred Interest field from Payment Calendar - Interest model only)

• Reverse Sign

  • Posting the amount with negative value

• Account No.

  • General Ledger Account for posting chosen Source Data