Accounting Rules for TA - Time Accounting

TA10: Time Accounting

When applied

Account entries are created for time transactions based on a labor code with transaction type 2 (Internal project to be transferred to general ledger) when running 'Time Transaction. Transfer to Gen Ledger' (TAS120).

Accounting rules for TA10: Time accounting

Rule

D/C

Name

Description

TA10-450

D

Time transaction, debit

Represents the expense account.

TA10-451

C

Time transaction, credit

Represents the revenue account.

TA20: Invoicing

When applied

Account entries are created for time transactions based on a labor code with transaction type 1 (Customer project-reported time and costs are to be invoiced) when 'Time Transaction. Transfer to Gen Ledger' (TAS120) is run.

Accounting rules for TA20: Invoicing

Rule

D/C

Name

Description

TA20-100

D

Accounts receivable

The debtor's control account on which the invoice is automatically booked in General Ledger.

TA20-111

C

VAT payable 1

Used when the 'VAT reported on payment day' check box is left cleared for the VAT code in 'VAT Code. Open'(CRS030).

TA20-112

C

VAT payable 2

Used when the 'VAT reported on payment day' check box is left cleared in combination with VAT method 2 or 3 in (CRS030).

TA20-113

C

Suspense account for VAT payable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

TA20-114

C

Suspense account for VAT payable 2

Used when the 'VAT reported on payment day' is selected in combination with VAT method 2 or 3 in (CRS030).

TA20-120

C

Revenues

Represents the revenue account.

TA20-190

 

Rounding-off

 

TA20-211

D

VAT receivable 1

Used when the 'VAT reported on payment day' check box is left cleared in (CRS030). When used to record Canadian sales tax on purchases in 'Supplier Invoice. Record' (APS100) it represents the General Sales Tax (GST) or the Harmonized Sales Tax (HST). For details, see Canadian Sales Tax in M3.

TA20-212

D

VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030). When used to record Canadian sales tax on purchases in (APS100) it represents the Provincial Sales Tax (PST) or Quebec Sales Tax (QST). If the PST is self-assessed by the company, an offsetting PST credit transaction is created based on accounting rule AP10-217.

TA20-213

D

Suspense account for VAT receivable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

TA20-214

D

Suspense account for VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030).

TA20-450

D

Time transaction, debit

 

TA20-451

C

Time transaction, credit

 
Related topics