Account Transaction Balance Tracking

This guide explains the balance tracking of account transactions in Netvisor. 

In transaction-specific balance tracking, the user can:

• Link account transactions to each other.
• Track the open balance of linked transactions.
• Mark old transactions as open so that the starting situation matches the account's open balance. By default, account transactions before activation are not tracked.

Transaction balance tracking is different from account tracking targets, but they can be used simultaneously.

Activating balance tracking

Open the balance tracking setting by selecting Bookkeeping > Chart of accounts > select the desired account.

1. Select the desired account from the chart of accounts.
2. Check balance tracking on in the section "Use internal transaction tracking for the account".

After activation, all new transactions recorded to the account are open.

• An open transaction can be linked to one existing open transaction (source transaction).
• Multiple other open transactions can be selected for linking to an open transaction (target transaction or main transaction).
• You can manually mark a new transaction as closed, in which case it is removed from the open list.

Marking old transactions as open

Open the function for marking old transactions as open by selecting Bookkeeping > Reports > Account balance > drill down to the desired account.

1. Open the Account balance report in accounting reports.
2. Select a sufficient time range in the search criteria.
3. Drill down from the desired account to the transaction view.
4. Select the edit view "mark as open".

• Alternatively, you can manually mark as closed new transactions that are allocated to old transactions that are not open.
• Vouchers that are open will be itemised in the balance sheet breakdown.

 

Note the behaviour of the open transaction marking:

• The open transaction checkmark does not disappear if transactions allocated to each other do not go to zero.
• The open transaction checkmark does not disappear from transactions that go to zero if entries have already been made to the account before transaction allocating is activated.
• If you allocate a transaction made before activation to a transaction recorded after activation that brings the balance to zero, the first transaction will remain with an open marking. Remove this marking yourself.

Linking transactions

Go to the transaction linking view in the following ways:

• From the entry of a new voucher starting from the account statement, if the posting is made to an account under tracking:
  • You are taken to linking of a single transaction.
  • On the intermediate page, you can allocate voucher transactions to account tracking targets if tracking targets are in use.
  • Go to transaction linking by pressing the linking symbol.
  • From the link, select whether you allocate the transaction (source transaction) or select other transactions allocated to it (target transaction).
• From the link "account tracking target setting" in voucher edit mode.
• By drilling down from accounting reports to account transactions:
  • In the account transaction view, the account's transactions for the selected period are shown.
  • Change the transaction order by pressing the sorting links in the header.
  • The system primarily suggests a transaction of the same amount for allocating.
  • If you change the sorting of the view, the change remains as the default.
  • Restore the original situation by selecting "Restore defaults".

Below is an example of allocating from a voucher. Open the view by selecting Bookkeeping > Vouchers > select voucher > Voucher-specific actions > Account tracking target setting.

By pressing the transaction allocating icon, you open transaction allocating:

Select the row to which allocating is done by making a selection at the end of the row:

Use the arrows to select the allocating method:

• When you select the first arrow of transaction allocating, the transaction is the transaction to be allocated. You can allocate it to one transaction selected below.
  
• From the second arrow, you can allocate multiple transactions to the transaction.
  

Unlinking

Undo existing linking as follows:

1. Make sure that the rows have previously been allocated to each other.
2. Press the button shown in the image, which unlinks the transaction linking.

Allocating and open balance

View open balances as follows:

• The column "open amount" in the view shows the open amount of the transaction group.
• If transactions have been allocated to each other so that the open amount of these transactions is zero, 0.00 is shown in the open amount column.
• The account may still have a balance from other, unallocated vouchers.
• In the example situation, the closing balance is €10.00, because there are other transactions on the account.

• When the total balance of transactions is 0.00, the transactions are marked as closed.
• Pay special attention to this for transactions spanning over the financial period. If linked transactions are on different financial periods, the transaction that should be open at the time of the financial statements must be manually marked as open.
• The account's open transactions can also be listed in the balance sheet breakdown report of the financial statements.

Note the cancelling of allocating when editing a voucher:

• If you edit a transaction in the group on the voucher (for example, the amount), that transaction or its target transaction returns to open.
• If posting is updated on an allocated voucher, this cancels the transaction allocating in the background.
• Allocating is cancelled in the following situations:
  • the amount of the allocated transaction is changed
  • the bookkeeping account of the allocated transaction is changed
  • the allocated voucher is invalidated or deleted

Frequently asked questions

What can I do with balance tracking of account transactions?

You can link account transactions to each other, track the open balance of linked transactions and mark old transactions as open so that the account's open balance matches.

How do I enable balance tracking on an account?

Select the desired account from the chart of accounts and check the setting "Use internal transaction tracking for the account". After this, all new transactions recorded to the account are open.

How do I mark old transactions as open?

Open the Account balance report in bookkeeping with a sufficient time range, drill down to the desired account and in the transaction view select the edit view "mark as open".

How do I link transactions to each other?

Go to the transaction linking view from the entry of a voucher starting from the account statement, from the link "account tracking target setting" in voucher edit mode, or by drilling down from bookkeeping reports to account transactions and use the transaction allocating icon.

How do I undo the linking of transactions?

Press the button intended for unlinking on the transaction row. The button cancels the transaction linking of rows that have previously been allocated to each other.

Why does a transaction remain open even though the balance is zero?

If entries have been made to the account before transaction allocating is activated and you allocate such an old transaction to a transaction recorded after activation, the open marking remains on the old transaction. Remove the open marking manually.

When is allocating cancelled automatically?

Allocating is cancelled when the amount of the allocated transaction is changed, the bookkeeping account is changed or the allocated voucher is invalidated or deleted.

How can I see the account's open transactions in the financial statements?

The account's open transactions are shown in the balance sheet breakdown report of the financial statements, where vouchers that are open are itemised.

Keywords: Transaction linking, open balance, account balance, reporting. 

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