I'm trying to receive a payment from an account I created but I keep getting this message "To enter a transaction you must select a contact that is a customer" I'm guessing this is because the account I created is an expense account? How do I make the account a customer as well?
Either journal from the cash account to the liability/asset account you've selected. Receive money feature is seeking a contact name, not an account name
An Accredited Partner- Consultant (VIC. Aust)
"Working with Accountants/Bookkeepers PPs/APs, as an
independent IT Professional and retired FCPA Accountant"
In the system there are customer, suppliers and employees. They are 'contacts' that can be any or all of those combinations. So when you receive or pay money, for instance, you deal with a contact.. If that contact were a customer you've sold to, and they owe you money still, then when you receive the money, you'd nominate the CONTACT, and that would reduce the Accounts Receivable for that contact ( iie: customer). The opposite is the case fo a supplier, which you owe money TO, and when you pay them, it would reduce the accounts payable for that supplier. Paying employees could be for payroll or reimbursements.
but your example seems to be trying to shift money between ACCOUNTS (not contacts). It would seem you have a LOAN ACCOUNT (not sure if you're using that as a loan to or from the company - or a loan that could swing either way, as is often the case. But you're trying to receive MONEY (put money INTO that loan account). Perhaps the loan is being repaid, and you're trying to shift CASH money from one asset account "CASH" (reducing it), and reducing the money that is being awaited to have the loan asset increased. OR: it could be the other way around, that you're creating a liability for a new loan and you've received the cash that will generate that loan.
You need to give us some more info, otherwise we're all second guessing here.
BUT: The point.... If you want to shift money between ACCOUNTS (rather than to/from a CONTACT) then you need to use a JOURNAL entry procedure.
On the Reckon ONE top menu, select ADVISOR and then select the sub-menu 'JOURNALS'.
click the green ADD button to create a new journal.
Then you can select the ACCOUNT : ie: CASH
and set the amount
and on the next line of the JOURNAL
select the LOAN account.
and the amount..... hence making up the double-entry journal.
Following on from Gary's comments...
Reckon One receipts are for money in transactions (income).
The contact field in the receipt form is a required field. So a contact
(customer) is required for each receipt transaction entered into Reckon One
when using the receipt form.
The receipt form has an 'Allocate' tab available. Use this tab to record a money in transaction (income) that is associated to an existing invoice in your book.
The receipt form has a 'New' tab available. Use this tab to record a money in transaction (income) that is not associated to an invoice.
PAYMENTSReckon One payments are for money out transactions (expenses).
The contact field in the payment form is a required field. So a contact (supplier) is required for each payment transaction entered into Reckon One when using the payment form.
The payment form has an 'Allocate' tab available. Use this tab to record a money out transaction (expense) that is associated to an existing bill in your book.
The payment form has a 'New' tab available. Use this tab to record a money out transaction (expense) that is not associated to a bill.
The reason why a contact is required when using the receipt or payment forms, is for accurate record keeping & reporting purposes. For example you might want to report how much money you have paid a certain supplier or how much money you have made from a certain customer.
In the scenario(s) where you deal with generic contacts, where you don’t necessarily need to know their specific contact information, you can still use the receipt/payment
forms & create various generic contacts.
- ‘Miscellaneous customer’ or ‘Cash customer’ & use
this customer for receipts (income)
- ‘Miscellaneous supplier’ or ‘Cash supplier’ & use this supplier for payments (expenses)
A good example might be when entering a money out transaction (expense) using the payment form relating to a petrol expense. You could setup a generic supplier contact called “Petrol Station” for use in these transactions because sometimes you fill up at Caltex & other times at BP or Shell. You probably don’t want a separate supplier contact setup for each petrol station that you visit as this level of detail might be unnecessary for your record keeping.
JOURNALSIn the scenario where you want to record either money in or money out where you do not need or want to record a contact, then you can use a journal transaction to record your money out or money in as contacts are optional for journal transactions.
Journals are located via the Advisor (menu) > Journals
If you want to move funds between two bank accounts then the transfer money form is the best option.
Transfers are located via Banking (menu) > Click the "New transactions" option for the relevant bank > Allocated (tab) > Add transfer
Note: If you want to move funds between multiple accounts (i.e. 3 or more in one transaction) then journals are the best option.
To save a journal transaction, the debit total & the credit total need to match in order to balance. So the journal transaction would use two accounts.
The thread below should give you information on how handle IRD payments/refunds using a journals.
Alternatively you can also use the transfer money transaction to achieve the same result.
The thread below should give you information on how handle IRD payments/refunds using a transfers.