EasyFarm Tutorial: Entering Transactions
Here, you'll learn the in's and out's of entering transactions.
Now that we have set up our chart of accounts and sample balance sheet we are ready to begin entering transactions.
If you have not already entered your beginning check book balance, you will need to do so before you begin entering transactions.
Go to Beginning Balance Sheet and enter your beginning balance for the checking account.
In this case, our beginning balance is $6500.
This is where you would enter your beginning check book balance.
Let’s go into the checking transactions and begin work.
Select the Transactions menu. The empty window here is the “Register.”
Below the Asset Tab is the pick list window. Here, you can click on the down arrow and select a different Asset checking account, such as this one. You will want to set up the 1001 account for the one that gets the most use, as that will be the default one that is automatically selected.
Next, we will cover the Register Tabs and then we will cover entering a check. This is the most important section to cover in detail, as many of the tools and tips in this section will help in entering other types of transactions.
To Setup your online Financial Institution, go to Edit - Preferences and Financial Institution
Then go to Edit - Chart of Accounts, and Edit your Checking Account (1001) and attach the Financial Institution to that account.
This button performs bank statement reconciliation on selected transactions.
You can select transactions by clicking in these boxes.
Print selected checks in the register or print a check register report by clicking here.
You select checks by clicking in these boxes.
Set your Transaction Preferences here.
This deletes the highlighted transaction.
This marks the highlighted transaction as Void.
Here, enter a Vendor to search for, then press Enter to find subsequence Vendors.
In the lower half of the transaction screen, you will see a blank check.
By clicking on the down arrow under Transaction Type you can select either Check, Deposit, or Withdrawal.
Withdrawal is used for any transactions where the bank automatically withdraws funds from your account, which includes debit card transactions, cash withdrawals, and other withdrawals.
Select Check and then click on New.
The cursor automatically appears in the date field.
If this is your very first check, you will need to click on the check number to move the cursor to the check number field.
Here you can enter your beginning check #. The check # will automatically increment as additional checks are entered.
To MOVE from the Check # to the Date, to the PayTo, to the Amount, to the Memo, etc., press the tab key.
Here, you can type in the date, or click on the down arrow to open a Calendar and select the date.
Now, to demonstrate, we are going to write a check to Smith Automotive dated February 5, 2016 in the amount of $455. The transmission had to be repaired and we are going to expense it to the Truck Repair expense account.
There are a couple of options when it comes to filling in the vendor name or pay-to.
First of all, you can quickly and easily build a pick list of vendors. Click on edit and then Pick Lists.
Here, you can add as many vendors as you want at one time.
Once the vendors name is in the pick list, the Easy-Fill feature will automatically type-ahead and fill in the entire vendor’s name.
Alternatively, as soon as you type in a new vendor’s name and you would like to add it to the pick list, you can click on the Add/Modify Pick List box to add a vendor.
For example, we will type in “Smith Automotive” and then click on the “Add Pick List” box. A window will appear that will allow you to enter the vendor’s address and phone number, tax id, and if you want that vendor to get a 1099, Vendor account #, monthly amount, memo, and save to another Ledger. These are all optional. Only a Name is required to save a vendor.
The Insert key will open up a Pick List to view or select from the list.
These fields are described in more detail in the EasyFarm manual.
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