ALTUM

Adding a cash/bank account

A new cash/bank account can be added by clicking [Add] in the List button group. Clicking on that button opens the form of the cash/bank account.

Figure 4Cash/bank account form.

Mandatory fields:

Code – shortened name of account. It can be up to fifty characters long (letters or digits) and it is used to provide the description of an object. The code must be unique.

Name – field for entering the name of account. It can be up to fifty characters (letters or digits) long.

Other fields:

Type – determines the form of account. A type is selected from a predefined list which includes the following options: Cash Register and Bank Account

Sort – determine the sort of the defined account. There are two possible options to select: Local and Distant

Report Period – determines the expiration period of the report. Possible options are: Day, Week, Month, and Freely defined

Fields available in the Accounting panel are the following:

Account – allows the selection of a book account from the chart of accounts. Clicking on the rubber button removes the selected account from the chart of accounts

Ledger – allows the selection of a ledger from the predefined list of ledgers

The panel Bank Account Number is activated for accounts of bank type and it is composed of the following fields:

Bank – name of the bank to which the revenues and expenses from the accounts are transferred

Number - number of bank account on which the revenues and expenses from accounts are registered

Type – types of bank accounts numeration applied by the banks. Possible options are IBAN, Ano, and Other. IBAN that is the International Bank Account Number is used by the banks for identifying bank accounts across national borders, whereas Ano that is Account Number is used for identifying national bank accounts.

The Currency panel refers to currency accounts and it contains data about the account’s currency and the currency exchange rates: 

Currency – currency in which an account is kept. It is selected from the predefined list of currencies. In case of selecting a currency different from the system currency, the additional fields: Exchange Rate Type for Purchase and Exchange Rate Type for Sale will appear

Exchange Rate Type for Purchase – allows for the selection of currency exchange rate for documents of purchase type

Exchange Rate Type for Sale – allows for the selection of currency exchange rate for documents of sales type

The checkbox Active is selected by default and it means that a given account can be used within the system. Deselecting this checkbox changes the status of the account into inactive and thus disables using it within the system.

From the level of the account form, it is possible to define a new exchange rate or a new currency by clicking [Add] in the appropriate button group.

Currency accounts

Comarch ALTUM system allows user to assign currency to an account – it means that amounts coming in to a given account will be calculated into its currency. The only problem is to establish with which exchange rate should be value from the report, which groups cash-bank transactions within an account, calculated.

In case of bank accounts exchange rate is set by bank. It means that for example transfer in USD into account in PLN or inversely will be calculated with exchange rate set by bank in which account was  established, not with FED average exchange rate. It means that account should have type of sales and purchase exchange rate assigned. Thanks to such definition of account, the system can make correct calculations of balance and revenues/expenses on cash – bank report depending on type of operation which is assigned to it. It’s important to remember that if a given account has the system currency assigned, then to such report operations in any currency can be registered. If  report has account in a foreign currency assigned, then only operations in currency of account and the system currency can be registered to it. With such approach exchange rate differences don’t have to be taken into account in case when to report in e.g. EUR currency operation in USD currency would be registered. For example if to a report an expenses operation in EUR is assigned (such operation can be assigned only to a report which has account in EUR or the system currency) then for this currency value from purchase exchange rate type should be taken(its value in the system currency), EUR to PLN calculated and balance and expenses on report updated.

Example

To register A, which is assigned to report A USD currency (foreign) was assigned. For this currency in register purchase exchange rate type must be defined e.g. NBP and sales exchange rate type, e.g. WBK. USD currency for NBP exchange rate has value 3 PLN (in the system currency) and for WBK has value 3,5 PLN. If operation has value 5 then 5 USD has to be multiplied by value of NBP purchase exchange rate type (3PLN), what gives as a result a value in the system currency. Such value can be added to balance and expenses of a report in the system currency. Also balance and expenses in register currency are updated.

By default, each new account is added with the system currency. If it’s supposed to be an account in a foreign currency, then user has to change currency and then select type of purchase and sales exchange rate.