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Adding, Editing & Deleting Document Adjustment in Ginesys Web

Owned by Aparajita Basu Roy
Last updated: May 30, 2022 by Subhasree Banerjee (Unlicensed)
4 min read

In any organisation/company all business operation transactions are done and regulated via documents. For eg:- Invoice for sale and purchase, Debit note/Credit note for purchase return/Sale return etc. Payment or receipt is done on the basis of the unique Vendor/Customer wise document. For eg:- Receipt on the basis of Sale invoice given to customer and payment on the basis of Vendor invoice. In ERP there are modules to record these transactions. For eg:- Sale module for recording sale transaction and Purchase module for recording purchase transaction. Since booking of transactions are done in ERP, therefore respective payment/receipt also need to be recorded for complete visibility and transparency. Therefore, while doing a payment/receipt entry in ERP for any Vendor or Customer there is an option to adjust/link parent document based on which payment/receipt is done.

Purpose of Adjusting Entries

Adjusting entries, or adjusting journal entries (AJE), are made to update the accounts and bring them to their correct balances. The preparation of adjusting entries is an application of the Accrual Concept of accounting and the Matching Principle.

  • The Accrual Concept states that income is recognized when earned regardless of when collected and expense is recognized when incurred regardless of when paid.

  • The Matching Principle aims to align expenses with revenues. Expenses should be recognized in the period when the revenues generated by such expenses are recognized.

The main purpose of adjusting entries is to update the accounts to conform with the accrual concept. At the end of the accounting period, some income and expenses may have not been recorded, taken up or updated; hence, there is a need to update the accounts. If adjusting entries are not prepared, some income, expense, asset, and liability accounts may not reflect their true values when reported in the financial statements. For this reason, adjusting entries are necessary.

Types of Adjusting Entries

Generally, there are 4 types of adjusting entries. Adjusting entries are prepared for the following:

  • Accrued Income – income earned but not yet received

  • Accrued Expense – expenses incurred but not yet paid

  • Deferred Income – income received but not yet earned

  • Prepaid Expense – expenses paid but not yet incurred

Adjusting entries are also made for:

  • Depreciation

  • Doubtful Accounts or Bad Debts, and other allowances

 Add Document Adjustment

Prerequisites

  1. The users' role must have access to the Document Adjustment feature by enabling Add app operation for the feature in Admin - Security - User - Role through Finance - Operations - Journal.

Step-by-step guide

The process is divided in the following steps:

  1. Go to Ginesys Web> Finance > Operations > Journal > Document Adjustment.

  2. Document Adjustment module will open.

  3. Click on Add button.

  4. Adjustment Entry window will open.



  5. You will get Adjusted Document section in the main form. 

  6. Adjusted Document: You will get three options - Auto Setup for FIFO, Select Document and Auto Setoff Site wise on FIFO basis. 

    1. Auto Setup for FIFO:

      1. On clicking on this option, system will give a message if data is there in the grid - “All previously adjusted data will get removed and re-populate on FIFO Basis. Do you want to proceed?“

      2. If you click on Yes, the grid will be cleared and then the documents will be populated in the grid based on FIFO logic with Document No., Document Date, Reference No., Actual Amount, Adjusted Amount etc.

    2. Select Document:

      1. On clicking on this option, you can select the documents manually as per your preference. 

    3. Auto Setoff Site wise on FIFO basis:

      1. On clicking on this option, system will give a message if data is there in the grid -“All previously adjusted data will get removed and re-populate on FIFO Basis. Do you want to proceed?“.

      2. If you click on Yes, the grid will be cleared and then the documents will be populated in the grid based on FIFO logic with Document No., Document Date, Reference No., Actual Amount, Adjusted Amount etc.

      3. Reference site details section will open with Reference Site Name, Pending Amount and Adjust Amount.

      4. You will get three buttons – Remove, Auto Adjust and Cancel.

      5. Click on the Auto Adjust button.

      6. You will get a message – “Validation message: “There is still '||NVL(:FINTAG_SITEWISE_ADJ.SITEADJPENDING,0)||' pending to be adjusted. Do you want to proceed?.”

      7. If you click on Yes, documents will be Populated with Adjust Amount in the Adjustment Document section.

    1. You will get three options- Auto Setup for FIFO, Select Document and Auto Setoff Site wise on FIFO basis.

  7. Click on the OK button to complete the adjustment.

 Edit Document Adjustment

Prerequisites

  1. The users' role must have access to the Document Adjustment feature by enabling Edit app operation for the feature in Admin - Security - User - Role through Finance - Operations - Journal.

  2. Document Adjustment must be. 

Step-by-step guide

The process is divided in the following steps:

  1. Go to Ginesys Web> Finance > Operations > Journal > Document Adjustment.

  2. Document Adjustment module will open.

  3. Go to Action > Edit.

  4. Edit: Adjustment Entry window will open.

  5. All others details will be populated in the particular fields. 

  6. Modify the required fields as per your requirement.

  7. Click on the Save button to save modified Document Adjustment. You will get a message - "<Document Adjustment No.> saved successfully."

 Delete Document Adjustment

Prerequisites

  1. The users' role must have access to the Document Adjustment feature by enabling Delete app operation for the feature in Admin - Security - User - Role through Finance - Operations - Journal.

  2. Document Adjustment must be. 

Step-by-step guide

The process is divided in the following steps:

  1. Go to Ginesys Web> Finance > Operations > Journal > Document Adjustment.

  2. Document Adjustment module will open.

  3. Go to Action > Delete.

  4. You will get a message - "Document once deleted cannot be retrieved. Do you want to delete this document?"

  5. If you click on Yes, you will get a confirmation message "<Document Adjustment No.> - Successfully deleted".

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