Moving a Transaction Between Groups in Strata Master
Summary
This article will assist you move a transaction -
- Between 2 groups, from one group to another group, or
- From a group to a non-group and vice versa
This process involves journals and some understanding of accounting differences between account types eg expenses and revenue. After reading through this article, if you feel you need assistance, please log a case with Strata Master Support.
Overview
Examples in this article are -
- Moving an Expense from a Group A to Group B
- Moving an Expense from Non-Group to Group A (as a comparison to the 'Group to Group').
- Moving a Liability from Group A to Group B (as a comparison to moving an expense)
- Moving a Liability from Group A to Non-Group (as a comparison to the 'Group to Group').
- When there are not enough funds to process Journal 1.
Note: Most of these processes are similar with only minor changes to specify groups or whether relevant account types are asset, expense, liability or revenue.
Assets and Expenses increase with a debit, so the example for an expense also reflects an asset.
Liabilities and Revenue increase with a credit, so the example for a liability also reflects revenue.
Moving an Expense from a Group A to Group B
The screenshot below shows the total to be moved. It is an expense and expenses show on the I&E report.
Two journals are required, one to move the transaction out of Lift Upgrade group and one to enter it to the Commercial Garage Group. We use Cash at Bank as the intermediary that enables the move.
Journal 1- to remove from the relevant group A.
Debit -- Cash at Bank Admin and Credit -- Admin-Keys, Cards.
Amount $51.36 (no need to enter the gst).
Group - Enter the group, in this case Lift Upgrade.
Date - Current date however if backdating is required, give due consideration of the need to re-present presented financials.
Journal 2 - to enter to the correct group B
Debit -- Admin-Keys, Cards and Credit -- Cash at Bank Admin (reverse of Journal 1)
Amount $51.36 (no need to enter the gst).
Group - Enter the group, in this case Commercial Garage.
Date -The same date as the journal 1.
Moving an Expense from Non-Group to Group A
Once again, two journals are required, one to move the transaction out of Non-group (General) and one to enter it to the required group. Once again, we use Cash at Bank as the intermediary that enables the move. Note that the only change is the change to the Groups selected in the journals. In the case of non-group (General) the group field is left blank.
Journal 1 - to remove from the non-group
Debit -- Cash at Bank Admin and Credit -- Admin-Keys, Cards.
Amount $51.36 (no need to enter the gst).
Group - Leave the group blank (non-group)
Date - Current date however if backdating is required, give due consideration of the need to re-present presented financials.
Journal 2 - to enter to the correct group A
Debit -- Admin-Keys, Cards and Credit -- Cash at Bank Admin (reverse of Journal 1)
Amount $51.36 (no need to enter the gst).
Group - Enter the group, in this case Lift Upgrade.
Date -The same date as the journal 1.
Moving a Liability from Group A to Group B
The important point to remember here is that a liability behaves differently to an asset or an expense. To increase an expense is a debit but to increase a liability is a credit. Check the search/edit transactions list to see if the liability was entered as a debit or credit and then you know you need to do the opposite to reverse.
Liabilities show on the Balance Sheet.
This screenshot shows the transaction we will move.
Journal 1 - to remove from group A
Debit -- Loans Unsecured Admin (reduces the total) and Credit -- Cash at Bank Admin.
Amount $15,000 (no gst to enter on a loan).
Group -Select the group that the total is to be moved from, in this case Commercial Garage.
Date - Current date however if backdating is required, give due consideration of the need to re-present presented financials.
Journal 2 - to enter to the correct group B
Debit -- Cash at Bank Admin and Credit -- Loans Unsecured Admin (reverse of Journal 1).
Amount $15,000 (no gst to enter on a loan).
Group - Select the group that the total is to be moved to.
Date -The same date as the journal 1.
Moving a Liability from Group A to the Non Group
Journal 1 - to remove from group A
Debit -- Loans Unsecured Admin (reduces the total) and Credit -- Cash at Bank Admin.
Amount $15,000 (no gst to enter on a loan).
Group -Select the group that the total is to be moved from, in this case Commercial Garage.
Date - Current date however if backdating is required, give due consideration of the need to re-present presented financials.
Journal 2 - to enter to the non-group
Debit -- Cash at Bank Admin and Credit -- Loans Unsecured Admin (reverse of Journal 1).
Amount $15,000 (no gst to enter on a loan).
Group - Leave the group blank
Date -The same date as the journal 1.
When There Are Not Enough Funds to Process Journal 1
If you receive a message that there are "insufficient funds" to process Journal 1, process Journal 2 first and then process Journal 1.
Useful Links
If you are closing a group, read this article first.