Transaction Entry and Posting

Use the Transaction Center to enter and post accounting transactions.

You can enter transaction data daily, weekly, or whenever you have a number of transactions to process. How often you enter transaction data depends on your firm's accounting and reporting requirements and procedures.

After you have entered transaction data, it becomes available for posting. When you post the transaction files created during Transaction Entry, you make the data a permanent part of your Vision database. You can then use this data for additional processing, such as overhead allocation and revenue generation, and for reporting.

You do not need to post transaction files each time you enter data. If you have unposted transaction files, you can open them and add more data. For example, you may want to enter accounts payable vouchers daily, but post them weekly or biweekly. You can create an Accounts Payable Vouchers transaction file for the selected period and open it daily to add new data. At the end of the period, you post the file, which contains all the transactions for the period.

Because transaction data must be posted in order to be available for reporting, the financial data on reports is only as current as the most recent postings.

Review Transaction List

You can review transaction data in Vision by printing a Transaction List report, which displays all of the transactions in a transaction file.

The Transaction List report provides you with a tool by which you can check the validity of the data you entered. Data is usually valid at the time of entry; however, there can be a gap between the time transactions are entered and the time they are posted. In this period of time, changes may be made to the database (for example, a project number that you referenced may be closed out), rendering transactions invalid. Deltek recommends that you print and review a Transaction List report prior to posting any transaction file to your database.

Review Posting Log

Vision produces a Posting Log each time you post a transaction file. Use the Posting Log to review all information for a batch of transaction files posted to your database. You may find this information useful for tracking specific groups or types of transactions. You can print a Posting Log either immediately after posting a transaction file or at a later date.

Related Topics:

  • Implicit and Explicit Postings
    When you post transaction files in Vision, two types of posting occur: explicit postings and implicit postings. Both posting types affect your general ledger accounts.
  • Implicit Posting Accounts
    When you install Vision, you specify which general ledger accounts to debit or credit automatically (implicitly)when you post different types of transactions.
  • Recurring Transactions
    If you have transactions that recur each accounting period, with little or no difference in content, such as a journal entry for depreciation, you can create recurring transaction files to save time.
Parent Topic: Accounting Transactions and the Transaction Center