Friday 21 June 2024

Internal Posting

Many companies using TrakIT have internal and independent profit centres. Until now, there was no way to allocate income and expense accounts internally in TrakIT.

With the latest update, we have introduced a new page called "Internal Posting" under the Finance menu. Income and Expense accounts in jobs can now be allocated internally. Internal Posts function similarly to Invoices and Bills, except there are no external entities involved. Additionally, the net total of accounts allocated to the posting must be zero.

Here are some key points about how Internal Posts (IPosts) work:

  • You can allocate Income and Expense accounts (not disbursements).
  • You cannot allocate accounts that are already allocated to an invoice or bill.
  • You cannot allocate accounts to bills or invoices if they are already allocated to an IPost.
  • IPosts can be approved only when the sum of Income and Expense accounts is exactly zero.
  • IPosts can be approved only if all allocated accounts are approved (or don't require approval).
  • Accounts linked to IPosts can never have taxes.
  • Sequence numbers for the IPost will be generated upon approval.
  • Permissions for IPosts can be defined in the Role Management section by SysAdmins.
  • Once synced to Finance systems, the FinRef field will be populated.

IPosts do not affect the profitability of a job, and they do not affect billing or invoicing. 

For any questions, concerns, or guidance, please contact TrakIT Support.