How to manage transactions in Finance

How to Manage Transactions in Finance

One of the major tasks of the Finance module is to capture all expenses during a billing period, either automatically or manually, ready for review and invoicing during an end of period Statement run.

There are various types of transactions recorded in Prism Finance:
  1. Daily Charges automatically created, thanks to Day Rate Rules;
  2. Expense transactions related to completed Horse Procedures, Dentist Tasks, Farrier Tasks, Breeding Tasks or Stallion Service Fees, thanks to Expense Rules;
  3. Management Fee transactions automatically created, thanks to Management Fee Rules by Owner and Management Fee Rules by Horse;
  4. Expense transactions manually added for charging to specific Horse(s) or specific Owner(s)
  5. Credit transactions manually added for specific Horse(s) or specific Owner(s)
You can review, edit or delete these automated transactions, and add new expense or credit transactions, as required prior to running the end of period Statement / Invoicing.

If a task is completed with no Rule configured, Prism will still automatically add an expense transaction, however the cost and sale amount will be $0. You then can edit the costs within the transaction list, if required.
If a Rule was defined for a specific Supplier, an expense transaction is generated only if the task which was assigned to that Supplier and completed.
If the rule was configured for All Suppliers, it will be activated for all the tasks no matter who or which supplier is assigned, except in the case where there is other Rule configured for the specific Supplier.
If the task was assigned to a staff member, when the associated transaction is created the supplier is automatically set to 'Internal'.


View and Manage Expense Transactions

To view all transactions, navigate to Finance > Transaction tab.


By default, the transactions displayed are from the date you ran the latest Month End Statement Wizard, to the current date.

You can select a date range to view different transactions and re-sort the transaction from latest to oldest and vice versa.



Anytime you update the range of view, you are able to return to the pending period by click on “Latest Billing Period” option in time picker.




Customise the Transactions View

With so much information available but limited screen size, the default view only shows the main fields. You can customise your view by clicking on the triangle icon on the top right of the list and tick on the fields you wish to view.




You may apply a filter on many of the available columns.
  1. Every column with icon can be filtered. Click on the icon and select the value you want to filter and the system will adjust the data within the screen
  2. The default order is by date but clicking on the header of the column allows you to rearrange the list by ascending or descending values.

 


By default, all transactions viewed are 'pending', meaning they have not been invoiced yet. To view all transactions including “Invoiced” ones, select the Status column to be viewed and then apply a filter on that column.



Edit Transactions

All transactions except Daily Charges can be edited and updated via the Transaction page.
  1. In Transaction screen, select the transaction line item you want to edit
  2. Click Edit icon in Action column, the Edit Expense or Edit Credit form for the transaction opens.
  3. Update as needed.
  4. Click Save to finish.
A single expense which was created by New Expense, Syndicate Fee or Group Expense function can be edited easily. When the edit dialog shows, you can update any fields you need then click Save to finish.



When you edit the transaction date of an expense associated to a task, a dialog shows asking you to confirm because it will change the task. Click Yes to continue.


The below items in the task are able to be changed when you update the transaction:
  1. Transaction Date will take the change in Completion time of the task
  2. Supplier will change assignee in the task.

Be aware that anytime you update completion time of a task, that will automatically make a change to transaction date in the transaction associated.

Daily Charges are a special case that you can not edit directly in the Transactions screen. When you click to edit a daily charge in the Transactions creen, a window appears for you to either update the Location-Status set for the horse, or edit the Day Rate Rule. 



When you create new expense, you may create for multiple horses so Prism will create identical transactions against each horse. If you edit one transaction from this series, a message will show providing two options: “Edit this expense only” or “Edit all expenses”.
  1. “Edit this expense only”: the change will be applied for this expense only, from then it will be excluded from the series to be an individual expense.
  2. “Edit all expenses”: the change will take effect to all expenses in the series.



You are able to edit a credit note if its status is “Pending”. The majority of fields can be updated here, however, If you want to change “Charge To” from “Horse” to “Owner” or vice versa, please delete the credit note and create a new one instead.

Delete Transactions
All expenses except Daily Charges can be deleted and updated via the Transaction page.
  1. In Transaction screen, check the transaction you want to delete
  2. Click Trash icon in Action column, the confirmation will be shown.
  3. Once confirmed, the transaction is removed.
This applies for both one off expense and credit.



If you want to delete an expense associated with a task/procedure, a confirmation window displays to alert you about the associated task. Once you confirm, both expense and task are removed.


If you delete a completed task, it will delete the expense created as well. A confirmation dialog shows to notify about that. Once you confirm, both the expense and task are removed.
You can not delete a daily charge directly. If you want to delete a daily charge, Prism requires you to review the Location History of the horse and from there you can update/ delete the unwanted records. If you delete a record in Location History, related daily charges to that record will be deleted as well.



Attach Files to a Transaction

Prism also gives you the option of attaching files such as Invoices or other supporting documentations, to the Transaction.
  1. In Transaction screen, check the transaction you want to add the file to.
  2. Click Paperclip icon in Action column, Attach File dialog shows.
  3. Click + Upload File button then select the files you want to add.
  4. Click Save to finish.
The supported file format is .png, .jpeg, .jpg, .txt, .doc, .docx, .xls, .xlsx, .ppt, .pptx, .pdf

Once you get done, the paperclip changes to green. By clicking on the paperclip, you can then see the attachment you added.



Export Transactions

You can export the transaction list at any time by clicking Export CSV button. These exports can be against all transactions or you can filter the transaction and only export the ones you require.


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