I'm sure you've all had the situation where your nominal account changes from an asset to a liability and now you need to reflect this accurately in Silverfin. Luckily for you, we've got your back and have a template to make this process quick and painless.
The flip codes templates does what the name suggests...it flips the (nominal) codes! If this template has been added to your workflow/is already part of your workflow, it will populate with the relevant suggestion on the nominal codes to be debited and credited to get your books in order.
When there are no suggested adjustments, the template will look like this:
When there are suggested adjustments, these will be automatically populated in the template in 1 of 2 ways:
1) The 2 nominal accounts are known/thought to be known: in this instance, the suggested nominal accounts to be debited and credited will be reflected.
2) The template recognises an asset in the credit position or liability in the debit position but doesn't know both sides of the adjustments. In this instance, the one side of the adjustment will be reflected and the user must select the appropriate contra account when posting the adjustment.
Please note: The adjustments reflected in this template are merely suggestions. They will never be posted for you automatically, and require the user to go into the template and click 'Post adjustments':
Clicking this will lead you to the standard adjustments page, where you can edit the proposed adjustment (if the account suggested is not relevant) and/or add the relevant contra account.
As is the case with all adjustments in Silverfin: Adjustments will NOT be posted back into the bookkeeping system. Please read this article for further guidance.
We hope you find this template handy...we think it's flipping cool ;)