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For instance, if an accountant opts to manually record a business transaction, the balance sheet might appear correct, but issues could arise when generating reports. Manually entered data may not update the registers, leading to discrepancies between the turnover data in accounting accounts and the data in regulated reports submitted to authorities. Reports are generated based on database registers, not postings, so manual entries might not be accurately reflected.
Special Consideration for Month-End Closing and Financial Results Calculation:
Please note that transactions entered through the Transactions (General Ledger) document do not participate in the month-end closing procedure. The system will not automatically close expense accounts, transfer balances, or calculate cost of goods sold for entries created using this document.
In such cases, if you have recorded transactions using this document, you will need to manually close them as well. This requires careful attention to ensure that all necessary adjustments are made before finalizing the month-end process.
Standard configuration documents typically handle most common transactions, ensuring proper movement in accounting registers.
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