FastTrack360 Version 12 Online Help
Finance Integration Overview
- Fiona Sims
The Finance Integration module allows financial transactions and related data to be exported out of FastTrack360 so that the data can be imported into a third-party finance system.
The Finance Integration module uses a batch process to group the data that is to be exported. The exported data is written to one or more export files, which can then be imported into the relevant financial system. One export file is generated for each type of data that has been exported in a Finance Integration batch.
The following types of items can be included in a Finance Integration batch:
debtor
wages
unpaid wages sales
un-invoiced sales.
Each of these export types are described below.
The Finance Integration module can be configured to export all or some of the abovementioned types of data according to the financial reporting requirement of your business.
Debtors Export
A Finance Integration batch can include data about the debtor entities that are configured in the FastTrack360 Billing module and are linked to any of the finance transactions that are exported in a batch.
If the Finance Integration module is configured to export debtor data, data about a debtor will be included in a Finance Integration batch if any of the following conditions apply:
the Debtor record is flagged as active in the system and has not been exported previously
the Debtor record is flagged as active or inactive in the system, has been exported previously and any of the previously exported details of the record have been updated.
For more information about the standard debtor data that is exported by the Finance Integration module, see Debtor Export File Format.
Wages Export
A Finance Integration batch can include financial transactions that are generated as a result of processing pay batches in the FastTrack360 Pay module.
The table below shows a breakdown of wage transactions that are exported by the Finance Integration module for the payroll country of Australia.
Type | Debit | Type | Credit | Type |
|---|---|---|---|---|
Wage | Pay Item - Ordinary | Profit Loss | Net Wages (Inc GST) | Balance Sheet |
Pay Item - Overtime | Profit Loss | Tax | Balance Sheet | |
Pay Item - Allowance | Profit Loss | Deductions | Balance Sheet | |
Pay Item - Reimbursement | Profit Loss | GST | Balance Sheet | |
Pay Item - Leave | Profit Loss |
|
| |
Termination | Profit Loss |
|
| |
GST | Profit Loss |
|
| |
Leave | Accrual | Profit Loss | Accrual | Balance Sheet |
Wage Costs | Superannuation | Profit Loss | Superannuation | Balance Sheet |
WorkCover | Profit Loss | WorkCover | Balance Sheet | |
Payroll Tax | Profit Loss | Payroll Tax | Balance Sheet | |
Employee Benefits | Employee Benefits | Profit Loss | Employee Benefits | Balance Sheet |
Pay Oncost | Pay Oncost Name | Profit Loss | Pay Oncost | Balance Sheet |
The table below shows a breakdown of wage transactions that are exported by the Finance Integration module for the payroll country of New Zealand.
Type | Debit | Type | Credit | Type |
|---|---|---|---|---|
Wage | Pay Item - Ordinary | Profit Loss | Net Wages (Inc GST) | Balance Sheet |
Pay Item - Overtime | Profit Loss | Tax | Balance Sheet | |
Pay Item - Allowance | Profit Loss | Deductions | Balance Sheet | |
Pay Item - Reimbursement | Profit Loss | GST | Balance Sheet | |
Pay Item - Leave | Profit Loss |
|
| |
Termination | Profit Loss |
|
| |
GST | Profit Loss |
|
| |
Leave | Accrual | Profit Loss | Accrual | Balance Sheet |
Wage Costs | KiwiSaver | Profit Loss | KiwiSaver | Balance Sheet |
ACC Employer Levy | Profit Loss | ACC Employer Levy | Balance Sheet | |
Pay Oncost | Pay Oncost Name | Profit Loss | Pay Oncost | Balance Sheet |
Profit/loss transactions are debits except if the transaction amount is negative, in which case the transaction amount is a credit.
Balance sheet transactions are credits except if the transaction amount is negative, in which case the transaction amount is a debit.
Pay and bill oncost transactions will only be exported if the corresponding oncost header is flagged for inclusion in Finance Integration exports (for more information, see How to Create a Pay Oncost Header and How to Create a Bill Oncost Header).
Balance sheet wage transactions are never linked to a job order. Profit/loss wage transactions may have a link to a job order where they are derived from a job in the FastTrack360 system. However, in some circumstances profit/loss wage transactions will not be derived from a job and will therefore have no link to a job order. The conditions under which a PL wage transaction will and will not be derived from a job order are described below.
Wage Transaction Type |
|
|---|---|
Pay Item (ordinary, overtime, allowance, reimbursement) | There will be a link to the corresponding job unless the item is added as a manual pay item in a pay batch. |
Pay Item - Leave | Where the leave item originates from an absence keyed into a timesheet, there will be a link to the corresponding job except where the timesheet is a standard rates-based timesheet. Where the item originates from a Leave Request submitted via the Leave portal, there will be no link to a job. |
Termination | There will be no link to a job. |
GST | There will be no link to a job. |
Leave Accrual | There will be no link to a job. |
Superannuation | Where the superannuation has an accrual type other than Fixed, there will be a link to a job except if the accrual was on a manual pay item. Where the superannuation has accrued based on a fixed amount, there will be no link to a job. |
WorkCover | There will be a link to a job unless the cost was incurred against a manual pay item. |
Payroll Tax | There will be a link to a job unless the cost was incurred against a manual pay item. |
Employee Benefits | There will be a link to a job unless the cost was incurred against a manual pay item or accrued based on a fixed amount. |
Pay Oncost | There will be a link to a job unless the oncost applied to a manual pay item. |
KiwiSaver | There will be a link to a job unless the cost applied to a manual pay item. |
ACC Employer Levy | There will be a link to a job unless the cost applied to a manual pay item. |
For more information about the standard wages data that is exported by the Finance Integration module, see Wages Export File Format.
Leave Transactions
As part of a wages export, the Finance Integration module exports leave accrual transactions that post the cost of leave accrued or banked in the pay batch or batches that are being exported.
Leave transactions are only exported if the corresponding leave type is an accruable leave type (i.e. the Accrual flag is enabled on the leave type).
Unpaid Wages Export
Unpaid wages represent amounts that have been invoiced but are yet to be paid to a payee. This data is only exported based on the scenario where at the time of export there are timesheets that have bill results that have been billed but are yet to be paid. The common scenario for this is where the pay / bill cycles are not aligned such as, for example, where the pay cycle is fortnightly and the billing cycle is weekly.
Once the wages have been paid Finance Integration generates a reversing journal to reverse the accrual so that the wages will be posted to the relevant wages/cost accounts.
The table below lists the transactions types that are exported when unpaid wages are included in a Finance Integration batch.
Transaction | Transaction Type |
|---|---|
Unpaid Wages | Profit/Loss & Balance Sheet |
Unpaid Wages Reversal | Profit/Loss & Balance Sheet |
As shown in the table above, unpaid wages transactions are reversed by corresponding balance sheet and profit/loss reversal transactions. Such transactions are generated when the corresponding timesheet items are paid in a pay batch and are therefore exported by the Finance Integration module when the relevant pay batches are exported in a Finance Integration batch.
Unpaid wage reversal transactions are automatically included a Finance Integration batch in which wages are exported if any of the wage transactions included in the batch reverse unpaid wage transactions that have been exported in a prior Finance Integration batch. For example, if you export a Finance Integration batch that includes wage transactions only, the batch may generate two separate export files whereby one export file contains the wage transactions and the other export file contains the unpaid wage reversal transactions triggered by the export of the wage transactions. Therefore, it is not necessary to process a separate unpaid wages export batch to export the reversal transactions after the corresponding wage transactions have been exported.
For information about the standard unpaid wages data that is exported by the Finance Integration module, see Unpaid Wages Export File Format.
Sales Data Export
Sales data represents information about invoices and credit notes that have been created and closed via the FastTrack360 Billing module.
If sales data is included in a Finance Integration batch the sales export file, if the standard export file format is used, will group sales transactions by invoice number and invoice item ID. That is, for each invoice there will be one line in the export file representing the invoice header, followed by one line per invoice item that belongs the invoice, followed by a rounding line if rounding discrepancies exists. That means that there will be multiple lines within the export file that reference the same invoice.
The table below describes the sales transaction breakdown.
Type | Invoice Header | Invoice Item | ||
|---|---|---|---|---|
Temporary/Contract | Biller Accounts Receivable Account (Timesheet Based Invoice Account Group) | Biller Income Account (Timesheet Based Invoice Account Group) | Biller Tax Account (Timesheet Based Invoice Account Group) | Bill Code Profit Loss Account |
Permanent | Biller Accounts Receivable Account (Non-timesheet Based-Perm/Service Account Group) | Biller Income Account (Non-timesheet Based-Perm/Service Account Group) | Biller Tax Account (Non-timesheet Based-Perm/Service Account Group) | Bill Code Profit Loss Account |
Master/Vendor | Biller Accounts Receivable Account (Non-timesheet Based-Vendor/Supplier Account Group) | Biller Income Account (Non-timesheet Based-Vendor/Supplier Account Group) | Biller Tax Account (Non-timesheet Based-Vendor/Supplier Account Group) | Bill Code Profit Loss Account |
For more information about the standard sales data that is exported by the Finance Integration module, see Sales Export File Format.
Un-invoiced Sales Export
Un-invoiced sales data includes financial transactions that are generated as a result of paying timesheet items that are yet to be invoiced. This data is only exported based in the scenario where at the time of export there are timesheets that have pay results that have been paid but are yet to be billed (i.e. the timesheet items do not appear on a closed invoice). The common scenario for this is where the pay/bill cycles do not align such as where the pay cycle is weekly and the billing cycle is fortnightly.
Once the invoice has been raised Finance Integration generates a reversing journal to reverse the accrual so that the invoice will be posted to the relevant income accounts.
Un-invoiced sales reversal transactions are automatically included in a Finance Integration batch in which sales are exported if any of the sales transactions included in the batch reverse un-invoiced sales transactions that have been exported in a prior Finance Integration batch. For example, if you export a Finance Integration batch that includes sales transactions only, the batch may generate two separate export files whereby one export file contains the sales transactions and the other export file contains the un-invoiced sales reversal transactions triggered by the export of the sales transactions. Therefore, it is not necessary to process a separate un-invoiced sales export batch to export the reversal transactions after the corresponding sales transactions have been exported.
For more information about the standard un-invoiced sales data that is exported by the Finance Integration module, see Un-invoiced Sales Export File Format.
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