Financial Transactions

The Financial Transactions menu in Accounting & Finances provides forms for common accounting entries.

Check the date, amount and selected accounts. These forms record the accounting effect; recording a payment in PiggyZen does not send money through your bank.

Investments and transfers

• Business investment: records funds introduced into the business against the selected investment and money accounts.
• Money transfer: moves value between accounts. Use this for transfers between your own money accounts, rather than recording income and an expense.

Loans

Loan records the amount received and the loan liability. Pay loan reduces the selected loan balance using the paying account.

Add interest to loan increases the loan balance and records an interest expense. PiggyZen does not calculate the interest for you. If a repayment includes interest, make sure the interest has been recorded appropriately; do not treat the entire amount as a new expense.

Sales tax payments

Pay sales tax records a payment from a money account against the selected sales tax account. It settles a recorded liability; it does not calculate a return or submit information to a tax authority.

Assets

Use Purchase asset (cash) when paying immediately, or Purchase asset (bill) to create a bill for an asset bought on credit. The cash form transfers the entered amount to the asset account; it has no separate sales-tax calculation.

Depreciate asset records depreciation against the selected accumulated-depreciation and expense accounts. Enter the amount supplied by your accountant; this form does not maintain an automatic depreciation schedule.

Inventory and foreign exchange adjustments

Sell inventory transfers the entered value from inventory to the receiving money account. It does not create an invoice or separately record sales revenue, profit or sales tax. For a normal customer sale, use an invoice or Other Income.

Foreign exchange adjustment adjusts a money account against the selected FX Gain / Loss account. Use the amount and sign agreed with your accountant; updating a saved exchange rate in Settings is a separate action.

Dividends

Declare Dividend reduces retained earnings and creates amounts payable for the dividend and its tax. The current shortcut uses a fixed 20% tax calculation. This is how the form works, not a determination of the tax that applies to your business. Confirm its suitability with your accountant before using it.

Pay Dividend records the payment from the selected money account against dividends payable. Declaration and payment are separate entries.