Current account

Step by step

1. 1Select the contact that actually paid or received the money. A role such as shareholder or director does not replace that choice.
2. 2Check that an active current-account link and suitable ledger account exist for this contact.
3. 3In Sales or Purchases, choose current account and select the intended shareholder and their administration under Who should this be settled with? This is separate from the customer or supplier. A shareholder of a linked administration is settled through that administration.
4. 4Choose Account of linked administration when money was received or paid through its bank or cash account. New administration links are configured immediately. Review an existing incomplete setup under Settings → Current account; these settings are available for every legal form with the required permissions. If several routes are available, explicitly choose the intended route.
5. 5When the route involves a linked administration, review every administration and contact involved before posting.
6. 6After posting, review the current-account balance and agree how and when it will be settled.
7. 7Choose Record interest at a current-account position. Enter interest receivable and payable (0 is allowed), or choose Calculate interest. Select the period, annual rates for receivables and payables and the year basis: 365, 360 or the actual calendar year. Both dates count; movements count from their posting date. The calculator reads the current-account currency, so currency remeasurements do not increase the interest basis.
8. 8Select the interest account for each applicable side. For foreign currency also enter the conversion to the accounting currency. Check the calculation and journal entry and confirm. Interest is posted only in the administration you opened; for another company, record the counterpart there.
9. 9Historical current-account edits do not automatically change recorded interest. Open the interest entry in Current account, recalculate and edit the same journal entry. You can also edit or delete the ordinary journal entry. Closed-year and existing currency controls still apply. After an ordinary edit, the interest page identifies the saved calculator as belonging to an earlier revision.

What is on the screen?

• Contact and administration involved
• Current-account ledger
• Date, amount and currency
• Active balance and permitted direction

What happens next?

The underlying invoice, purchase or other posting retains its own customer or supplier; the current account separately shows who advanced or received the payment. After a link ends, an existing balance may only be reduced and cannot silently be increased or cross through zero.

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