Journal Entries.

Journal Entries.

Journal Entries

Note: Journal entries are only available in level 3 & 4 of Cashbook.
The journal entry function provides a convenient method of entering non-cash entries into Cashbook.

These entries will  not affect  Cash Flow based reports or Cash Basis GST reporting but  will be included  in Profit & Loss statements and Assets & Liabilities reports as well as Accrual Basis GST reports.
Typical uses would include recording depreciation, end of year adjustments, accrued expenses, asset revaluations, etc.
Use of the journal function is optional and will probably  only be used by experienced bookkeepers and accountants .
Note: That journal entries are made as batch entries where total debits for line items in the journal entry must equal total credits.
** Note again: We do not encourage journal entries and you should check with Accountant before entering.
 
To Add/Edit and Delete Journal entries:
  • Click on  Transactions  >  Journal Entries (Non-Cash) , or click on the  Journal  icon on toolbar
  • A list of previously entered journals will be displayed 
At this point, the options available are:
  1. Add journal entries
  2. Edit previous journal entries
  3. Delete a journal entry 

Step 1. Add Journal Entries

  • In the Journal Entries screen, click on the  Add  button
 
  • Complete the following header fields:
    • Date
    • Reference
    • Description
  • Tick  Repeat Detail  check box, if you wish to repeat the journal description on subsequent line entries during the session
Complete the following detail fields for each line of the journal entry:
  1. Detail - description up to 25 characters (optional)
  2. Account code - select from the drop-down list
  3. Enterprise code - select from drop-down list
  4. Quantity - optional
  5. Debit or Credit amount
  6. GST amount, if applicable
  7. Tab to the end of the line or press the <down arrow> key to add more line entries
  8. Click the Exclude these entries from BAS checkbox if journal entry has no GST component
  9. Click the Auto-Reverse checkbox if you wish to mark the entry as auto-reversing
  10. The "GST Override" options for No GST or Manual GST 
    Note: Entries must balance - i.e. total debits must equal total credits
  11. Click on the OK button to save the entry
For Example: Depreciation of Motor Vehicle. (Depreciation is a reduction in the value of an asset over time, due to wear and tear.) 
 

Step 2. Edit journal entries:

  • Click on the Journal icon on toolbar
  • Click on the journal entry you wish to edit/change. (Will be highlighted when selected.)
  • Click on the  Edit  button
  • Make changes
  • Click on the  OK  button to save
  • Click on the  Close  button to return to the main menu

  Step 3. Delete a journal entry:

  • Click on the Journal icon on toolbar.
  • Click on the journal entry you wish to delete. (Will be highlighted when selected.)
  • Click on the  Delete  button.
  • Click  Yes  to Confirm message: "Delete whole journal entry? There are 2 parts to this journal entry. All will be deleted."
 
  • Click on the  Close  button to return to the main menu.

Article ID 1533