Journal Entries.

Journal Entries.

Journal Entries

 
The journal entries provide a convenient method of entering non-cash entries into your accounting system.
These entries will not affect Cashflow-based reports or Cash Basis GST reporting but will be included in the 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: Journal entries are made as batch entries where total debits for line items in the journal entry must equal total credits
 

To Create/Maintain 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

Add Journal Entries

  • In the Journal Entries screen, click Add
 
  • 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:
    • Detail - description up to 25 characters (optional)
    • Account code - select from the drop-down list
    • Enterprise code - select from drop-down list
    • Quantity - optional
    • Debit or Credit amount
    • GST amount, if applicable
    • Tab to the end of the line or press the <down arrow> key to add more line entries
    • Click the Exclude these entries from BAS checkbox if journal entry has no GST component
    • Click the Auto-Reverse checkbox if you wish to mark the entry as auto-reversing
    • The "GST Override" options for No GST or Manual GST
  • Note: entries must balance - i.e. total debits must equal total credits
  • 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.

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 Edit
  • Make changes
  • Click OK to save
  • Click Close to return to the main menu

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 Delete
  • Click Yes to Confirm message: "Delete whole journal entry? There are 2 parts to this journal entry. All will be deleted."
  • Click Close to return to the main menu
 

Article ID 1533