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Overview

Journal entries are the logging of business transactions and their monetary value into the Chart of Accounts of the accounting journal as either debits or credits.

Journal entries are usually backed up with a piece of paper i.e. a receipt, a bill, an invoice, or some other direct record of the transaction, making them easy to record and to maintain traceability for each transaction. Many companies perform journal entries at month end, e.g. The transfer of Interest Charges for your Hire Items to an Interest account. These transactions can be completed using the Journal Entry screen.

Entering a Journal:

• Select the required date (The default date will be today's date. This can be amended if required )
• The Journal Entry number will be automatically allocated.
• Select the Account from the drop-down menu (COA)
• Debit this Account by entering the amount to be debited into the Debit (Ex) field
• Tab to create a new line, then select the Account to be credited.
• Credit this Account by entering the amount to be credited into the Credit (Ex) field
• Select Save
• Press tab until a new line is created and the cursor is in the Account Name field to create another entry

Input (Purchase) Output (Sale)

The entry indicates the two aspects of the transaction, the 'debit' and the 'credit', as well as the ledger accounts to be charged for the purpose of Tax

• Select from the Show on Tax Report as Field
• Input (Purchase)
• Output (Sale)

Memorised Transactions:

If you wish to memorize this transaction you can right at the top right of your Journal entry screen. Right Click and a new screen will appear.

Enter into this Screen the Frequency you require for this transaction. The options are Day (Daily), Week (Weekly), Month (Monthly)

A further set of options is available from this screen from which you can choose to move payments forward or backward should your transaction date fall on Saturdays or Sundays or Holidays.

You can also set the START date and Finish date for recurring transactions.

• A message stating how many memorized journals have been created
• Click OK on this message

View Memorised Transactions

You can View Memorised Transactions from the GENERAL tab and selecting the MEMORISED TRANSACTION LIST button.