Click on the Finance tab in the navigation pane, where you will see a variety of financial statements.
Click on General Journals. It is used to post to:
- General Ledger accounts
- Bank accounts
- Customer accounts
- Vendor accounts
- Fixed Asset accounts
Click on the ellipses and click Edit Journal.
To add a new entry:
- Start by adding the Posting Date. Work date is added by default, however you can alter it if needed.
- The Document Type can be set to Payment or Invoice or CR/Adj Note or Finance Charge Memo, Reminder or Refund.
- Leave the default Document No. as this will be automatically generated.
- The Account Type can be set to G/L Account or Customer or Vendor or Bank Account or Fixed Asset or IC Partner or Employee.
- If you know the account you wish to use based on the (Account Type), you can type it in Account No. field or select it using the ellipses.
- The other fields such as the General Posting Type, Gen. Bus. Posting Group and Gen. Prod. Posting Group will be populated automatically into the G/L Accounts.
- Let’s say the Amount purchased will be a $100 GST included.
- When you are ready to post the document, you can run a test report to ensure no errors exist that will block the posting.
In this example, the report says that the balances are off by $100. The posting will fail in this case. So we can take corrective measures in this case and make sure that balance is 0. Now there are two ways to balance this account:
- One way is to enter a new line using a cash account number and then by adding the dollar amount as negative figure. This will make the Total Balance go to 0.
- The second option is to use the cash account as Balancing Account on the same line (instead of adding a new line).
- Once you are done entering the journal line, click Post.
NOTE: Remember when you enter information in a journal is temporary and can be changed while it’s in the journal. However, once you post the journal, the information is transferred to entries into individual accounts where it cannot be changed. You can perform other actions like, Un Apply Entries or post Reversing or Corrective entries.