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Record journal entries

To record journal entries

Open: Nominal Ledger >Enter Transactions > Journal Entry.

1. Select New journal entry to create a new journal for your entries, or select Use template to create a new journal based on a saved template.

If you select Use template, select the template to use from the Journal template list.

2. Specify the Journal title. This must be unique.
3. Enter the Journal date. This is the date the journal will be posted.
4. Select the posting option:
• Single entry journal.
• Recurring entry journal.
• Click Details and enter the recurring dates in the Recurring Dates window.

  1. In the Recurring Dates window, enter the number of dates you want the journal to recur in Number of recurrences. This automatically calculates and displays recurring dates for you. Postings for dates that fall into future periods will be held in the deferred postings until those periods are subsequently opened.
  2. To edit any of the dates, click on the date and amend it as required.
  3. To accept the displayed recurring dates, click Close.
• Reversing entry journal.
5. Click in the Journal transactions area and the first journal line appears.
6. Enter each transaction's details into the journal:
• A/c No., CC, Dept: Select the required nominal account, including the cost centre and department.
• Account Name: Select the required nominal account name.
• Type: Accounts selected for postings in the journal entry routine can be either posting accounts or memo accounts. If you choose a memo account, the value entered will not be included in the double entry totals. This enables you to analyse one journal entry in several ways without affecting the balance of the Nominal Ledger.
• Narrative: This defaults to the reference entered for the whole entry, but you can replace it on the actual posting.
• Transaction analysis: Use this column to enter a transaction analysis code (if transactional analysis is enabled in the Ledger Settings).
• Tax Type: If a journal entry does not include tax, then the tax type for all postings should be left as N/A. If the journal entry is taxable, the type will depend on the particular posting you are entering.
• Tax Code: This is the Tax rate code number (from your tax rate table). This specifies the tax rate to be applied to this transaction.
• Debits and Credits: Each posting will require a value to be entered. The value can either be a debit or a credit (but not both). In both cases, the value is positive, i.e. you do not need to enter a minus sign to indicate a credit item.
7. To commit the journal to the ledger, click Post.

To suspend the journal until required, click Hold.

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