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Journals

Journals

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Journals

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Journals are what we use to transfer money from one account to another.

For example this may be a transfer from your Current Bank account to a Depostit Bank account. Or it could be to correct a mistake, say you paid a sales invoice as Cash when it was actually paid by Credit card, we could then create a Journal from the Cash In-Hand account to the Cards In-Hand account.

A more complicated example is what to do when a Sales Invoice is to be used for a credit against purchases invoices (eg: When a Warranty Sales Invoice is to be set off against parts purchase invoices)

1. Create the Sales Invoice for the appropriate amount and put on account to the Contact (Eg: Kawasaki / Yamaha). Note if the supplier only gives a percentage of your selling price or cost you can set up a price level for that Contact. This parts is normally done by the Workshop Manager

2. When you are ready to allocate the amount against the purchases select: Contacts / Payments and pay the above invoice by the payment method In-Hand Contra’account (Make a note of the amount). If the amount needs to be changed you can create another invoice or credit for the difference. This will increase the In-Hand-Contra’balance

3. Then select Accounts / Journal and create a Journal entry for the above amount from the In-Hand-Contra’account to the Contra account’This will reduce the In-Hand-Contra’balance will increase the Contra’balance

4. Then select: Accounts / Purchases / Payments and create a Pre-Payment for the Contact (Eg: Kawasaki/ Yamaha) from the Purchase Contra account. This will reduce the Contra’balance should leave a credit on the contactaccount

5. When paying purchase invoices also allocate the credit above to reduce the amount you are paying.