Journal types (setup)

Journals ››
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This option allows you to create journal to capture and enter your transactions. The Sales, Purchases, Receipts, Payments and General journal are standard defaults.

You can create any additional journals by adding them to this list. If you have more than one Bank account, you need to create a payments and receipts journal for each one. If you were initially short of journal types, you may enter additional journal types to accommodate your reporting requirements. These will not be retroactive, so thorough setting up is preferable.

JOURNAL TYPES

Lookup Type

Contra account lookup type

DEBIT /CREDIT

Sales journal

Customer

General ledger

Debit

Sales returns

General ledger

Customer

Credit

Purchases

General ledger

Vendor

Credit

Purchase returns

Vendor

General ledger

Debit

Payments

All

All

Debit

Receipts

All

All

Credit

General journal

All

All

Allow both (Debit / Credit)


You can also set the journal defaults to reduce incorrect capturing of transactions. For example, in a Sales journal, only debit entries may be entered. Journal defaults such as “contra accounts”, “contra account per line”, “inclusive” (of VAT/GST/Sales Tax) or “exclusive” capture and increment reference numbers, and can only be set from within the journal.

The setting of the defaults will be discussed in later Chapters. The new features, which have been added to configure journals, may be taken into account when you need to create or add your journal types. This will enable faster and more accurate processing of transactions.

Some of these features are:

No Tax - You may now hide the tax column and the Tax Code lookup facility if you are not registered for VAT/GST/Sales Tax or if VAT/GST/Sales Tax is not applicable to all transactions in the journal.

Lookup filters - You may now select to show all Accounts or only General ledger, Customer or Vendor accounts.

Contra account per line - easier processing of transactions with this setting. Contra accounts are now visible in the Contra account column.

Journal types are the journals in which you will enter (capture) the source documents of your transactions. You may enter all your invoices in the sales journal, deposits or receipts in the receipts journal, checks or payments in the payments journal, etc. After you have entered, your transactions from the source documents, you need to check them and post or update these journals to the ledger.

To add a Journal type:

1.Click on the Setup → Journal types.

2.Select a Journal type on the Description list. A blank line will be inserted above the selected Journal type.

3.Enter the name for the new journal type.

4.Click on the Close button.

You may select any journal and click on the Edit button to do the Journal setup or press F2 or click on the F10:Setup icon on the Journal entry screen.

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