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This is how to do a Journal Entry

Journals will Journals are used to process a number of entries including bank interest, fees, GST refunds/payments, transfers and some correctionscorrections. 

1

Go to the Admin menu, then clock click Journal Entry.

2

Confirm the Period and Date for the entry are correct – change if necessary.

3

In the Ref. No. field enter the journal reference number (if you want to number the journals) or include a note as to the nature of the journal (e.g. GST refund June)., if any, that applies to this journal. 

4

In the Description field, enter a brief description of what the journal is for, e.g GST refund June.

5Select

Complete the details on the first line of the journal.

  • Account - select the Account you wish to allocate funds
too
  • to.
 		6Enter the
  • Debit or Credit - enter the tax-inclusive amount in either the Debit or Credit field
7
  • .
Ensure that the
  • Tax Category
is correct and the Tax Amount
  • - ensure any default tax category that appears is correct, or adjust if required.
  • Tax - ensure the amount showing is equal to the GST on the tax invoice
(
  • or correct the tax amount to match the invoice if necessary
)
  • .
8

 Add any specific  Details if required.

Click Add Trans and Find the correct Account in the list.
Enter the Amount in either the Debit or Credit field.
Select the correct DR/CR. DR = debit and CR = credit.
Select the correct Tax Category and, if necessary, ensure the Tax Amount is correct.
Enter journal Details.

9

Continue clicking New Row until the journal is complete and the balance is $0.00.

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10

Click Hold. This will save your journal, but not submit it to the system. You can now check the journal or leave the screen and come back and edit the journal later if necessary.
Once confirmed that the journal is correct, click Save.

Not sure if we need these or not, they were on the old page so brought them over. 

Bank Interest/Fee Entry

Cash Management Facility distributions (interest), local bank interest and fees will appear on your statements from time to time. These are to be entered via journal entry.

If it is an interest deposit, the journal will take the following form:
DR: Relevant bank account.
CR: Local church income account.

If it is a fee payment, the journal will take the following form:
DR: Local church expense account.
CR: Relevant bank account.

Bank Account Transfers

Any transfers between bank accounts must be processed with a journal entry. The account which the money was deposited into will be a debit, and the account which the money was taken from will be a credit.

GST Refund/Payment

GST refunds or payments will appear on your CMF Statement – a deposit for a GST refund and a payment for GST payments. These entries should be entered by journal entry.

When completing this entry, it is important to refer back to the relevant month's GST Report. The amount on your CMF statement may be a net figure from GST collected and GST paid, and the journal will need to reflect both sides of the calculation.

The journal entry will take the following form:
DR: Cash Management Facility, with a tax category of ‘Not Applicable’, IF a deposit
CR: Cash Management Facility, with a tax category of ‘Not Applicable’, IF a payment
DR: Tax Collected, with a tax category of ‘Return/Refund’, if any
CR: Tax Paid, with a tax category of ‘Return/Refund’, if any

123 Church Example

The monthly GST Report of 123 Church had GST Collected of $200 and GST Paid of $250, giving a net GST Refund of $50, which is listed as a deposit on the Cash Management Facility statement.

...

  • Details - enter a brief description of this transaction line.
6

Continue adding lines to the journal by pressing Tab at the end of the line, or by clicking New Row and then completing the details. 

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7

When all the journal lines have been entered and it is ready to be posted, click Save. This will post the journal to the ledger and it is no longer able to be edited. 

Alternatively, if the journal is not ready to be posted, click Hold. This will save your journal as being in progress, but not post it. The journal can be located in the Journal Search screen by choosing "Yes" on the In Progress filter.