Creating a General Journal Entry

The General Journal is designed to facilitate the movement of money from one account category to the other without impacting on the bank reconciliation process.

Typically this is used when populating account categories in the initial stages of financial records setting up but it can also be used to reduce a liability by the transferring of assets or expenses such as takes place in the grant acquittal process.

To create a General Journal entry click Add+ in the page menu, enter the date you wish to entry to take place and a comment (optional) to describe the purpose or reason for the general journal entry.

Click the Add button on the form and select the category of where the asset or expense item is moving from then choose whether that account is to be Debited or Credited and the amount involved. The Comment is optional.

Click Save. You have now completed the first half of the process. You now need to add the balancing transaction.

Click the Add button once again and this time enter the Account Category which relates to where the money is either being moved to or from (depending on the first entry). The Debit/Credit selection will be the mirror of the previous entry. The amount appearing must either be equal to that previously recorded or you will need to enter multiple entries until the Credit entries balance with the Debit entries. At this point you can Save the General Journal entry.

Back on the main form, click Save.

Entries made in the General Journal do not impact on the Bank Reconciliation process but are reflected in the Profit and Loss and Balance Sheet reports