To prepare monthly financial reports you may need to process a number of journals to allow for accruals and correct the coding of some transactions.
It is recommended that the ID is the date plus the initial of the person entering the Journal. The description should describe the purpose of the journal.
A Recurring batch can be set up if the same batch is going to be posted every week or month. Once posted the batch recreates itself ready to be posted again. This is often used for the weekly wages journal.
An Accrual batch will automatically reverse itself the next day.
A Journal can be posted without selecting either tick.
Each side of the journal must be entered. The batch will only be available to Post once the Debits and Credits balance to 0 and dates for these Debits and Credits are the same.
Once you have entered the debits and credits, select the F11 function and add a note describing what the journal is for. This note will then be included in the transaction reports for the Accountant.
To check the Journal has been entered correctly before posting, the Profit and Loss Reports, Balance Sheet and Trial Balance reports all have the option to Include Unposted Transactions.
When ready, Post the Journal.
NOTE: Always print the journal and file it with any supporting documentation.
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