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Journals

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    Posted: 25-Jan-2007 at 00:45

Journals are used to make adjustments to accounts in the GL and to enter the initial balances. Most of the journals are entered automatically from the primary system once trading has commenced.

 
When the GL is first set up it is important to get a trial balance from your accountant with the closing values for the last period. The figures from the trial balance should be entered as a journal with the Journal Date set to that specific date. This journal can be entered after trading has commenced if the figures are not initially available, providing the correct initial journal date is entered.

The ID defaults to an incrementing number for each journal. This can be edited but is normally best left as a unique journal number. The ID will repeat on each subsequent line until changed.

The Reference is a description of the journal entry and should explain its purpose. Reference will repeat on each subsequent line until changed.

The GL Code should then be entered. Where a partial code is entered, a list of all matching codes will be displayed. Alternatively, enter some characters from the description and all matching GL Codes will display.

Journals will only update if the total debits are equal to the total credits. To update, select OK F10. To cancel all changes and clear the screen select Cncl F9.

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