• Rural Community

    Journal transactions

    Journal transactions haven't happened at the bank however, the client needs to claim GST.

    Below are the types of journal entries that our clients regularly enquire about and how they can be recorded in Cashmanager.

    Personal funds used to pay for a business related item.

    0_1499053546398_30f3e48b-c582-4ac3-b855-f0d641e8dc7b-image.png

    1. Create an Income transaction.

    2. Enter the date the purchase took place.

    3. Leave the Amount as $0.00 - no money has passed through the farm account.

    4. Allocate a category and extended code for the introduced amount.
      Make sure the GST type is P.

    5. Enter the GST incl. amount that was paid from the personal account.

    6. Enter any other information i.e. quantity, financial year or note.

    7. Click OK to create a new line.

    Repeat steps 4 - 6 for the second line making sure to code it to a farm expense with GST type B.
    The Code amount will default to the same amount as the first line to balance the transaction back to $0.00.

    Click OK to complete the transaction.

    NOTE: The second line will be the opposite of the first i.e. an expense where the first was income.

    0_1499052967753_5515df7d-03a4-44c7-ba7d-8636b101a7ed-image.png


  • Comments

Log in to reply

Looks like your connection to CRS Community was lost, please wait while we try to reconnect.