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This screen is where you would enter journal
entries that are not automatically created by the accounts payable or
payroll functions.
You will notice that the General Journal is the
default journal to enter journal entries.
You can select another journal that you setup to enter
transactions in if you want. There
is a selection for accounting method type to select either this is a
cash or accrual type of accounting transaction.
The accrual transaction will go into the GL transactions
database while the cash type transactions will go into the GL cash
transactions database.
The date of the GL transaction will default to
the current date. You can
change the date to any date in the future or you can backdate the
transaction to the last time you closed the general ledger module.
The closed date is also displayed on this screen.
You chose to enter a standard journal entry or a
recurring entry. If you
select a recurring entry you can select from a list of previously
setup journal entries. To
add line items to your journal entry just select the account you want
to post to and enter the appropriate debit or credit.
All journal entries must balance out to zero.
That means that the debits must equal the credits.
Select the post button to save the transaction or you can
choose the save as recurring button to use this transaction again.
CASH Basis vs. ACCRUAL Basis
This accounting system can report on both cash
and accrual basis for it accounting reports.
Essentially you can run either type of report at anytime.
The tax regulations let businesses figure their taxable income
on a cash basis, rather than on the accrual basis.
Cash basis accounting can result in the postponing the payment
of income tax, although it ordinarily does not reduce the total amount
of income tax over a period of years.
Review GL Journal Entries
This screen allows you review all the journal
entries in your general ledger system.
Notice that on the top of the screen you can either select the
accrual or cash basis transactions.
Inside BUSINESSWARE there is two separate accounting systems.
To review journal entries, just select the account you want to
review and the system will produce a list of journal entries for that
account. To look at
the detail for that journal entry just double click the entry.
When you review the detail of a journal entry you can
at that time delete or reverse that journal entry. You can only delete journal entries that are dated
after the last close date. You
can not delete journal entries in a previously closed period.
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