Finance Journal Entries
Users can check on the journal entries in different transactions by selecting the Journal tab.
BANK TRANSACTIONS
This is where adjustments in bank will be created. For example, owner’s deposit and withdrawal, bank interests, and bank transfers.
Journal Entry – Adjustment (Flow +):
Dr Cash In Bank (specific account selected in the Bank Account)
Cr Account (selected during creation of Bank Adjustment Type)
Journal Entry – Adjustment (Flow -):
Dr Account (selected during creation of Bank Adjustment Type)
Cr Cash In Bank (specific account selected in the Bank Account)
Journal Entry – Bank Transfer (Bank A to Bank B):
Dr Cash In Bank (specific account selected for Bank B)
Cr Cash In Bank (specific account selected for Bank A)
PAYMENT ENTRIES
This is where Advances to Suppliers and Customer Deposits are created.
Journal Entry – Advances to Suppliers
Dr Advances to Suppliers
Cr Cash In Bank (specific account selected in the Bank Account)
Journal Entry – Customer Deposits
Dr Undeposited Funds
Cr Customer Deposits
DEPOSITS
This is where Undeposited Funds are deposited to specific Cash In Bank accounts. Bank charges and CWT are also considered if applicable to the specific payment mode.
Journal Entry
Dr Cash In Bank (specific account selected in the Bank Account)
Dr Bank Charge
Dr Creditable Withholding Tax
Cr Undeposited Funds
Related Articles: Journal Vouchers