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VT Transaction+

Navigation: Entering transactions (including opening balances)

Journals

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A journal is a general purpose transaction entry method. A single journal can be used to make an unlimited number of entries to any combination of accounts, including accounts in the customer and supplier ledgers.

Journals are normally used for non-routine transactions such as accruals, prepayments, depreciation, and adjustments.

There are three methods for entering journals:

Classic style

This is the normal journal entry method. Click on the JRN button on the main toolbar to display this dialog.

journal

Example of a journal entry

Entries denominated analysed by department can be made using this method.

journal_dept

Example of a journal entry analysed by department

Similarly, entries denominated in foreign currency can be made using this method.

journal_curreny

Example of a journal entry denominated in foreign currency

If a defined VAT account is selected, a special column appears for entering the net value of the transaction. This column in turn affects boxes 6 and 7 of the VAT return.

A value entered in the Net column of an entry to the VAT - Input account, will be included in Box 7 of the VAT return. This should be entered as a plus value.

A value entered in the Net column of an entry to the VAT - Output account, will be included in Box 6 of the VAT return. This should be entered as a minus value.

journal_VAT

Journal entry to VAT accounts with the Net column

When you tab or click out of the Transaction details box in the classic style dialog, the entries in the journal are automatically suggested for you based on any similar previous journal. If you do not like the suggestion, click on the Delete all rows caption. Using the AutoComplete options at the bottom left corner of the dialog, you can turn off this feature or set it to suggest the entries including or excluding the amounts. If the feature is turned off, the entries for the current dialog can still be suggested by clicking on the With Amounts or Without Amounts buttons at the bottom left corner.

AutoComplete works best if you do not add unnecessary details in the details box. For instance, for a payroll journal, the details should be Payroll and not Payroll January. The month of the payroll should be obvious from the date of the transaction.

Trial balance style

The trial balance style journal lists all the accounts and their balance in a company at the date of the journal. You can then either specify an adjustment amount or a final balance.

To display this dialog, choose the Transaction>Journal>Trial Balance Style command, or click on the down arrow just to the right of the JRN button on the main toolbar.

Currency and department entries cannot be made using this method.

Import

See Importing a journal.