1.From the Accounts tab select the General Journals icon, and click Add at the bottom left of the form.
Complete all the required information in the General Journal header and details grid.
2.Select the date of the general journal. This is the document date – the date you want this entry to impact on your general ledger accounts.
If you select the ellipsis [...] beside Acc. Code, you will be presented with the GL Account Select screen enabling you to search both GL Code and Account Name fields.
3.Select the method that you want to use in relation to tax calculations – enter the tax free price and Jim2 will work out the tax to be paid, or enter the tax paid price and Jim2 will work out the tax ex price for you.
General Journal – Tax Paid
Jim2 General Journal – Tax Free
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If you are creating a general journal for your payroll entries, ensure that you use Tax Code P against Gross Wages and Salaries and Tax Code Q against the PAYG Liability, so these figures report correctly into W1 and W2 in GST Sessions. Jim2 will allow you to include entries using Tax Code G in the same general journal as the wages. For example, if you pay consultancy fees which incur GST at the same time as you run your payroll, you can include this information on the same general journal. |
4.GST Type – make this selection very carefully, as this selection alters your BAS report, and also determines where the tax values go in the general ledger – the Tax Collected or Tax Paid accounts.
5.Enter a relevant comment to this general journal – this comment will be displayed in the Comment field in the grid of an Account Inquiry, and in the header for the Transaction Journal.
6.Select the general ledger account that this part of the general journal relates to. You can enter as many detail lines into a general journal as required. At the end of each line, press Enter to go to a new line.
7.Enter the dollar values for each line of the general journal. If you have chosen to calculate your values Tax Free Up you will only have access to the Tax Free field. Also, once you have entered a value into the Debit field, you will not have access to the Credit field, as you can only enter a debit or a credit per line (not both in one line).
8.Use the drop-down options on each line to select the appropriate tax code. Again, check that this is the correct code as this will adjust your GST accounts and BAS report. If you are unsure, please seek advice from your accountant.
9.To be able to finish a general journal, all the values must balance between the debit and credit sides of the entry. If they don't balance, you will not be able to save the general journal. This out of balance amount is due to the fact that we have only entered the debit side of the general journal, therefore it has a value in the Out of Balance field.
10.Change the Status to FINISH and click Save.
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If you right click in the grid, you have the option to show amounts to 4 decimal places. |
Further information: