The general journal uses a double entry system wherein the transactions are recorded in terms of debits and credits.
Here in Thumbtax, unique financial transactions or transactions that are not included in the Thumbtax system
can be created for a journal entry. For instance, your payment to your employees or your expenses for the repair of your business properties.
The general journal uses double entry system wheras the transactions are recorded in terms of debits and credits.
Creating a General Journal
Go to Accounting module and select General Journal tab. Click the Add New General Journal button.
- Select the Transaction Date on which the transaction was made.
- From the first row, select an Account from which the amount will be debited and credited.
- Choose the Period or month within which the transaction happened.
- Add Description(optional).
- Enter the amount of Debit.
- On the next row, re-enter the fields you have filled in(Account, Branch, Period, Description).
- Enter the amount of Credit. Make sure that the amount of debit and credit are equal.
- Add Particulars or description of your journal entry.
- Click Save or Save and Print.
Enabling Profit and Cost Center
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Head to Company Setup > Default Settings, click System Preference tab to enable the profit and cost center.
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Once enabled, Profit and Cost Center column will be added in the item table of general journal form.
Uploading of Journal Entries
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Scroll down to the lower part of the page, you will see the upload controls section.
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You can download the template file to be your guide.
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Make sure the XLS file is formatted correctly.
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Click Choose file and select the file you wish to upload.
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Click Upload button.
Approving General Journal
- Mark the checkbox of the general journal row that you want to approve.
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Click Bulk Action and click Approve.
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To reject a general journal, check the row of the general journal, click Bulk Action and click Reject.
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A confirmation modal will appear, click OK.
Other Actions
To edit a journal entry,
- Click the row of the journal entry you wish to edit.
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Click Save upon updating.
To cancel,
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Check the row of the journal and click the Bulk Action button, select Cancel.
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A confirmation modal will appear, click OK.