A general journal records financial transactions of a business, to be used for reconciling and transferring
to other accounting records, such as general ledger. It is an important part of record-keeping and allows for
brief review and record-transfer in the accounting process.
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.
- Select a Branch.
- 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.
Uploading of Journal Entries
Scroll down to the lower part of the page, you will see the upload controls section.
You can download the template file to be your guide.
Make sure the XLS file is formatted correctly.
Click Choose file and select the file you wish to upload.
Click Upload button.
To edit a journal entry,
- Click the row of the journal entry you wish to edit.
Click Save upon updating.
Check the row of the journal and click the Bulk Action button, select Cancel.
A confirmation modal will appear, click OK.