The General Journal is where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. The total amount debited and the total amount credited should always be equal and nett out to zero.
Normally all Journals that are generated are generated from the original transaction of entry point.
The only time a General Journal would need to be entered would be to adjust accounts balances within the General Ledger.
Entering a General Ledger Journal.
- Log onto Readysell
- Select Financials
- Select General Ledger
- Select Accounts
- Select Journals
- Click on 'New'
- Enter the Date of the Journal
- Enter the Full Value of the Journal
- Enter a Brief description of the Journal
- Leave auto reversing off for a straight forward general ledger journal.
- Enter one side of the General ledger account
- You may wish to add a difference narative you can do so at the line level
- Enter the debit or credit value against the gl account.
- Enter the 2nd general ledger account and the value being either debit or credit.
- Keep doing this until the general ledger journal balancs. That is Debits equals Credits.
Ensure you have selected the right gl accounts
- Once you are happy with the Journal
- Click on either Save and Close and park the Journal aside. Save and Close Button
or - Save and Finalise. Save and Finalise Button
or - Finalise and New. Finalise and New Button