What Cashbook reports include journal entries?
When and how should I use journal entires?
Note: Journal entries are only available in level 3 & 4 of Cashbook.
The journal entry function provides a convenient method of entering non-cash entries into Cashbook.
These entries will not affect Cash Flow based reports or Cash Basis GST reporting but will be included in Profit & Loss statements and Assets & Liabilities reports as well as Accrual Basis GST reports.
Typical uses would include recording depreciation, end of year adjustments, accrued expenses, asset revaluations, etc.
Use of the journal function is optional and will probably only be used by experienced bookkeepers and accountants.
Note: that journal entries are made as batch entries where total debits for line items in the journal entry must equal total credits.
** Note again: We do not encourage journal entries and you should check with Accountant before entering.
To Add/Edit and Delete Journal entries:
1. Add Journal Entries:
For example: Depreciation of Motor Vehicle. (Depreciation is a reduction in the value of an asset over time, due to wear and tear.)
2. Edit journal entries:
3. Delete a journal entry: