![]() The window below shows the original bill. If the wrong account or tax code has been assigned to transactions, a journal entry can be recorded to fix it.Īustralian Example: The tax code assigned on a bill is GST (Goods & Services Tax at a rate of 10%), but the tax code CAP or GCA code (GST on capital acquisitions at a rate of 10%) should have been used. See the AccountEdge help ( Australia | New Zealand ). For more details on recurring transactions, You can then use this template by clicking Use Recurring on the Record Journal Entry window. ![]() You can then give the template a name and specify additional information including schedule and alert details. To create a general journal template, create the journal entry with all the required details then click Save as Recurring. ![]() Any transactions you've already recorded using a recurring template won't be affected if you choose to remove that recurring template. The transaction is removed from your list of recurring templates only. You can remove a recurring template whether your transactions are changeable or unchangeable. Until you record them, recurring general journal templates have no effect on your financial records. You can change the information on a recurring template as needed. When you set up a template, the information is saved in a separate "holding area" where you can retrieve the transaction as many times as you want. This means you won't need to create the journal entry from scratch each time you need to record it. The difference being that the expense or cost of sales account would be debited and the Trade Creditors account would be credited.ĭo you regularly record the same general journal entry? Why not create a recurring general journal template. Note that the Trade Creditors account could also be updated in the same way. The GST collected on sales will be credited for $1,000 (the amount of GST), and the sales income account will be credited for the exclusive amount of sales ($10,000). That is the tax inclusive amount of the sales.
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