Journal Entry
The nominal ledger follows the principle of double-entry bookkeeping in which any postings affecting the business are recorded as a transaction with a movement of an amount from one code to another within the nominal ledger. This ensures that any debit movement must also have a credit movement of equal value.
Accounting activity that is not recorded by the other integrated modules is posted to the system as a journal entry.
Standard Journal
Select the ‘Journal’ option from the main menu.
Input a date within the selected accounting period and a posting reference for the journal.
Click ‘Next’ to continue.
Enter the nominal code for the posting or use the icon to search for the correct nominal code. Enter the amount in either the debit or the credit column. Any narrative entered can be viewed against a code at a later date (by selecting the ‘=’ sign any narrative on a previous line on this journal can be copied down).
Where a posting is made to a Tax account, an appropriate goods value must be entered into the goods column.
If the posting relates to a sales vehicle, you can just select the right stock number to which the transaction will be linked.
Select ‘Add’ and continue creating the posting lines.
Only when the journal is in balance can the journal be posted by clicking on ‘Complete’. This will produce a Nominal Journal Daybook which should be printed and filed.