8/4/2016 Journal Entries

8/4/2016 Journal Entries

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Navigation: General Ledger Activities >

Journal Entries

Journal Entries: Journal Entires can be done for Bank Deposit corrections, Escript deposits or to transfer moniesbetween ledger accounts.

Fundamentals of a Debit and Credit:

1. When dealing with Bank accounts (Checking, Savings): a debit increases the account; a credit decreases theaccount

2. When dealing with Revenue accounts: a debit decreases the account; a credit increases the account3. When dealing with Expense accounts: a debit increases the account; a credit decreases the account4. When dealing with Trust accounts: a debit decreases the account; a credit increases the account

Note: Journal Entries affecting cash will show up on the bank reconciliation

How to Create a Journal Entry:

1. Select Ledger/Journal Entry on the Ledger Menu2. Enter the date of the journal entry. Note: You can not select a future date3. Enter a brief description of the entry for reference in the "Memo" box4. Select the desired account(s) for the entry and enter in the appropriate amounts. After inputing the amounts,

verify that the totals of the debits and credits columns balance and save the journal entry by selecting "SaveJournal Entry" Note: You can not undo this transaction. You will generally need at least two lines (one debit andone credit) so the Journal Entry is balanced and can be saved.

Example of Deposit Correction:

Example of Escript Deposit:

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Example of Transfer:

Tip: You can also find journal entries on this screen for viewing purposes only.

Reverse Button: Allows for reversal of an incorrect Journal Entry. This will create a new Journal Entry that is theexact opposite of the original entry. The original incorrect entry and the offsetting reversal will need to both be clearedon Bank Reconciliations.

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NSF Checks (old method):

There will be times when you receive a check that does not clear the bank due to insufficient funds. To properly accountfor this occurrence, follow the steps below:

1. Enter the date, memo and select your checking account and enter in the amount taken out of your checkingaccount due to the insufficient transaction in the "Credit" box. Note: This amount will include both the amount ofthe deposited check, and the amount of the bank charge

2. Select the account that the check was originally deposited from, and enter in the amount into the "Debit" box.

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3. Select your "Bank Charge" account and enter in the amount that is being withdrawn according to your bankstatement.

4. After all of these items are added, select "Save Journal Entry" to finish this process.

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8/4/2016 NSF Checks


Navigation: General Ledger Activities >

NSF Checks

NSF Check Look Up and Module

The NSF Check Lookup and Module feature allows you to record NSF Checks with ease. You can nowaccount for NSF checks that have were previously receipted/deposited for within your ledger, even if youdid not record the specific check at the time of the transaction.

Check Look Up Type in check number or name on the check (or even a part of the name) and clickSearch. The bank account, receipt number, deposit date and student the check was recorded under willappear along with check number, name on check and amount.

Checks with Items associated (generally from students) example:

To enter a “Recorded” NSF Check1. Go to Ledger/NSF Check2. Type in the original Check Number or the Name on the NSF Check3. Select “Search” or hit the Enter key4. Highlight the specific Payment you wish to enter as NSF5. Select the “NSF” Button

The module will appear. Enter the date to reflect the bank statement or NSF notice date. Select theitem(s) to reverse the revenue on (this will keep the student on the list but show they now owe a balancefor the item and remove the revenue from the account. When the item is paid off, the money will go backto the account.)

Choose a clearing account to post the NSF check bank charge (if applicable) to. If bank charges do notapply, simply click Save.

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8/4/2016 NSF Checks


Apply a fine if desired so the bank fee will be charged student's account. Note: the fines must be precreated in Item Admin, but may be modified as shown below. After clicking OK to add fine, click Save tosee that NSF was recorded.

You will see the student is on the Item Sales Report as owing for that item:

The original account and Bank Charges clearing show the entries:

Remember: If an item is discounted you see the discount post to the applicable account (in this case ASBGeneral).

Checks without items attached (generally “Other Amount” type deposits from advisors)example:

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8/4/2016 NSF Checks


Look up the check by check number or name on check and click NSF The module will appear.

Edit the date to reflect the bank statement or NSF notice date. Enter a memo for the check. ChooseAccount for the “Remaining” check amount to post to.

Choose a clearing account to post the NSF check bank charge (if applicable) to. If bank charges do notapply, simply click Save.

In this example, the original account statement shows both posting entries:

Not Recorded – used when clubs do deposits with multiple checks where all checks actually received arenot all entered into ASBWorks and a check bounces. Click the Not Recorded Button. Choose the correctBank. Fill in Memo. Enter Check amount and account to post to along with Bank Fee and it’s appropriateposting account (if applicable). Click Save.

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8/4/2016 NSF Checks


Account Statement for Football:

Here is what they look like on the Bank Rec:

Removing ASB discount due to NSF checkStart at Ledger>NSF Enter in check number, click on check line and click NSF bu뒢궳onThen on next screen – edit date to match NSF no꽷䤅ce, enter memo and click Return Items

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8/4/2016 NSF Checks


Edit Return date, enter QTY of one (it will enter amount) and click Con꽷䤅nue

On the Return type screen, leave as on account and click Return Items

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8/4/2016 NSF Checks


Receipt will print out, then you are back at NSF screen. Complete as usual.

The NSF affects Student Funds account, but student is not able to use those funds

He will not receive ASB card holder discount on any items. A飴尀er the NSF is completed, you may want to levy a new finefor the ASB card of $45 so that he owes money for that and have it post to the asb card sales account. If he pays that,then you can mark him as a card holder in Individuals.

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8/4/2016 Journal Entries

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