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This contains the default partial journal entry for the four major transaction types. The accounts entered as default values will be used whenever the actual transaction proforma journal entry is empty for a particular target value. The system has four pre-defined transaction types as follows:
1.Importation
2. Purchases
3. Sales
4. Others.
You can set the default values for each transaction type though you set only the default values for Purchases and Sales only because these two usually have fixed debits and credits account codes for VAT and Withholding Taxes. Ex: Purchases usually have these entries: Debit Input VAT and credit account for A/P-Trade and EWTwhile Sales have entries: Debit to A/R-Trade and CWT and credit to Output Tax.
The system can handle up to eight rows of journal entries for each transaction type though you only set the 3 default values for Purchases and Sales. This is best explained with an example as follows:
Based on the above screenshot. Rows 2, 3 and 4 have default values as these rows have recurring journal entries. Therefore Purchases will have a default partial journal entry as follows:
Row 1: No default account entered since this will be dependent on a specific transaction.
Row 2. Cr: A/P-Trade for the invoice amount (net of vat) as the TargetValue. This is usually the account being credited so it warrants default value
Row 3. Dr: Input Tax for the amount of VAT as the TargetValue
Row 4. Dr: Expanded Withholding Tax Payable for the WTax as the TargetValue
Row 5: If you usually get purchase discount, you may enter the account code for this row.
Row 6 - 8. Just leave these blank as these usually don't have default values.
The TargetValue is the amount to be recorded corresponding the AccountCode. Screenshot below shows an example of TransactionID on purchases of office supplies. The journal entries were generated based on the figures from Subsidiary Ledger
The system is shipped with pre-defined transactions types and proforma default journal entries. You must update the account codes based on your chart of acccounts.
Steps by steps instructions:
1. Open Central Menu
2. Select Systems -> GL
3. Double-click Master File -> Transaction Pro-forma Default Entry v2. You will be redirected to its tab window
4. Select row Purchases (to update Purchases default entry)
5. Update account code for each default value in the child window - Proforma Journal Entries Default Value
6. Repeat 4 and 5 above but select row for Sales instead to update Sales defaule entry. Optionally, do the same for Importation and Others
7. Click Save
This only create a partial journal entry. To make this a complete journal entry, you must fill up the Transaction Proforma Entries.
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