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General Ledger - Statement Journal

Document 103323/1

Entered Mon, 26 May 2003 16:36 by
Updated Mon, 14 Aug 2006 14:55

Statement journals should be used to enter bank charges and interest received. Any bank statement transaction can be entered as a statement journal.

A statement journal is identical to a General Ledger - Cash Payment.

When reconciling the bank account(s) always ensure that all bank transactions are entered first. See Bank Reconciliation.

For ease of use it is recommended that all bank charges and interest on a bank statement be entered in the same statement journal batch. See General Transaction Notes.

When entering the statement journal analysis (line items, general ledger accounts) ensure that the tax flag is set correctly. Bank charges and interest recieved do not attract any GST.

Default settings can be altered, see Utilities - Transaction Definitions.

Additional Notes

Statement journals can also be used to correct problems with missing or duplicated entries.

If a payment or receipt has been entered on the wrong date you should enter a statement journal on the actual date the money was recieved/paid, analyse this to the general suspense or clearing account. Enter another statement journal on the date the original transaction was entered for the opposite amount. When the transaction finally appears on the bank statement you simply select both transactions which effectively cancel each other out.

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