Entering sales and purchase in same general journal
I want to record a sale as X amount, the deposited into the bank account as A, and the finance charges as B (since the finance company is depositing the difference between our gross sale and their charges. I was hoping to enter in one journal but since it's a mix of sales and purchase (bank charges) system not allowing. Best way?
Comments
-
Record the sale and bank it to a clearing bank account, then record the charges as a payment from the clearing account, and then transfer the net figure to the correct bank account
1 -
Thanks Kris so you are suggesting 2 journals?
0 -
Could be 2 journals, but could be a sales receipt and a cheque, the latter is probably better
0 -
This content has been removed.
-
Is it not possible to combine these transactions as I'd hoped in one journal?
0 -
This content has been removed.
-
@Loretta Wisdom-Zagon No - A journal can't contain both income & expense tax codes or A/R & A/P, together due to the background system accounting automation.
The recommended way to enter is as per Kris's advice above via use of a Clearing bank account. This is just a dummy "holding" account which enables you to pay & receive funds (in & out) in this type of situation.
RA/RAH are designed for non-accounting people. The intended method for most entries is via the designated forms within the program, in order for the system to automatically create the applicable double-entry journals behind the scenes. You can view this journal entry in most form windows:
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
0 -
This content has been removed.
-
Many thanks Kris and Shaz
1
Categories
- All Categories
- 6.7K Accounts Hosted
- 16 📢 Reckon Accounts Hosted - Announcements
- 6K Reckon Accounts (Desktop)
- 8 📢 Reckon Accounts Desktop - Announcements
- 1.5K Reckon Payroll
- 35 📢 Reckon Payroll - Announcements
- 15 Reckon Payroll Help Videos 🎥
- 28 Reckon Mate App
- 2.7K Reckon One
- 12 📢 Reckon One - Announcements
- 12 Reckon Invoices App
- 22 Reckon Insights
- 100 Reckon API
- 308 Point of Sale
- 1.9K Personal Plus and Home & Business
- 74 About Reckon Community