Entering sales and purchase in same general journal

Loretta Wisdom-Zagon
Loretta Wisdom-Zagon Member Posts: 37 Reckoner Reckoner
in Accounts Hosted

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

  • Kris_Williams
    Kris_Williams Member Posts: 3,807 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    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

  • Loretta Wisdom-Zagon
    Loretta Wisdom-Zagon Member Posts: 37 Reckoner Reckoner

    Thanks Kris so you are suggesting 2 journals?

  • Kris_Williams
    Kris_Williams Member Posts: 3,807 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Could be 2 journals, but could be a sales receipt and a cheque, the latter is probably better

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  • Loretta Wisdom-Zagon
    Loretta Wisdom-Zagon Member Posts: 37 Reckoner Reckoner

    Is it not possible to combine these transactions as I'd hoped in one journal?

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,867 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    @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:


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    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

    shaz@accounted4.com.au

    https://accounted4.com.au

    (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!)
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  • Loretta Wisdom-Zagon
    Loretta Wisdom-Zagon Member Posts: 37 Reckoner Reckoner

    Many thanks Kris and Shaz

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