General Journal Entry

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JudyW
JudyW Member Posts: 13 ✭
edited October 2020 in Accounts Hosted

I receive a cheque for payment for goods sold from a customer. out of that payment commission, freight, and incidental charges have already been taken. i need to enter sales and purchases for the one deposit but i can't enter purchases and sales on the one general journal entry any help would be great thank you

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  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    I would receive the ‘total’ payment for the goods and bank to a clearing bank account. Then I would draw a cheque for the commission, freight etc from that same bank account. The balance will be the amount actually banked and I would then transfer that from the clearing account bank to the real bank

    Clearing account will then be zero

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,406 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited October 2020
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    Hi JudyW

    The best way to deal with this is by using a Clearing account.

    This is a “Bank”-type account that you use to “receive” the initial (full) payment into & then use a “Write Chq” to “pay” out of it the commissions, freight & incidental charges. You’re left with the net amount which you then transfer (I prefer to use a Chq again) to your main bank account as per the funds received 😊

    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!)
  • JudyW
    JudyW Member Posts: 13 ✭
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    thank you both for your help

  • JudyW
    JudyW Member Posts: 13 ✭
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    Need a bit more help -when i receive the payment i have entered in make deposits received from a supplier from a sales income account to a clearing funds account. then drew a cheque for charges GST showing correctly and then drew a cheque for remaining balance to my normal bank account no tax code cleared to zero.

    my problem is on the tax liability report GST to claim form purchases is correct but there is no GST showing as due on sales how do i get the GST showing on the deposit? thank you

  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    The GST is shown in the invoice, not on the deposit. Did you do a receive payments, deposit to Clearing account?

  • JudyW
    JudyW Member Posts: 13 ✭
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    sounds like i should have created an invoice first then 'received the deposit to the clearing account?

  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    Yes you should have👍🏻 Have a go and it should be fine

  • JudyW
    JudyW Member Posts: 13 ✭
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    ah, thank you so much. I have never created an invoice send cattle off and see what we get paid. this community is a marvelous idea helped me so much

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