General journal
You use the general journal for all entries that cannot be entered in other journals, such as depreciations, stock entries and wage journal entries. You can enter what you like in the general journal as long as the debit and credit amounts balance. You can use multiple general journals to keep entries of a particular type together, for example, separate general journals for assets and wage journal entries.
You can set up a fixed contra account for a general journal. If you do this, Profit enters any balance automatically on this contra account. You only use this option if you always want to enter on this fixed contra account. If the general journal does not have a fixed contra account, enter the debit as well as credit lines.
You can write off outstanding items via a general journal. Only use this option if you do not automatically write off the item (via an electronic bank statement) or write it off manually using a bank journal or cash book.
To post a general journal entry:
- Go to: Financial / Enter / Journal.
- Check Financial year and Period. These are the financial year and the period to which you post the entry.
- Select the journal.
- Click on: Finish.
- Enter a check balance. However for a general journal entry this is not always useful.
- Enter the first entry line.
After the first entry line is entered, Profit automatically commences with the next line.
- Complete the entry line.
If the general journal does not have a fixed contra account, the entry must be balanced. If the general journal does have a contra account, Profit eliminates any remaining balance.
- Click on: Finish.