At the top left hand corner of the Journal Entries screen, you can select one of the following options :
- Save the journal entry captured and close the screen
- Save the entry that has been created and leave the screen open to process another journal
- Close the screen and discard any changes that have been made.
The Options tab allows you to choose between displaying previous journal entries processed or displaying a new journal entry screen for new processing to take place.
To process an entry:
The transaction line consists of an Increase / Decrease column, where you can select whether you would like the value entered to either increase or decrease the bank balance.
Enter the relevant transaction details in the Account, Date, Reference, Description, Amount, VAT, Amount including VAT columns.
Any adjustment to one account must have an equal adjustment to another account. Here you have the option of choosing the affected account or creating a new account on the fly by selecting the drop down arrow and choosing Add new account as depicted in the diagram below. This contra account (balancing account) must be entered in the by Affecting Account column.
2.1 Processing Tax Adjustments
Tax adjustments are processed via a wizard in the Accountant's Area.
Note: The wizard assists in making changes to the amount of tax that you owe or is owed to you. You must therefore be certain of the amounts before you enter them.
To access this menu, you can either select Tax Adjustments from the Accountant's Area of the navigator, or through the Process menu by going to Accountant's Area | VAT Adjustments.
In the Select Type Screen, select whether you are adjusting Input or Output tax.
In the Details screen, enter the details for the VAT adjustment.
The wizard will confirm that all of the information to process your VAT adjustment has been entered.
2.2 Processing Payments to Tax Authorities and Refunds from Tax Authorities
To access this wizard, select Process | VAT Payments and Refunds.
Please take note of the following:
If you are processing a refund from your tax authority, you will only go through the wizard when your tax authority has paid you. To fill in your tax return, print the tax report by selecting the VAT Report tab, and select the VAT Type and other relevant options. If you are processing a payment to your tax authority, go through the wizard as you make the payment.
On the Date Range screen, select the period for which you want to calculate your tax. This will be as per local regulations.
The system will calculate and display your tax in the Tax Summary screen.
In the Details screen, enter the payment that you are making or the refund that you have received. The system will automatically indicate whether you need to pay tax to the tax authority or receive a refund.
When you have completed all of the required information, click on the Finish button.