Voucher Entry
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Contents |
Journal Entry
- Double-entry book-keeping involves making at least two aspects for every transaction.
- The Journal entry contains the name of both parties to the transaction (Receiver(s) and Giver(s)).
- Before the entry is made, a decision must be made about which accounts are affected, and how ( wheter debited or credited ).
- Once entered in the journal, the transactions are auto-posted to the accounts of the general ledger.
- All reports are automatically updated as soon as a journal entry is made: including the tax computation
- By clicking on the "Compound Entry" button on the top right corner, you can add transactions with multiple entries.
- In the middle of a journal entry, the work get auto saved .
- To know how and where to use the appropriate vouchers, select a voucher.
Consider the following example: Ravi Bhatt opens a Book shop. He leases shop space, purchases initial stocks of Books, and begins business. Here are the journal entries .
| Date | Account Names & Explanation | Debit | Credit |
|---|---|---|---|
| 01/06/2006 | Cash Capital | 10000 | 10000 |
| 03/06/2006 | Owner contributes 10000 in cash to capitalize the business Books | 1200 | 1200 |
| 04/06/2006 | Being a purchased books by cash Aarati book store Books | 1000 | 1000 |
| 05/06/2006 | Rent Cash | 200 | 200 |
| 08/06/2006 | Vidya book store Books | 400 | 400 |
The entry for 14/06/2006 is a compound journal entry, composed of two lines for the debit and one line for the credit. The transaction could have been entered as two separate simple journal entries, but the compound form is more efficient.
- Go to Click Start > Programs > My eAccounts > Journal
- Debit one account,
- Credit a corresponding account.
- Remember that the sum of all debits should always equal the sum of all credits.
- Enter the Date
- Mention the amount of the transaction.
- You may optionally enter a voucher no., Cheque No.,
- Optional: a short description of transaction. Comments can be added for future reference.
- Click on Save and your transaction will be appropriately recorded.
How to delete a journal entry
To delete a journal entry follow the steps below:
- Click on Trial Balance
- Click on a ledger which you want to delete
- Click on a red cross which shows in the Edit/Delete column, and the ledger is deleted.
Billing And Invoice
Purchases
Sales
Opening Balance
Opening Balance comprises of the previous balance amount, which gets carried forward to the successive accounting period. This shows you the balance of the various accounts, which were available either at the beginning of the accounting period or which were carried over. You can add an opening debit or credit balance for a particular account, by just entering the amount and giving the Dr. or Cr. effect. Opening Balance shows you the balance of the various accounts, which were available either at the beginning of the accounting period or which were carried over.
Opening Stock
Opening Stock is the amount of goods which is to be carried forward from the previous year to the current year. It consists of the leftover or also idle stock which was not sold in the previous year, and which is to be used up in the current year. Keep track of stock or goods from previous year to the current year.
Projected (Budgeted) Accounting Entry
- Projected Entry refer to the entries made towards your planned expenses and revenues in future.
- A Budgeted Entry is different from an Actual entry ...
- An Actual entry is an actual transaction.
- An 'actual' purchase of a car is an Actual entry.
- A 'planned' or 'proposed' purchase of a car is a Budgeted entry.
- Advantages of Budgeted Entries is to plan. The intent is of matching outflows to inflows (making ends meet). Everything is virtual (planned) and nothing is Actual. In this way, you can manage your expenses and revenues in a planned and efficient manner and handle your Budget better. These entries can also be used as an efficient tax planning tool.
- Creation of a Budgeted Entry ? There is not much difference between an Actual Journal Entry and a Projected / Budgeted Entry. At the time of making a Journal Entry, on the bottom left hand corner there is a check box which says projected entry. All you need to do is to tick that box and your Budgeted Entry is done.
- This budgeted entry is virtual and will not show up anywhere in your Actual Computation, Balance Sheet, or Income Statement. The projected entries will not be included at the time of your tax calculation.
- To convert a Budgeted Entry into an actual entry, open the relevant ledger in the projected view and then click on edit. Then remove the tick mark which you had made at the time of making the Budgeted / Projected Entry and click on Save. Your Budgeted Entry is now converted into an Actual Entry.
Make Jounal Entries offline
- Journal Entries can be made offline now
- Download the eDeskOnline Application once
- Make the journal entries offline and save them.
- Upload them once you are online.
- The application which you have downloaded has a accounts feature in the task bar which will allow you to make the Journal Entries offline.
See also
Tool Tips
| Location | Icon | Headingof Bubble: Tip within the Bubble Text |
|---|---|---|
| eAccounts | Journal - Debit Field | Please enter the account to be debited. By putting a single letter of the account, you will get an autofill menu to choose from. |
| eAccounts | Journal - Credit Field | Please enter the account to be credited. By putting a single letter of the account, you will get an autofill menu to choose from. |
| eAccounts | Journal - Date field | Enter the date in the format dd-mm-yyyy(Eg:08-Jul-2007). |
| eAccounts | Journal - Narration field | Enter a short remark or description of the above mentioned transaction. (Eg: "Being Mobile Phone bill paid for the month of April 2006 from ICICI Bank Account No. 193") |
| eAccounts | Journal - Projected Entry | Tick this box, to put in dummy/test entries, to see the effect of the entry on your accounts. |
