Chapter 4-recording general journal entries.ppt

…CONTINUED – CHAPTER
FOUR
RECORDING ENTRIES

Recording Entries
In order to record day-to-day transactions,
Peachtree accounting itself has maintained
pre-set journals. Thus, you don’t to maintain
your own journal.
These pre-set journals maintained by Peachtree
include:
- Sales order journal: to record sales orders
received;
- Sales journal: to record sale on account

…continued
- Receipt journal: to record cash collections
- Purchase order journal: to record
purchase orders issued;
- Payment journal: to record cash
payments;
- General journal: to record miscellaneous
transactions that cannot be recorded into
any of the above special journals.

…continued
Note: All the transactions recorded to any of the above
journals are to be posted directly to the respective
accounts to the general ledger and subsidiary ledger
accounts immediately when the ‘save’ button is
pressed. (Real-time posting assumed.
Except: The transactions in the purchase order journal
and sales order journal are to be posted to the accounts
in the ledger as the transactions is not yet completed.

…continued
In journalizing transactions, Peachtree provides
a single window to record each transaction (a
transaction in one source document).
Thus, more than one source document
(transaction) cannot be recorded in a given
journal window. Each transactions should be
‘saved’ before proceeding with journalizing
the next one.

Recording General Journal
Entries
General journal entries include entries that
don’t affect cash and mainly used in
connection with:
- Correcting entries;
- Adjusting entries;
- To enter beginning balances or prior period
adjustments;
- To transfer funds from one account to
another;

…continued
- Other miscellaneous transactions that
cannot be recorded into special
journals;
- To record recurring transactions (to
create memorized transactions); and
- To record reversing entries;

…continued
In general, transactions are
recorded from ‘TASK’ menu.

…continued
Fill in the date of the
transaction here.
Fill in the reference or
the source documents
here
After all the entries are
entered correctly, click into
the ‘SAVE’ to complete the
recording and posting to the
respective accounts in the
general ledger. This is
equivalent with posting a
transaction.

…continued
 Note: Before closing this
window, total debits
should equal to total
credits with zero out of
balance record.
Otherwise, this window
won’t be closed. The
balance indicated here
while recording entries
is called running total.

Do you know that entries recorded
can be edited or changed without
recording correcting entries?
Peachtree accounting allows to edit or
amend a transaction after it is recorded
and posted to the accounts in the general
ledger. The change can be made with
regard to:
- The account number affected;
- The description written;
- The amount of the entry;

…continued
The entry to be edited,
should first be
opened up from the
‘OPEN’ toolbar
button.
Select the specific
period which the entry
to be edited is
recorded into.
Double click into the specific
entry you want to edit.

…continued
Afterwards, the
selected transactions
would be opened up
and the necessary
alterations or changes
can be effected.

Memorizing General Journal
Entry
This helps to save common transactions that
occur repeatedly for later use. This helps to
record the transaction later in similar manner
that would save time and effort.
Memorized transaction should be identified with:
(a) Transaction ID; and
(b) Description.

…continued
The transaction ID is used to refer the
transaction later when retrieved for re-
recording.
Memorized transactions are to be saved without
the amounts involved and won’t be posted into
general ledger accounts. They are only
maintained as a quick reference to record
recurring transactions.

…continued
A given transactions
can be memorized
from the ‘maintain’
menu through the
following procedures:

…continued
All the required
information will be
recorded into the
windows box and
finally click ‘SAVE’ to
finalize the procedure.

Retrieving Memorized
Transaction
Once a transaction is memorized it will be
retrieved as required to make repeated
entries.
In order to do that, first the respective
journal into which the memorized
transaction is to be recorded should be
activated from the ‘TASK’ menu.

…continued
Thus, to record a
memorized transaction
in the general journal
into the same journal,
first the general journal
should be activated from
the ‘TASK’ menu:
Then, from the ‘EDIT’ menu
select the respective
memorized entry to be
recorded now by its
‘transaction ID’.

…continued
Finally, the transaction identified with its
‘transaction ID’ will automatically copied
into the general journal.
If the amounts are to be altered from those
memorized earlier, you may change the
figures.

To Add or Remove Distribution
Line
In recording general
journal entries or
other transactions,
Peachtree
accounting would
provide a
predetermined
number of
distribution lines.
DISTRIBUTION
LINES

…continued
Whenever required,
additional line may
be added in or the
existing ones may be
removed from the
‘EDIT’ menu as:

Chapter 4-recording general journal entries.ppt

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Chapter 4-recording general journal entries.ppt