How to use Payment Journals

Payment Journals in JobBag is where you can make adjustments to the Accounts Payable ledger without affecting a bank account.

Payment Journal entries are done for such things as:

• Write-offs

• Short payment to a supplier

• Disputed debts

• Reconciling credit notes to invoices

CHANGES REAL COSTS ON A JOB

Any time you adjust the outstanding amount of an invoice without actually paying it, you are changing the real costs on a job. Therefore every payment journal creates cost records that will provide information about the ‘real’ cost associated with the invoice.

Fields and Functions - All the fields and functions displayed here are exactly the same as those described for the Create Payment window. For detailed information, refer to ‘Create Payments’

PAYMENT JOURNAL ENTRIES

A payment journal can be for a positive or negative amount or for zero. As long as the total of the Pay field matches the Amount field, the journal is valid.

Offset/Zero: You can use payment journals to allocate a credit balance to invoices and to offset a credit note against an invoice. In this circumstance, the payment journal amount is 0.00 as the net effect of the journal does not change the balance outstanding on the supplier’s account.

Discounts: Discounts cannot be applied in a payment journal; they can only be applied as part of a payment.

Follow these steps to create a payment journal.

Steps:

1. Select Payment Journals through the Accounts menu.

2. Accept or change the Date displayed.

3. Accept or amend the Period displayed.

Notes: Most journal entries are applied in the current period. The period displayed matches the systems date which may not be the current accounting period. You have the option to change the period to the current accounting period or to a future period of your choice.

4. Enter the Supplier code

5. The amount of the journal is determined by the information in the details, you cannot enter an amount.

6. Enter a Note to explain the reason for this journal entry.

7. Allocate the amount of the journal entry to the invoice(s) in the Pay column.

8. Select to save the payment journal

9. Procedure complete

10 To ensure Payment Journal was processed correctly

Select Browse Payments through the Account menus and search for Payment Journal to view the payment journal; it must have a transaction number

Finding Payment Journals. Follow the steps for finding payments in Browse Payments

Editing Payment Journals. Follow the steps for editing payments

Deleting/Reversing Payment Journals. Follow the steps for deleting/reversing payments.

New more help? 

Please contact support call 02 8115 8090 or email support@jobbag.com