This program is to create journals that will run based on a regularly scheduled batch job and are used to divide costs evenly over a certain period.
E.g. A car insurance is always paid a year in advance, but in the P&L you wish to see the cost per month.
When the invoice is booked, the account is usually an account like "Prepaid Insurance". Then monthly 1/12 of the amount will be re-allocated from prepaid to expense "Car Insurance".
In this program this exercise can be automated, making month closing faster and less work.
HOW TO USE AUTOMATIC JOURNAL?
- Click the "add new record".
- Give the Journal a recognizable name.
- Select the account to be credited.
- Select the start date of the journal. Select any date except 29, 30 & 31 as other months won't have this date.
- Select the Division and Department.
- Select the account to be debited.
- Total No. of months: Enter the number of months, in this example, I entered 24 as the insurance is good for 1 year.
- No. of months booked: Enter the number of months if you have partially booked the journal. If not, enter a "zero" value.
- Remaining No. of months: This field will automatically adjust base on the value entered on the no. of months booked.
- Amount Invoice: Enter the invoice amount excluding Vat/Tax.
- Amount booked: Enter the amounts booked if you have partially booked the journal. If not, enter a "zero" value.
- Balance: This is an auto-calculation.
- Journal Amount: Is balanced divided by the number of months.
To Edit
- Click the "edit" icon and start editing the data.
- Click "submit" when done.
- Click "Cancel" if you don't want to make any changes.
