The most common use for the Journal Entries submenu is to enter customer payments. Generally, you will enter the payments from the Cash Receipts document. The system will post an automatic debit line for the Cash on Hand account you specified in the Operating Parameters in the Accounting System Setup. The general ledger Credit account defaults to the Trade Receivables account specified in the Operating Parameters. Each Cash Receipt document is a separate entry. A Cash Receipt can have up to 98 transaction lines (97 credit lines, plus one balancing line). If necessary, you can exit this screen with a partial receipt posted.
Step 1. From the Dealership Accounting main menu, select Journal Entries.
Step 2. The Journal Entries menu will open. Click General - Purchases - Receipts. This will open the Journal Entries submenu.
Step 3. From the Journal Entries submenu, select Cash Receipts.
Step 4. The journal number defaults to 50, Cash Receipts.
Step 5. The Cash On Hand field displays the account set as the Cash on Hand account in the Operating Parameters in the Accounting System Setup.
Step 6. In Receipt Number, type the number from the cash receipt book. This is where the cashier hand records the cash received. When the system is set up for batch posting or entries are batched when the system is set up for direct posting, the receipt number will increment after each entry once you enter the first receipt number. You should always verify that the receipt number in this field matches the receipt number from the receipt book.
Step 7. Type the Receipt Amount.
Step 8. Use the Memo field to type any information about the receipt you want to record. The customer’s name defaults as the memo line if you leave this field blank.
Step 9. The G/L Credit Account automatically defaults to the Trade Receivables account set as the default in the Operating Parameters in the Accounting System Setup.
Step 10. In Customer Control, type the customer’s control number. Use the Receivables button along the top of the screen to search for an existing control. If you are entering a new control, you must enter the customer’s information before completing the entry.
Step 11. The Payment field defaults to the amount entered in the Receipt Amount field. If you are dividing the receipt among multiple invoices, edit this field to reflect just the amount of the transaction line you are posting.
Step 12. If a late fee applies, and you have the Auto-Calc Late Charge Entry option at the top of the Receipts Journal Entries screen selected, the late fee charge automatically populates the Late Charge field.
Step 13. In Description, type a description for the transaction line. The customer’s name defaults as the description for the line if you leave this field blank.
Step 14. The line is added to the right side of the screen.
Step 15. If necessary, enter additional lines as needed. The Total Debits, Total Credits, and Balance fields automatically calculate the amounts as you enter lines.
Step 16. When the entry balances, click Save Transaction or Post Transaction. The button label changes based on the posting method you selected. (You can also press ENTER in a blank G/L Credit Account field).
Step 17. If you selected to post directly to the general ledger and schedules, click to select to post to the current month or next month, or select to batch the entry.
If you selected to batch post, click File It! when prompted to verify you want to file the entry. (Click No, Not Yet to continue working.)