Journals
Journals - Batches and Dissections
The Livestock module in Stockyard creates a dissection for each cost entry in a sale. A journal batch/group is generated once a sale is closed. When the journal batch for the sale is generated, it will appear in the Journals section of the Accounting module.
Ideally all journals originate in a sale created in the Livestock module apart from eg bank charges or office expenses like phones and electricity for which a manual journal can be created when entering the bank statement. Manual journals should only be done for very rare circumstances. If you are needing to update/change a journal please contact Outcross Systems for specific advice.
Address Book Codes carry the client account information from Livestock into the Accounting ledgers through dissections grouped as a batch. Charges and Extra Charges consist of either internal codes or client codes and allow for costs to be transferred from the Livestock module into the Accounting module, facilitating payments, receipts and general bookkeeping for Livestock sales by the program. The monetary values in a sale create dissections which will be found in batches in the Journals section of Accounting. Each dissection represents a debit or a credit to allow payments and deposits to occur in the system and can be found in the corresponding ledger account in Accounting.
Any monetary changes made to the sale once it closes will reverse the concerned journal and insert the updated details. The journal batch description will contain "Updated" to signify that the original batch has material changes and this new batch contains the updated journals.
It is vital that changes are kept in the same period (month) as these cannot be updated if the period is different. It is assumed a BAS has been generated and submitted with potential GST implication if changed. Changing details of the sale from a different month could potentially reopen journals which would then have nothing to be reconciled against especially if a payout has already been made for the sale. Please call Outcross Systems for assistance if this is the case.
For amounts received not directly related to a livestock journal eg a random payment from a client in error, these will be handled by the Money In option when entering a bank statement. This will create the necessary journals for the system to put this credit onto the correct ledger account.
As a general rule of thumb, manual journals should not be generated unless in exceptional circumstances. Contact Outcross Systems for assistance with this. Most journals are created in Livestock or entered through the Bank Statement module of Accounting.
Standing Journals
Standing journals are a template for batches of journals. Standing journals are used to generate the same type of journals on cycle (weekly or monthly usually) e.g. wages or departmental cost allocations. Only the date or small part of the description should need to be changed.
1. Create a batch of journals e.g. Wages, adding the details for each payment for the gross wage, super payments, withholding tax etc for each salaried member.
- Adding <Date> using F3 to the end of both journal dissection descriptions will give you the date of each new journal batch e.g. wages paid on the same day of the month every month,
- Adding <Desc> using F4 to the end of both journal dissection descriptions will add the new information required for the new batch eg Wages December
2. Save the dissections and then Batch
3. Check your batch of journals has <Date> and /or <Desc> on each line. You can still edit them at this stage if you find you need to.
4. Instead of posting the journals click on "Save Standing"
5. Say yes to the prompt to save and the batch will close. To find the batch return to Standing Journals.
When it is time to create journals:
1. Navigate to Journals and change the drop-down to Standing Batches.
2. Select and open the required batch by clicking on it.
3. Update the Batch Header, description and or Date as required.
4. If no material changes are needed, click on Post and then Posting Complete. The journal will close and be found under Journal Batches.
Editing Standing Journals:
1. Click on Edit to add a new set of dissections or update or zero amounts no longer needed in the batch.
2. “Save Standing” to update the journals for future use.
3. Reopen the standing journal and specify the:
- transaction date for the journals,
- the date to replace the “<Date>” field in the journal description
- the words to replace the “<Desc>” field in the journal description
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