This document provides for the capture of manually created postings to ledgers reflecting some form of payment of funds from a bank account. Payments passing through the bank are captured from the bank statement.
Normally LILAC uses accrued payments. However the General Ledger > Payment document provides the facility for direct expense payments.
From
A credit will be posted to the indicated bank account. Select Main (Account), enter Date, Ref, Description.
Day
The Day field requires a non-blank entry. It must be two characters. Usually the user will enter the day of the month, or the initials of the user.
Click 'Apply' to post Ledger Entries.
To
Select Ledger, Main (Account). Enter Date, Ref, Taxable (GST involved), Value, Description. Following the Apply button from the ribbon, each line of entry will cause the posting of a debit to the indicated account. More than one line of entries may exist. An accumulating credit is posted to Balance Cash At Bank.
Applying the above entries results in a closed tick and white background. The following report was generated as a part of this example.
In this example printing is an expense, and does not pass through the Inventory Ledger Accounts.
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General Ledger Payment - Recognising BAS GST Payment
ATO Activity Statement GST Payment from CASH AT BANK can be recognised in the General Ledger Payment document in the following way: BALANCE: GST; TAX PAID
General Ledger Payment - Correction Method 1
Correction Procedure: Option 1. Enter 0 (zero) into the Value field within line entry / body of the document, and click Apply. This will undo the payment. The correct figure may then be entered, then click apply.
Correction Option 1 provides an Audit Trail that is easily interpreted.
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General Ledger Payment - Correction Method 2
Correction Procedure: Option 2. The Value 300 is adjusted to 275, and click Apply. This corrects the payment by posting a $25 debit back to Cash At Bank. Balance GST and Trading Motor Veh are credited. The net result is the 275 posting.
Correction
Correction
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General Ledger Payment
Purpose: To provide for the creation or recording of a payment of funds.
Prerequisites: The accounts and sub accounts to be posted to must exist in the LILAC database. They can be created via the General Ledger > Chart of Accounts document, General Ledger > Chart of Sub Accounts.
Context: Normally LILAC uses accrued payments. However the General Ledger > Payment document provides the facility for direct expense payments.
This document also provides the ability to purchase assets. These purchases are then reflected on the business activity statement report in the G10 (Capital Purchases) figure.
Period: Displays the current accounting period. (Established at Sign In). Prefix: This field is set to be "GPY", to establish it as a General Ledger Payment. Computer: This field is set to the instance number LILAC. Day: A required reference field. Typically use day of the month, ie 05, or initials User initials, ie JB. Value: Displays the total value to be posted to this account. Currency: The key for the forex currency.
Posting From Ledger: The ledger from which posting is made. Main: The general ledger account name from which posting is made. Date: Enter the date of the transaction. Ref: Enter a reference number for this transaction. Description: Enter a brief description on the nature of the posting.
Posting To Branch: Leave blank, unless Branch is used for Multi Company systems where posting between companies is used. Ledger: The ledger to which posting is made. Main: The general ledger account name to which posting is made. Sub: Enter a sub-account name if applicable. Date: Enter the date of the transaction. Ref: Enter a reference number for this transaction. Taxable: Tick this field to indicate that GST should be calculated at 1/11 of the value posted. Value: Type in the total amount including GST (if applicable) that is to be posted. Dissect: Amalgamate Bank Posting. Posted: This field will automatically be updated when the Posting has been processed. To post the values click on the Apply button (with the left mouse button). Description: Type in a brief description on the nature of the posting.
Transaction Processing Button Description: Apply Clicking the Apply button will post the entries to the accounts specified. Duplicate: Copies the fields from the last entry to create a new entry with a blank value, and a tick in the dissect column to indicate that multiple entries are to be combined in the bank side of the posting. Increment: Copies the previous line but increments the reference number, and clears the Dissect check box.
From Here: Once the transactions have been applied this finishes the process.
