Getting Started > Working with Bank Accounts > Record a General Journal Entry

Record a General Journal Entry

Related topics

Memorize existing General Journal entries

Enter and use memorized General Journal entries

The General Journal is used to enter those types of transactions that are not readily categorized in the Tasks menu. Typical General Journal entries include chart of account beginning balances, depreciation, and account transfers.

Here, you also enter adjustments you need to make during Account Reconciliation. Such adjustments are necessary to account for errors, service charges, check charges, or unrecorded withdrawals or deposits. When you select Add New, then General Journal Entry in Account Reconciliation, the General Journal Entry window opens.

Unlike other screens in Sage 50, you provide all the accounting distributions in the General Journal. At other times, Sage 50 automatically distributes certain amounts, based on guidelines you set in Maintain menus.

From the Tasks menu, select General Journal Entry. Sage 50 displays the General Journal Entry window.
Enter or select the date of the transactions you want to enter.

Sage 50 defaults this date to the Sage 50 system date. If you are in an accounting period that is different from the system date, then Sage 50 displays the first day of that period.

You can also select the List toolbar button to edit a General Journal entry in the current or alternate accounting period.
Select the Reverse check box to have the transaction automatically reversed the first day of the next accounting period.

Reversing means that debits become credits and credits become debits.
Enter a reference for the transaction up to 20 characters.

If you enter a number reference, Sage 50 will increase future General Journal entries by one while this window is open.
For each line enter or select an account ID. To display a list of existing accounts, type ? in the G/L Account ID field, or select the Lookup button.
For each line enter an amount in either the Debit or Credit columns.

Debits and credits (Accounting Primer)

Standard debit and credit entries in journal transactions
For each line enter a description for the transaction.

The description will appear in General Ledger and various reports.
If the transaction is associated with a job, enter or select a job ID. You can later apply the General Journal entry to a customer invoice, if needed.
Once the Out of Balance field is zero (0.00), select Save to record the transaction in the General Journal.