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FMS6 - Creating journals to record external payments


Explanation of how a journal can be created in FMS to account for transactions recorded in another accounting package.

  1. A report is required detailing the balances that need to be accounted for in FMS.
  2. The balances must balance to zero to allow for a balanced journal to be created and posted.
  3. The balances need to be associated with ledger code with the appropriate ledger code types:-

Ledger Code Type

Description

ES

Salaries

EX

Expenditure

VI

VAT on Expenditure

IN

Income

VO

VAT on Income

BK

Bank

AO

Assets

LS

Liabilities

PY

Payroll Control

 

  1. Example:-
    1. £10,000 of income has been collected
    2. £8,000 of expenditure has been incurred that is vatable
    3. £1,600 of VAT has been paid on the £8,000 above
    4. £300 of expenditure has been incurred that is not vatable
    5. £100 remains unspent – this needs to be paid into the physical bank account that is being  accounted for within FMS to ensure that complete bank reconciliation can be completed.
  2. The balances need to be associated with defined ledger codes in FMS, and a cash book journal created via Focus | General Ledger | Manual Journal Processing – Cash Book Journal, in the correct financial year, as detailed below:-
FMS6 - Manual Journals
FMS6 - Manual Journals

 

January 2014