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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.
A report is required detailing the balances that need to be accounted for in FMS.
The balances must balance to zero to allow for a balanced journal to be created and posted.
The balances need to be associated with ledger code with the appropriate ledger code types:-
Ledger Code Type
VAT on Expenditure
VAT on Income
£10,000 of income has been collected
£8,000 of expenditure has been incurred that is vatable
£1,600 of VAT has been paid on the £8,000 above
£300 of expenditure has been incurred that is not vatable
£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.
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:-