Example of Scenario:
I received TNB bill amounting RM106. How to record it as a journal entry in Sage One?
How to record in Sage One:
1. Sage One was designed to have single-line journal entry.
2. Please go to Accountant's Area > Process Journal Entries.
3. Below is the Process Journal Entries screen:
4. Update the Date column.
5. Select the Effect column. In the above mentioned scenario, we will debit electricity and credit accrued expenses. You can opt to select Debit or Credit. We select Debit.
6. Select the appropriate account in Account column. Since we select Debit in Effect column, we select the Electricity & Water Expenses account.
7. Fill the Reference and Description columns.
6. Select the right Tax Type and put the right Amount.
7. Select the contra account in Affecting Acc. column. Since we already select Electricity & Water Expenses account, we should select Accrued Expenses Account. System will automatically credit the Accrued Expenses account.
8. Click Process.
How to view previous journal entries?
1. In the Process Journal Entries screen, please tick Show Previous Journal Entries box and filter the date accordingly.
2. System will show journal entries as per filtered date.
3. This only for direct journal entries transactions.