Quick Journal offset account

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Posted on by MickieParis

Hello all, my question is regarding the Quick Journal offset account. The screen allows debit and credit entries. My question is, if the sum of the debits is greater then the sum of the credits entered, then the offset account will be credited for the balance? And if the sum of the credits is greater then the sum of the debits, then the offset account will be debited for the balance? is this correct? Thanks in advance!

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MickieParis on at

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RE: Quick Journal offset account

Hi Leslie, thanks for answering, you are so awesome, you are always helping in this forum. I really appreciate it. By playing around in a test company I found out the reason I was not able to post was because I had entered an amount in the Control Balance field – a positive amount. And the Balance at the bottom of the QJ screen had a negative amount since I only entered a credit amount, the Balance showed as negative. So if you enter an amount in the Control Balance field, the amount in the Balance field must match - whether positive or negative. You can enter a negative amount in the Control Balance field by entering a negative sign before the amount entered. When both amounts match, you can post.

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L Vail 65,271 on at

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RE: Quick Journal offset account

Hi,

Quick Journals can be a bit confusing because your debits and credits should not balance. Whatever the difference between the line items you enter will be dr or cr to your offset account. Here's an example of how to handle a payroll entry. Note, you should never make an entry directly to cash, we're using a suspense account which would be followed by a bank transaction entry to clear the suspense account. The Quick Journal setup would look like this:

when you use the entry, it would look like this:

The credit would automatically go to the Offset Account. The next thing you would need to do is to create a Bank Transaction decrease that would debit the Cash Suspense account and credit the cash account like this:

It is important that you do not use your Quick Journal to post directly to cash if you are using the Bank Reconciliation module.

Kind regards,

Leslie

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MickieParis on at

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RE: Quick Journal offset account

Mariano, thanks for replying. But I've been playing around with QJ in our test company and I still don't understand them. As a test I created a QJ where the offset was the cash account and I entered a single revenue account in the accounts section with a credit amount of $100 and I entered $100 in the Control Balance field. The balance at the bottom of the screen showed a negative $100.. I was expecting GP to use the Offsetting account, the cash account in this instance, for the debit balance of $100 but GP would not let me post.

So it's not a matter of GP summing both columns the debit and credit columns and makes up the difference by either crediting or debiting the balance using the offset account which is what I asked above. so I don't know how this screen works. Please help. Thanks.

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Mariano Gomez 26,225 on at

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RE: Quick Journal offset account

That is correct. The difference between the total debits and credits should be carried over to the offset account as described by you above.

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