(1) In this blog, we will see how to create and post a Payment Journal. Use payment journals to post financial transactions directly to general ledger accounts and other accounts, such as a bank, customer, vendor, and employee accounts. Go to the search bar and type “Payment Journal”, as shown.
(2) After that, the “Payment Journal” opens and enters the information. In the below screenshot, we entered the opening of Ledgers, Customers, Vendors and Banks, Bank Payments, Bank Receipts, Contra Voucher, Journal Voucher, Cash Payment & Cash Receipt, as shown.
Example-001: Opening Of Customer
Customer-001 debited → X Amount Dr
Control Account credited → X Amount Cr
Example-002: Opening Of Vendor
Vendor-001 credited → X Amount Cr
Control Account is debited → X Amount Dr
Example-003: Opening Of Bank
Bank-001 credited → X Amount Cr
Control Account is debited → X Amount Dr
Example-004: Opening Of Ledger
Account-001 credited → X Amount Cr
Control Account is debited → X Amount Dr
Example-005: Bank Payment
Customer-0001 credited → X Amount Cr
Bank-0001 debited → X Amount Dr
Example-006: Bank Receipt
Vendor-0001 debited → X Amount Dr
Bank-0001 credited → X Amount Cr
Field Name
Field Description
Importance
Batch Name
Specifies the name of the journal batch (discussed in “Overview of Vouchers” blog).
Mandatory
Posting Date
Specifies the entry’s posting date.
Mandatory
Document Type
Specifies the type of document that the entry on the journal line is.
Optional
Document No.
Specifies a document number for the journal line.
Mandatory
External Document No.
Specifies a document number that refers to the customer’s or vendor’s numbering system.
Optional
Account Type
Specifies the type of account that the entry on the journal line will be posted to.
Mandatory
Account No.
Specifies the account number that the entry on the journal line will be posted to.
Mandatory
Account Name
Specifies the account name that the entry on the journal line will be posted to
Mandatory
Description
Specifies a description of the entry.
Mandatory
Amount
Specifies the total amount that the journal line consists of.
Mandatory
Bal. Account Type
Specifies the code for the balancing account type that should be used in this journal line.
Mandatory
Bal. Account No.
Specifies Account from the list
Mandatory
(3) After that go to the “Post/Print” → Post the entries shortcut Keys is F9 and press Yes, as shown.
(4) Entries posted and go to the “General Ledger Entries” and take the printout of that entry, as shown.