Striven HELP
Standard Striven General Ledger Journal Postings
Here are some example of standard transaction postings:
- 1 POS
- 1.1 Sales Journal
- 1.2 POS - Gift Card Purchase
- 1.2.1 Invoice
- 1.2.2 Payment
- 1.2.3 Credit
- 1.2.4 Payment against the Credit
- 1.3 POS - Gift Card Redeem
- 1.3.1 Payment
- 1.4 Once Off Sale and Purchase
- 2 CREDITORS
- 2.1 Receival
- 3 Stock
POS
Sales Journal
Here is an example of an ACCOUNT SALE for $110 (Inc GST), with a product of $50 Average Cost (Ex GST)
Invoice
Account Code | Account Name | DR | CR |
| Trade Debtors | 110 |
|
| GST Collected |
| 10 |
| Sales |
| 100 |
| COGS | 50 |
|
| Inventory |
| 50 |
Payment
When that invoice was paid off down the track, it would post with these postings:
The Payment was made by DIRECT DEPOSIT
Account Code | Account Name | DR | CR |
| Trade Debtors |
| 110 |
| Bank | 110 |
|
POS - Gift Card Purchase
When a Gift Card is PURCHASED at POS, it will use the GL settings that are in the GIFTCARDCHG Tender code “Tender to Ledger Account” field.
Here is a sample invoice where a Customer purchased a GIFT CARD and Paid Cash for it.
The Net effect of all of these is that really only updates the Gift Card charged account, and your bank.
Here are the journal postings for that 1 sale.
In this example, the Customer purchases a $50 Electronic Gift Card and PAYS for it by CASH
Invoice
Note: there is no GST as the Gift Card is EX GST.
There is no COGS as the Gift Card as no Cost
There is no Inventory, as there is no cost.
Account Code | Account Name | DR | CR |
| Trade Debtors | 50 |
|
| Sales |
| 50 |
| COGS | 0 |
|
| Inventory |
| 0 |
It will automatically create the Payment for the CASH amount that is linked to the INVOICE
Payment
This occurs automatically as it was a “CASH SALE”.
Account Code | Account Name | DR | CR |
| Trade Debtors |
| 50 |
| Bank | 50 |
|
Credit
It automatically creates a “Credit” for the adjustment required for the gift card.
Account Code | Account Name | DR | CR |
| Trade Debtors |
| 50 |
| Bank | 50 |
|
Payment against the Credit
It automatically creates the payment against the credit
Account Code | Account Name | DR | CR |
| Gift Card Charged (Holding Account) |
| 50 |
| Trade Debtors | 50 |
|
POS - Gift Card Redeem
When the customer comes back into the store to REDEEM the Gift Card, it does the following on the Payment side of things.
It uses the “Tender to Ledger Account” GL Account in the GIFTCARDUSED Tender Code
Payment
<<ADAM>> Still needs to check this: 14/04/2021
Account Code | Account Name | DR | CR |
| Trade Debtors |
| 55 |
| Bank | 55 |
|
Once Off Sale and Purchase
Once Off General Ledger Postings
CREDITORS
Receival
When a Receival has been created, it would do the following posting:
Assuming that this receival wasnt Invoiced as yet.
The total cost of the Receival was $50 Ex GST
Account Code | Account Name | DR | CR |
| Inventory | 50 |
|
| Goods Received Not Yet Charged |
| 50 |
Then when the Invoice was created, it would do the following posting:
Account Code | Account Name | DR | CR |
| Goods Received Not Yet Charged | 50 |
|
| Trade Creditors |
| 55 |
| GST Paid | 5 |
|
Stock
Stock Adjustments
When a manual stock adjustment has been created, it would do the following posting:
The total cost of the adjusted stock increased by $10 Ex GST
Account Code | Account Name | DR | CR |
| Inventory | 10 |
|
| Shrinkage |
| 10 |