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How do I enter transactions that show up in my online banking list such as bank charges, interest charges, debit card transactions (like entertainment expenses) etc.
I tried downloading the transactions, and it basicly shows me the same list as my online banking shows me, but that's where it ends.
Do I still have to enter all these extra transactions in manually, and how do I do that? I tried reconciliation and got really confused. Some of the accounts did not come up, (such as shareholders loan) and I was afraid to use the Process button incase I did it wrong. The general journal seems the easiest way, but I'm not sure about the right CR and Dr accounts to use. BTW I did the first reconciliation with all zero balance because that's basically where I am at. I've just started a new company June 01, and bought Simply at the same time. Sometimes it's very frustrating!
Thanks in advance for any and all help!
Hi there: All these kinds of entries must be entered manually. There is no way that you can download items from your bank account directly into Simply. They would have no idea where to go! You are right is thinking that the General Journal is the easiest way. Each month when I get my bank statement (since I don't go online thoughout the month), I enter each of the amounts, like interest charges, interac transactions etc. as a separate journal entry in the General Journal module. The entry for interest charges for instance would be Cr. Bank and Dr. Bank Charges & Interest expense. Likewise for each of your debit transactions. It would be a Cr. to Bank and a Dr. to GST Paid on Purchases (for the GST amount) and a Dr. to whatever expense it pertains to for the balance.
As always, there is more than one way to do everything in Simply, depending on which version you have. But I find doing the entries in my own way so that I know what each entry is doing suits me. When you have your entries done and ready to post it is always a good idea to go to Control +J (or up to the report) and see exactly what the journal entry is doing before you post it. Especially when you are getting started and are new to Simply. That way you will know that the system is doing what you think it should be doing. Rita Deering
Thanks for the quick reply. That makes some sense to me. Thanks alot. I also just talked to my neighbor who uses the system and she also helped me out with some questions.
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