It would be good if Journal Entries had Automatic Numbering system like Invoices etc do. It would be much easier than checking what the last JNL entry number was before creating new one
Some users may not wish to use sequential numbering on journal entries, since these are internal records (unlike sales invoices, which go to customers).
If you are suggesting Journal entries do not require a number, I am puzzled.
If Journal entries require a number it ought to be automatically generated,
I am only saying that if automatic numbering is added, it should be optional. In Manager, very few transactions actually need to be entered via journal entry. Most are created from within some other tab, such as
Bank Accounts, etc.
A lot of transactions need journal entries example non-cash items …depreciation,prepaid expenses monthly charge out,accrual of expenses,etc
@BrandyHeng, depreciation is entered in the
Fixed Assets tab after clicking on the Accumulated Depreciation figure for an asset, not via a journal entry.
Fewer than you might think in Manager, but what is your question? Or what point are you making?
What I meant is the monthly depreciation charge out to P&L account.
Debit Depreciation …xxx
Credit AccumulTed Depreciation … xxx
Being depreciation charge for the month of Jan 2016.
These transactions are entered via journal every month and a hard copy of any Journal have to be authorizedand audited by external auditor, we follow UK accounting practice.
Depreciation policy method differs from company to company, how does Manager knows what method to use.
If you are using
Fixed Assets tab, then you can’t make depreciation entries under
Journal Entries tab. You need to these depreciation entries directly under
Fixed Assets tab.
Not sure why auditor would authorize each depreciation entry. All he needs is a summary of all fixed assets and by how much they’ve been depreciated over the period of time. So he knows they’ve been depreciated by correct amount. Individual entries don’t matter.