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Bank Charge Edit

Recording bank charges and tax incur via Journal Entry Edit

How to record any bank charges which bank automatically charged to current account:

  1. Go to Accounting -->  New Tax Journal Entry
  2. Select “Purchase (Input Tax)” for Transaction Type
  3. Fill in Journal No., select the Date
  4. Select Department and/or Project if applicable
  5. The two accounts to be selected are Bank Charges (Expense Account) and Bank Account (Asset Account). Create a new account if they are not available.
  6. The amount for Bank Charges Account is on Debit side whereas the amount for Bank Account is on the Credit side. These two amounts shall be same and GST-inclusive
  7. Select TX 6% as the tax for only Bank Charges Account. For Bank Account, don’t need to select tax.
  8. Select Project if applicable
  9. Click “Save” and it is done!
Bank Charge Journal Entries

Hire Purchase Edit

Record Payment for Hire Purchase Installment Edit

  1. Go to Accounting --> Make A Payment
  2. Select the Hire Purchase Bank as payee. If the bank is not in the list, create a new vendor contact for it.
  3. Select payer’s account from which the installment is paid
  4. Select Payment Date, fill in Payment Details (by cash or cheque), and also Cheque No if paying by cheque
  5. Select Department and/or Project, if applicable.
  6. Ignore Transaction purpose, and don’t have to tick update payee balance & tax inclusive blank 
  7. Select Hire Purchase Creditors (Non-current Liability Account) for Debit Account. Create a new account for it if it is not available.
  8. Fill in the Details and Amount. Please note that this amount does not include interest portion
  9. Select BL 6% for Tax 
  10. Select Project only if it is applicable.
  11. Click “Add Line”
  12. Select Hire Purchase Interest (Expense Account) for Debit Account. Create a new account for it if it is not available.
  13. Fill in the Details and Amount. Please note that this amount is the interest portion only.
  14. Find the total interest in Hire Purchase Agreement and calculate the monthly interest expense
  15. Select EP 0% for Tax
  16. The total of these two amounts will be the monthly installment amount.
  17. Click “Process” and it is done!

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