How to pass a journal entry to adjust accounts of debtors and creditors

[rhc]

Hi

@merchanthardware

A payment of import duty was paid by our debtor direct to our creditor UPS Ltd. So how to enter this entry to give credit to our customer and debit our UPS Ltd.

Journals

Introduction Journals offer a simple way to transfer funds from one nominal account to another. They are generally used by accountants and bookkeepers to quickly fix problems and close off accounting periods. Journals are entered in pairs and involve a simple debit and credit, one line representing a debit from a nominal account and another a credit to the opposing account. You can enter multiple pairs or groups on one single journal providing the amounts balance. How do I enter a journal? Y…

@merchanthardware

How to create a new account in the books such as I want to create an account in the name of Custom Clearance & Delivery. But there is only one account named Carriage is available. I also wish to create an account for Storage to pay stock keeping charges to Fulfillment Company.

Adding a new nominal account

Introduction Adding new nominal accounts is a good way to separate out specific income streams and provide more granular categorisation on your outgoings. Be careful not to go over the top creating new nominal accounts, in most cases you can use one of the existing codes. The current presets are based on accepted accounting standards and it is unlikely in most cases that you will need to elaborate further on these. That said, if you wish to add a new nominal account you are able to do so from …

Hope this helps