How do I process journal entries?
As Class has an automated general ledger, there is no specific functionality where you can manually record journal entries.
You are still able to record all scenarios you would ordinarily need a journal entry for, some like revaluation of investments and recording or reversing receivables are automated, the other scenarios are listed in the table below.
|Action||Description||Link to Page|
|Adjust member account components||Used to adjust the preservation or tax components for a member's account||Adjusting Member Account Components|
|Adjust member account balances||Used to adjust the account balance between members if the issue is resolved in a later financial year||Reserve Account Transfer|
|Adjust profit or tax allocation between members||Used to adjust the profit allocation or tax for a member's account, for example when wanting to clear a small balance of a pension account being closed||View and Amend a Period Update Allocation of Profit and Tax|
|DRP residual receipt or donation||Used to account for receipt of a DRP residual or where it is donated as part of the DRP policy||DRP Residual Receipt|
|Asset write off||Used to dispose of an asset with no value||Process via Transactions > Investment Sell > Non-Cash Disposal|
|Income not received||Used when income has been accrued in a prior period but it has not been received and will not be received in the future||Match the same amount of income to an appropriate expense account|
|Rounding GST||Used when processing GST payable or GST refundable event and the ATO rounds the GST to the nearest dollar||How do I clear the roundings in the GST account?|
|Rounding of Tax||Used when processing tax payable or refundable event in the Over/(Under) Tax Allocated field||Processing a Tax Refund or Tax Payment|
|Amortise expenses||Used when amortising expenses over several periods for tax purposes||How to record the amortisation for borrowing costs 5 years for tax purpose|
|Expenses paid by Members||Used when a member pays a fund expense directly from their own funds||Process a Member Contribution and match it off to the expense|
|Income accrued in opening balances that are reinvested||Used when a distribution is recorded in the opening balances as dividend receivable and it is reinvested in the next financial year||Process via Transactions > Investment Buy > Non-Cash Acquisition in the new Financial Year and match it to the accrued distribution|
|Revaluing Unlisted Investments||Used when you need to revalue an investment that is not listed||Revaluation for Unlisted Securities|