Transfer Entries to Your External Accounting Software

Summary

• Creation of a virtual file containing: the aging report for accounts receivable and accounts payable, and the list of invoices, with a copy of the detailed accounting transactions for purchases and sales in PDF format;
• Entry of sales distribution summaries in the General Ledger, as well as those for purchases;
• Entry of detailed supplier payment transactions, check by check.

How to configure your GL?

Yes, you should take the time to configure your general ledger codes in your GEM-CAR.

To do so, click on Accounting > Chart of accounts > +Add.

Next, enter the following information:

• Internal code;
• Name;
• Financial.

Check or uncheck the options as needed. Then click Save.

Selling with GL Configured in GEM-CAR (Recommended)

After configuring the GL correctly, following the steps described above, from the main menu, click on Sales > Reports > Invoices.

Select the start and end dates and sort by. Click Send.

Keep a PDF copy for auditing purposes.

From the main menu, go to Accounting > Reports > Balance Sheet.

Then enter the following information:

• Type of code to display;
• End date.

Among the filters, you will have the following options:

• Filter by account labels;
• Filter by transaction labels;
• Filter by currency.

Then click Send.

In Balance Sheet, with the selected date, you will have access to information relating to:

• Current assets;
• Long-term assets;
• Current liabilities;
• Long-term liabilities;
• Capital;
• Summary.

You can consult the summary at the end of the Report.

Posting to the General Ledger:

• Debit accounts receivable;
• Credit sales accounts and taxes payable.

From the main menu, go to Sales > Reports > Summary of Receipts.

Select the dates and click Send.

You can view the Summary of payments received. Keep a PDF copy for auditing purposes.

Entry in the general ledger summary:

• Credit the accounts receivable;
• Debit the amounts by type of collection.

From the main menu, click on Accounting > Reports > Account Aging.

Next, enter the following information:

• Account balance on; 
• Currency;
• Type (accounts receivable);
• Group by;
• Order.

Among the filters, you will have the following options:

• Filter by transaction tags;
• Filter by client;
• Filter by tags client;
• Filter by seller; 
• Filter by account owner.

Then click Send.

Keep a PDF copy for auditing and validation purposes.

Keep a PDF copy for auditing and validation purposes. From the main menu, go to Sales > Reports > Invoices.

Select the start and end dates and sort by. Click Send.

List of invoices in PDF format. Keep a copy in PDF format for auditing and validation purposes.

Enter a transaction in the general ledger.

• Using DYNACOM

Enter the summary in the general entry of the module for sales, then payments.

• Using Acomba

A) Entering Sales

Add the general transaction for sales using the general entry.

In the description, add the month, year, and type: Sales.

B) Enter the Payment Transaction

Since Acomba only allows you to have 6 payment methods, combine all credit cards into one GL code: 1001

In the description, add the month, year, and type: payment.

C) Purchases and Checks

Repeat the transactions, but this time for purchase and check entries.

• Using QuickBooks

A) Go to create a general entry

In the QuickBooks menu:

• (Optional) In the Create General Journal Entries window, change the date.

• The entry number should fill in automatically.

• Enter the details of the entry in the general journal.

• Using QuickBooks Pro

• In the QuickBooks menu, choose:

Create General Journal Entries.

• (Optional) In the Create General Journal Entries window, change the date.

• The entry number should populate automatically.

• Enter the details of the general journal entry.

• Using QuickBooks Online

The fastest way to create a journal entry when using QuickBooks Online is to click the plus sign (+) at the top of the user interface. When the Create menu appears, select Show More. Under the Other column (far right), select Journal Entry. Using the general ledger with this version of QuickBooks will not allow a transaction to accounts receivable, accounts payable, or GL taxes. Create the new GL accounts close to the numbering. The integrated tax report will not show these new GLs.

• Solution to be Able to Use Tax Reports in QuickBooks

To use the tax report:

• Create a customer called GEM-CAR sales and a supplier called GEM-CAR purchases.

• Create an invoice with the item corresponding to the sales categories and the amount sold from the summary report and put it in accounts receivable.

• Apply the payment to this customer's invoices one by one, based on the payment summary.

• Simple Accounting / SAGE Company

In the Simple Accounting menu:

• In the general journal entries window, change the date.

• The entry number should fill in automatically.

• Enter the details of the entry in the general journal.

• Sale with GL Not Configured

Enter your end-of-day data in the general ledger.

• Be careful not to include invoices from another month in one of your end-of-day entries; make two end-of-day entries...
• PS: If you need to close an invoice in the previous month, close the September invoice as receivable and the October invoice with the payment...

If the amounts do not balance with the bank:

• You can create an Adjustment account to manage the discrepancies...
  • Credit the bank and debit the petty cash account for the amount.
  • Or vice versa, as the case may be: debit the bank and credit the petty cash account for the amount.

The amounts must balance with the other month and restore equilibrium... The root causes are:

• invoicing on an earlier date in the previous month.
• recording an NSF on the current date when the NSF was from the previous month.
• a negative GL balance of -1K: shareholder advance.
• a government subsidy or direct deposit: positive petty cash.

GL sales and Category reports do not balance...

Purchases

From the main menu, go to Purchases > Reports > Summary.

Then enter the following information:

• Start date;
• End date;
• Group by (Supplier).

Among the filters, you will have the following options:

• Filter by supplier;
• Filter by product;
• Filter by category.

Then click Send.

Keep a copy of the detailed PDF for auditing purposes.

• General Ledger Entry

From the main menu, go to Accounting > Checks. On this page, you can view the list of checks generated by the system. Next to the Close button, you can print, export to Excel, export to PDF, copy the direct link, and print in batches.

• Posting a Check Transaction to the General Ledger

o In this example, there would be two general transactions, 59 and 60. o Tip: Export the report to Excel...use the copy-paste function to copy the $$ amount to avoid typos.

The GL Entry

• Transaction number = check #
• Date: Check date
• Credit first: Bank account
• Debit: Accounts payable

Age of accounts payable

• Keep a copy in PDF for audit.

Note regarding QuickBooks Online

Since QuickBooks will not allow you to make general ledger transactions to AR, AP, and GL tax; use the same technique as for sales. To use the tax report, • Create a vendor called: “GEM-CAR purchases” • Create a purchase with an item corresponding to the purchase categories and the amount of the summary report and put it in payables. • Apply the payment to this vendor's invoices one by one based on the payment of each check with the check number in the note.

Reconciliation

Since all transactions have been entered into your accounting software either by summary (sales, payments, and purchases) and the check details have been entered, reconciling your bank statement and accounting software will be easy.

Example of the Dynacom reconciliation window.... check

Important Validations at the End of the Month

• When looking at your balance sheet, the accounts payable and accounts receivable must match your saved GEM-CAR PDF report. Here is an example of a GEM-CAR accounts payable report corresponding to the balance sheet.

GEM-CAR accounts payable.

Example of a Balance Sheet

How can you find errors when a purchase has been entered with an earlier date by mistake?

• Compare the previous month's aging recorded in a PDF and reprint the GEM-CAR report with the same date.... Once you have found the error, you will know which month to look for.