Video 3: Simple Ledger Entry With GST

LedgLive Video 3: Simple ledger Entry With GST

Also setting up default account for new journal entries.

3. Simple Ledger Entry with GST in LedgLive

Subtitles Extract

Scene 1

Red box around ledger entries of account

Red box around journal entries of ledger

We will reproduce this example. First click on each journal line in red box just above, in turn, to show account entries (other journal entries) in red box above, with account balances.

Scene 2

Red box around ‘Account ID for Row+’ message

Red box around ‘Type to select entity account ofr Row+’ box

Red box around ‘Row+’ button

Each time an account is changed the Row+ account changes. The chosen entity and account is stored in local storage for when LedgLive is used again.

When the ‘Row+’ button is usable (only if an accocunt has been chosen as a default) then this default account is changed. A clearer message is now shown of no default has been chosen.

Also the ledger entries of the default account are viewed below on pressing enter for ‘select entity account’. Even though clicking on a journal entry further below will override the account shown, simply pressing enter within ‘select entity account’ will redisplay the default account entries


The ‘select entity account’ box on top left both shows account information and the last chosen is the default account for use with Row+. A default account for Row+ must be set. ‘Account ID for Row+:’ states the chosen default account is 11110. Starting to type in the ‘select entity account’ box, or using down arrow, will show entity sccount choices. THESE CHOICES DO NOT SHOW IN THIS VIDEO AS EXTRA DROP DOWN BOX WINDOWS ARE NOT RECORDED WITH OBS STUDIO. You can press enter to confirm an entity account choice and enter again to update ‘Account’ table. Clicking on any row in the Ledger details box shows account details for that journal entry and so overides last choice. However you can press enter at any time in the ‘select entity account’ box to show the last chosen chosen account details. It is no big deal to change the account of a journal entry. Using a default is just a user convenience in case you have multiple journal entries for the same account.

Scene 3

Red box around ‘New’ button

Red box around ‘Row+’ button

Red box around the second ‘Enter assigns, type searches’

Red box about first journal entry with the correct journal account as default entry

The Ledger entry for sale of rough opal with three journal entries requires just four clicks to recreate editable entries for. Click on ‘New; once to create a new ledger entry and click on ‘Row+’ to create three journal entries for the Ledger entry. Make sure the ledger date is correct and add in a ledger description: YOU MUST PRESS ENTER WHEN FINISHED. Note the default account for each ledger (‘Bank’ for Opal Trader entity). This is incorrect for all entries. Click on first journal entry line to make it active for the second ‘account assign’ box (set for ‘Opal Traders’ entity. Start typing ‘Merchant Account’. It does not need to be fully typed to choose it. PLEASE NOTE THE VIDEO DOES NOT SHOW THE DROP DOWN BOX ADDITIONAL WINDOW. Press enter to select. Press enter again to assign to journal and move the next journal line active.

Scene 4

There is a view of what a non visible (for video) drop down box looks like on lower left. The first video has visible drop down boxes.

Red box around the second ‘Enter assigns. type searches’

Red box around lower two journal entries

The second journal line is now active (the ‘Account Title’ is selected) and the second ‘account assigns’ box has not lost focus. Start typing ‘rough’ and choose from drop down box with enter. DROP DOWN BOX ADDITIONAL WIDOWS IS NOT IN VIDEO RECORDED BY OBS STUDIO. However there is a snapshot of a sdrop down box just above and to the left. Enter again to assign to second journal line. This moves the active journal line to the third line without loss of focus in the ‘account assign box’. Start to type ‘tax’ and press enter on the ‘Consumption Tax Collected From Sales’ line in the drop down box. Press enter to assign. note the active journal line is now gone to the top. Use escape key to skip a line for assignment.

Scene 5

Red box around upper two lines of journal entries

For the first journal line add in a debit to merchant acount for sale of rough opal and a credit to ‘Other Rough Opal Sales’ account. We will use the automatic tax calcuclator for GST. You must use tab, enter, up arrow or down arrow to confirm values (works like Excel)

Scene 6

Red obx around ‘Choose Tax To Apply’ drop down, and two buttons

Red box around lower two journal entries

To automatically calculate GST, click on the second journal row, Click on ‘GST, 10%’ in the ‘Tax To Apply Box’ drop down box (does not show in video), click on ‘Apply’, click on ‘N/A, 0%’ in the drop down box to prevent the journal line ‘TAX Code’ defaulting to ‘GST, 10%’. The journal ‘TAX Code entry’ is not currently used by any reports, however the ‘TAX’ box is used by reports. Note the credit amount is deducted. To double balance again the total GST needs to be entered as a POSITIVE amount in the credit column, even though for credits TAX is recorded as negative and for debits tax is recorded as positive.