• Save a detailed and a summary version in a pdf format for future reference

• Inscription to a general ledger transaction
  • Debit « Account receivable »
  • Credit «Sales transactions» with tax to remit

       

• Save a pdf file of both the detailed version and summary
• Transcribe the summary into a general ledger transaction
  • Debit « Account receivable » total amount
  • Credit « Payment method » split 

      

• Save a pdf version for future reference
• Save a pdf version of the invoices list ( sales Invoice/invoice list )

• Transcribe every end of the day summary ( Sales by category) to a general ledger entry

IMPORTANT TIP : Do not include invoices from multiple months in one End of the Day... Split them in 2. For example, if you have 1 invoice from September and a stack of invoices for October, process the one from September in 1 End of Day and then the others in a separate End of Day. The EoD for September should be entered to a GL transaction to the end of the month. (Ex Sept 30^th )

• Add note closing invoice Sep 30^th in receivables and then closing the AR on October 16^th with Visa.

What if the amounts are not matching your bank account?

• Create an « over & short » account (within the same GL range as the bank) to manage issues («over & short » is negative : not enough payment or too much money for the invoices).
  • Do an entry to the General Ledger by crediting the bank and debiting the «over & short»
  • Or do the opposite by debiting the bank and crediting the «over & short»
    • Amount should match the next month and your « over & short » account should be back to « 0 »
    • Here is a list of reasons for being off balance:
      • Created an invoice with a date prior to the current month
        • List of invoice FAQ
      • Managing NSF funds with a transaction of the current day rather than the real date.
        • New feature in GC FAQ
      • If your «over & short» is negative :
      • Not GEM-CAR issues, but a tip that might help you find issues
        • If your « over & short » is positive, look for direct deposit :
          • grant, a return from the government Tax
            • of a transaction of a tax return ( TAX refund deposited to Bank account )
          • check if the owner did an advance or a Cash sale
            • Cash sale: create an invoice tax in for the amount of the cash amount.

Printing the invoice list for a period to find an invoice billed later from a previous month (back dated when closing the invoice).

• Go to Report : “Sales/Invoice list”,
• Select the month
• If an invoice, generally at the end, is skipping the numerical order that means that the invoice was back dated.

When sale GL summary is off balance 

It is easy to fix issues with off balance GL :

• Simply go to “Customer management” / “Invoice entry and distribution”
• Click on the button “Incomplete distribution”
• All incomplete transaction will show in red,

To complete the missing transaction,

• Add a GL, an amount
• save.

Note : please fix the source of the issue, by looking in the history using the invoice number which  product had a GL issue.

Ex: the product only as a GL in the purchase no GL for sale ( GEM-CAR take the GL from the category in there are not one GL set up in the product), a product is associated with a category that as no GL, etc ..

• Accounting /Reports: Invoices and distributions (Supplier)
  • Save a detail and a summary version in a pdf file for future reference
• Accounting /Reports: Invoices and distributions summary (Supplier)
  • Transcribe to a general ledger transaction
    • Debit «Accounts Payable»
    • Credit «purchase transactions» with tax to claim
  • Supplier/ Reports: Check and payments log

• Save a detail and a summary version to a Pdf file for future reference
• For every line, enter a transaction to the general ledger with the cheque number as a reference

• In this example, there would be 2 general transaction 59 and 60
• Tip : Export the report in Excel... use the copy paste function to copy the $$ amount to avoid typos.
• The GL entry
  • Transaction number = check #
  • Date : Date of the check
  • Credit first : Bank account
  • Debit : Accounts payable

• Accounts payable aging

• Save both a detailed and a summary version in a pdf file for future reference

Note regarding QuickBooks online

Since QuickBooks will not let you make general ledger transactions to AR, AP and tax GL; use the same technique as for the sales

In order to use the tax report,

• create a supplier called :”GEM-CAR purchases”
• create a purchase with item corresponding to the purchases categories and amount from the summary report and put it in payable,
• Apply payment on invoices from that supplier on a one by one basis on the payment of each check with the check number in the note.

 Since all transactions have been entered in your accounting software either by a summary (sales, payments and purchases) and the detail of the check have been entered, reconciliation from your bank statement and the accounting software will be easy.

             Example from Dynacom reconciliation window.... check mark

Important validations at the end of the month

• Looking at your balance sheet, accounts payable and receivable should match from your GEM-CAR pdf report that you have saved

Here is an example of a GEM-CAR accounts payable report matching the balance sheet
     

                Ex account payable from GEM-CAR

       

                  Example of a Balance sheet

• Compare aging from the month before saved in a pdf and reprint the report from GEM-CAR with the same date.... Once you have found the error, you will know which month to look for.

How to set your GL

Go to: “Accounting > GL account configuration"

      

      
Click on plus to add a bank , check a bank and save.