Proper encoding of Purchase Transactions will affect your Purchase Book Journal, Cash Disbursement Book, and General Ledger reporting. Get to know how to do it for your PLUS organizations.
This article will help you:
Understand the Tax Data Flow of Purchase Transactions
Add Purchase Transactions and applying the Payments
TAX DATA FLOW OF PURCHASE TRANSACTIONS
1. When you record Purchase transactions (Sales Invoice for Goods / Official Receipt for Services) in JuanTax, tax data are pulled to your Purchase Book Journal, Cash Disbursement Book, and General Ledger.
2A. When Purchase transactions are paid or awaiting payment, it goes to your Purchase Book Journal.
2B. When a full or partial payment is applied to your Purchase transactions, it goes to your Cash Disbursement Book.
3. When Purchase transactions are marked as "Posted", it will reflect in your General Ledger.
The table below is only a preview of the report, you may use the export function to get the detailed format of your General Ledger
A. Preview
B. Detailed Report (Exported File)
ADDING PURCHASE TRANSACTIONS AND ADDING PAYMENTS
Adding Purchase transactions is the same for both STANDARD and PLUS organizations. However, Applying Payment feature is only available to PLUS organizations.
Here's how you Apply Payments to Purchase Transactions:
1. Choose a Purchase Transaction
2. Under the Select Options button, click Add a Payment.
3A. For full payments, enter the required fields to mark the transaction as Paid.
3B. For partial payments, choose I want to make a Partial Payment and fill the required fields. This will mark your transaction as Awaiting Payment
Important Information:
In recording Sales Invoice transactions, the tax type should be "GOODS"
In recording Official Receipt transactions, the tax type should be "SERVICES"
Applying Payment is important for your transactions to reflect in your Books.
DRAFT transactions should be marked as POSTED in order for these transactions to reflect in your Books.
For your transactions to be recorded in your General Ledger, they should be marked as POSTED from your other Books.
What's Next?
Get to know the best practices in importing and exporting tax data
Learn how to utilize Chart of Accounts for precise recording