TITLE: FINANCE WORKSHOP DATE: 29 MARCH 2017 PRESENTER: MS B MAZIKO

HIGHLIGHTS Creditors Reconciliation Journal posting Reconciling and Cost recovery of First Auto (HS Fleet)

STATEMENT OF ACCOUNT Monthly statement of account from the creditors A copy of the account in their accounting records In line with account in the creditors ledger ( ITS) Excludes errors of unrecorded GRVs/Cancelled Orders Assists with: 1.reconciling individual creditors statement 2. University creditor’s ledger

Why reconcile individual creditors statement? To avoid Long outstanding payments: Invalid Orders, Incorrect Order numbers Inefficient/ineffective procedures hinder timely and correct payment of debts risk of account being on hold/paying for services never rendered Late payment and debt recovery costs (Interest)  

What is a journal??? A journal entry, in accounting, is a logging of transaction into accounting Journal items. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits

Journal Posting Applicant Approval Posting Create Journal with unique /SequencedJournal Number Relevant transaction type Clear, valid, active general ledger account codes Authorise the Journal Applicant Check and sign off the journal for its validity. Approval If the journal has been approved, the journal can be posted Posting

Enter relevant transaction type {710}

Sequenced Journal reference number GLJ 242863

Clear General Ledger Note

Active Cost Center and GLA codes Value Account to be DR/CR Total number of transactions Total journal Clear narration

Fleet management/First auto Budgeting Asset management Accounting purpose The End Thank You!!!