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

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

3. 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

4. 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)

5. 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

6. 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

7. Enter relevant transaction type {710}

8. Sequenced Journal reference number GLJ 242863

9. Clear General Ledger Note

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

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