Standing Journals.

The Standing Journal option is used where you have any automatic monthly deductions from your Bank Account. An example of this is your rent payment where once a month money comes out of your bank account and is transferred or journalled to the rent paid ledger.

The standing journal function in AMWin allows you to set the Date and the Amount to be automatically deducted each month, so at all times you are able to know your correct Bank balance in AMWIN, since the Bank's computer will perform the same task.

There are however some types of entries where the standing journal system is not recommended.

1. A payment amount that is tied to interest rates and is therefore liable to fluctuate i.e. the amount will not always be the same.

2. A payment that may fall on different days of the month. Example - A direct debit comes out of the bank account for insurance - the payment is normally deducted on the 25th of the month but if the 25th is a weekend or a public holiday it is deducted on the first working day following the weekend or holiday.

3. Wage entries - where the wage entry function of AMWin should be used so that all components of the entry are posted correctly.

Setting up standing journals in AMWin

1. In the AMWIN window, from the menu choose Ledgers, left click and select Standing Journals.

2. The Standing Journals window appears.

3. Select the "insert" button.

4. Journal Code – Enter a code for the Deduction. For example, if the Automatic Deductions are made to finance Company, Esanda, type the Journal code as Esanda1 for the first one, Esanda2 and so forth if there is more than one Automatic Payment made to Esanda.

5. Left click the menu on the right of the field and select whether the automatic deductions attract GST, are GST Free, is an Acquisition or Motor Vehicle. GST Types.

6. Description – Enter the description of the Payment. For example, 'Computer Lease Payment', for Computer lease. 

7. From Ledger Account – Left click the button on the right of the From Ledger Account field. The General Ledger window appears.

8. Enter the General Account Code or left click on the account. (Eg. Bank Account 1 (1020) or Bank Account 2 (1021)) This highlights the account code to be automatically inserted into the Standing Journal window.

9. To Ledger Account – Left click the button on the right of the To Ledger Account field. The General Ledger window appears. Refer to Step 7. 

10. Note : Select the General Ledger Account that has been created for the Lease Payment. (If the Lease is for Workshop Leases, create General Ledger Account in 55's in GL Master file, for Office Leases, in the 9's).

11. Amount – Enter the Amount that's Automatically deducted for the particular Payment

12. Process each – Enter from the menu, the frequency of when each automatic deduction should be made eg. Monthly, Weekly or Fortnightly.

13. Day of the Month to Process – If monthly payment are made enter the day of the month that deductions are to be processed.

14. Commencement Date – Enter the commencement date of the automatic deductions.

15. Next Due Date – Enter the next due date when deductions are to be made.

16. Termination Date – Enter the Date the Automatic Deduction Payment terminates. What this does is that, when it reaches this date, the Computer stops the Automatic Deductions.

17. For example: Payments to Car Lease will be automatically deducted from the Bank Account No1 to the Lease payments account on the 25th of every month.

Your standing journal screen should now look something like the following image.

Choose Update, to save standing journal entry. 

The journal code will appear in the "box" on the left side of the screen.

To delete a standing journal, enter the journal code or left click on the journal to be deleted and choose Delete.

Note: The standing journal will be processed immediately following your acceptance of the date when opening AMWin.