IckyLeaks has also linked his file to his Visa Card credit card account.
- Use the bank transactions to do your data entry.
- Look at each transaction,
- check what it represents and which account code you would allocate it to.
- check what it represents and which account code you would allocate it to.
- Consider creating allocation rules for some of the common transactions listed, like
- BP Petrol
- Mobile Bill
- Annual Bank Fee
- Allocate the Countdown transaction for to staff amenities for $55.
- the The OfficeMax transaction was for office stationery that you purchased.
- Look at each transaction,
- What's the Visa balance in your books?
Although this is an activity here's the breakdown of what should be done by Students.
Either use the Rules or the relevant functions to add expenses to your file.
what would be some of the common expenses
Credit Card Transaction | Allocation to: |
BP Petrol | New>Spend Money or New>Transaction Rule Set up rule and allocate to 6-6300 Motor Vehicle Fuel/Oil Then Approve transactions that are created for you |
Mobile Bill | New>Spend Money or New>Transaction Rule Set up rule and allocate to 6-2900 Telephone Expenses Then Approve transactions that are created for you |
OfficeMax | Set up rule and allocate to 6-2700 Stationery Then Approve transactions that are created for you |
Countdown | Point out you would need to see receipt in case it needs to be split to different accounts…. For simplicity just allocate to: 6-2800 Staff Amenities |
Annual Fee | Transaction Rule - 6-1300 Bank Fees |