QUESTION:
How do you create a Sales Tax for Wrong Amount Journal Entry?
This journal entry is available for NC Schools only that must track the amount of reimbursable sales taxes paid. The Sales Tax for Wrong Amount entry exists to correct the amount of sales taxed entered on a check that has been posted in SchoolFunds Online. No adjusting is necessary. This entry simply replaces the preexisting tax amount with the correct tax amount. Since this entry does not post to any accounts (information is recorded for reporting purposes only), it will not print on the Journal Entry Register or JE's > Review JE's. This entry will affect the Total Sales Tax amount reflected on the Sales Tax Report and the Check Register.
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PROCESS:
From JE’s > Edits > Sales Tax for Wrong Amount
- Enter a Transaction Date.
- The default is the current date, but this can be changed to reflect the actual posting date.
- The transaction date cannot be outside the current fiscal year.
- Enter the Check Number of check to be corrected.
- Click Tab key.
- Enter the correct amount of the tax for the check number entered.
- Enter a Reference (description) for this entry.
- Enter any Additional Comments/description for this JE not entered in the reference field. This information will print only on the proof sheet.
- Click on the Preview button to display a proof sheet preview.
- Verify all information on the Journal Entry Proof Sheet is correct.
- If Yes – click on the Post and Generate Final Proof button to post the JE.
- If No – navigate to JE's > Edits > Sales Tax for Wrong Amount again to clear the screen and start over.
When the final Journal Entry Proof Sheet displays, the JE is posted and the JE # is assigned.
Be sure to click on the printer icon to print the JE proof sheet for your records.
The JE proof sheet can be reprinted from the Review JE's screen.
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