How to Work on Journal Voucher (JV) ?

In Institute management there are multiple Vendors Involved. Now to Manage those Vendors in GLOWSIMS you need to set up Expense Account Head and Liability Account Head. 

To Perform the transaction mentioned above we need to have an Expense Account head as "Stationary Expense" and a Liability account Head as "Pakistan Book Depot". If we do not have these accounts in our chart of account we will create like below:

In First Phase we will set up the Expense Account:

then We will set up a Liability Account head for the vendor

Now we will Perform Transaction Using JV Option

1. Open Control Panel Menu
2. Select Journal Voucher (JV) from Menu Bar
3. Select Date as March 1, 2022.
4. Code will be autogenerated
5. Enter Narration if any
6. Select Account Head as "Expense | Stationary Expense"
7. Type Description of what you have purchased.
8. Enter Amount i.e. 5000 in Debit 
9. Leave Credit as 0
10. Click Plus Sign to add a new row
11. Select Account Head as "Liabilities | Pakistan Book Depot
12. Enter Description if any i.e. Bill details shared by Vendor
13. Leave Debit as 0
14. Enter Amount i.e. 5000 in the Credit column.
15. Click Save & New or Save & Close

Note: Make sure that Both the Debit and Credit sides' total amount is the same. i.e. if Debit Siade Grand Total is 5000 then Credit Side Grand Total must be 5000.

This Transaction will Add 5000 as Expenses and also add 5000 against Pakistan Book Depot as Liability. Which indicates that this amount of 5000 is payable. 

Now When this Amount is Paid to Pakistan Book Depot on March 15, 2022. A cash-out Transaction will be Maintained against Vendor Account "Liability > Pakistan Book Depot" from Receipts and Payments.

These transactions will maintain a ledger for two Account Heads expense and Liability. To check the Ledger for These transactions we will check Reports from General Ledger Transaction

For Liability Accounts statement 

Vendor Statement/Ledger Report Preview