The best way to gain a better understanding of how the bulk journal function works is to view examples of successfully recorded and balanced bulk journals.
Wages Journal
Here is a bulk journal to record wages, almost all entries fall into the General Journal category, with one Bank Payment entry to record the payment leaving the bank account. The interim clearing account is used to balance the general journal section, and for allocation in the bank payment line.
Petty Cash Journal
Above is a petty cash journal entry, relevant expense accounts are debited, and the cash drawer is credited (it is an asset account, so this reduces the cash balance in the cash drawer). Again the interim account is used, because a bank account can’t be selected in the General Journal section.
BAS Lodgement
Here is a record of BAS lodgement, GST and PAYG liabilities are reduced and a payment is recorded to the ATO. Instead of recording a payment, the ATO could be set-up as a supplier and an Expense could be recorded so the BAS payment amount would become an account payable (for future action).
Racing Statement
Above is a simple racing statement journal. In this case a racing body (e.g. Racing NSW) has issued a statement containing $300 worth of race day charges, which have been passed on to owners of horses who entered into races (accounts receivable created). The statement also contained a $100 insurance charge, and the trainer received $200 in prizemoney percentage income.
The overall effect is an account payable to the racing body for $200 ($300 + $100 - $200). The account payable is recognised by the ‘Expenses’ line at top, the receivable balances are created by the ‘Oncharge’ lines under this, the insurance charge and trainers prizemoney percentage income are recognised in the General Journal section (with GST collected/paid).
The main things to keep in mind with Racing Statement bulk journals is that there will be an increase or decrease in your account payable balance with the racing body, there will be accounts receivable created to recover race day charges, and there may be some genuine business income with GST collected (trainers prizemoney percentages) or genuine business expenses (e.g. insurance).
All line items on the statement issued by the racing body can, and should be reflected in the bulk journal.