At the bottom right of the bulk journal screen is a Trial Balance button. It is always a good idea to click this button before processing a journal to check that the journal is achieving what you intend it to, and everything balances. If there is any issue with the bulk journal which would prevent it from recording, a warning message will appear when you click Trial Balance.
In the example above which relates to BAS lodgement GST Liability and PAYG Liability accounts are reduced, and a bank payment is recorded. The Interim Clearing Account has been affected, but the nett effect is zero. Debits and Credits balance, which is essential for the bulk journal to record successfully.
Journal Warning Messages
Interim Clearing Account
The interim clearing account is most often used where a bank account needs to be updated by a bulk journal entry. Bank accounts cannot be selected in the general journal section as they are considered control accounts, so interim clearing is credited or debited by general journal, then nominated again in the bank payment or bank deposit line, so the nett effect on interim clearing is zero.
Further information on the concept of a “clearing account” can be found in any accounting textbook, but the basic principle is that credits and debits to the account balance, and in the long run the account balance always returns to zero. The interim clearing account is used in every bulk journal example provided in this guide, and you will note that the debits and credits to interim clearing balance to zero in every case.
