Scenario & Rev. Journals

Scenario and review journals are an important accounting process that reviews and reevaluates different accounting systems for a particular approach or situation. These journals are used in business contexts to document specific types of activities or situations.

Through these scenario and review journals, production, sales, expenses, and other business processes are reviewed in business contexts so that businessmen can get the right information for making decisions.

These review journals are important for business decision making as they can identify potential situations that may occur in business contexts and appropriate action can be taken at the right time. Furthermore, by reviewing business processes through these journals the organization's profits can be improved.

Understanding the importance of scenario and review journals and using them properly is essential for every accounting student so that they can manage their accounting operations smoothly.

 

Three Types

1 Memorandum

याददाश्त के लिए Entry.

 

2. Optional Entry

किसी भी प्रकार की Entry को Ctrl+L करके Optional बनाया जा सकता है।

 

3. Reversing Journals

यह Optional Voucher की तरह होती है, But इसका Effect Particular Date तक लिया जा सकता है।

इन तीनों प्रकार भी की Entries Final Reports पर कोई Effect नहीं दिखेगा ।

 

Step 1

Company Create

Maintain Inventory :No

GST : No

^A(Save)

 

Step 2

Ledger Creation

GOT> Create> Ledger

1. Purchase A/c

Under : Purchase A/c

 

2. Sales A/c

Under : Sales A/c

 

3. Furniture A/c

Under : Fixed Assets A/c

 

4. Depreciation A/c

Under : Indirect Expenses

 

 

Step 3

Voucher Entry

GOT> Voucher

1. F9 - Purchase

Party's A/c Name : Cash

Particulars : Purchase A/c

Amount : 20,000.00

 

2. F8 - Sales         

Party's A/c Name : Cash

Particulars : Sales A/c

Amount : 30,000.00

 

Step 4

Profit & Loss Report

GOT> Profit & Loss A/c

Net Profit Show :10,000.00

 

3. Journal Voucher Entry

Journal (F7)

Dr. Depreciation A/c   3,500.00

Cr. Furniture A/c         3,500.00

 

Step 5

Profit & Loss A/c Report

GOT> Profit & Loss A/c

Indirect Expenses : 3,500.00

Net Profit : 6,500.00

 

Step 6

# Setting

GOT> Create >Show More> Scenario

Name : Scenario One

Include

Journal

Reversing Journal

^A(Save)

 

 

Step 7

##GOT>Display> Daybook>Journal Entry> Ctrl+L (optional)

Ctrl + A (Save)

 

Step 8

Profit & Loss Report

GOT> Profit & Loss A/c

Net Profit 10,000/- Show  होगा।

 

Step 9

Profit & Loss Report

Alt + C (New Column)

From : 1 April

Type of vlaue to show : Scenario One

Show variance : Yes

अब Profit & Loss  दो Scenario  में show होंगे -

1. Nett Profit 10,000/- तथा

2. 3,500/- तथा 6,500/- का Profit.

 

## Reversing Journal

इसका Use हम किसी भी Voucher Entry का Effect किसी Particular date तक ही करने के लिए करते हैं।

 

Step 10

## GOT > Display > Day Boook > Journal Entry > enter

[Journal Voucher Entry को Open करके]

F10 : show Inactive पर जाकर  Reversing Journal को active करें।

वह Entry Reversing Journal Entry में Convert हो जाएगी।

Applicable upto  : 1 October

यह entry 1 Octobe तक ही रहेगी और वो भी optional entry के रूप में।

 

Step 11

Profit & Loss A/c

GOT > Profit & Loss A/c

Alt + C (New Column)

From : 1 April

To : 1 October

Type of Value to Show : Scenario One

Show Variances : Yes

[It will Display Variance]

 

Step 12

GOT > Profit & Loss A/c

Alt + C (New Column)

From : 1 April

To : 1 October

Type of Value to Show : Scenario One

Show Variances : Yes

Note : It will not display variance, Because Reversing Journal entry date was 1 October.