Collections Journal

Collections Journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts.

Purpose

The Collections Journal Report provides a comprehensive chronological record of all cash, check, and electronic fund collections received from customers within a specified date range. It serves as a vital audit trail for tracking incoming revenue, monitoring outstanding accounts receivable settlements, and verifying bank deposits and Withholding Tax (WHT) deductions.

Key Components of the Report

• Collection Number: The unique sequential identifier assigned to each collection transaction (e.g., C309).
• Customer: The name of the client or entity making the payment.
• Document Reference (Doc Ref): Optional reference numbers associated with the payment, such as deposit slip numbers or transaction reference codes.
• Collection Date: The exact date the payment was recorded or received.
• Mode of Payment: The method used for the collection, typically indicated by codes (e.g., "C" for Cash/Check, "ET" for Electronic Transfer).
• Bank Details: Tracks the specific Bank Name and Check Number for non-cash physical payments when applicable.
• Withholding Tax (WHT): Shows any creditable withholding taxes deducted by the customer.
• Amount: The final monetary value collected for the specific transaction.

Step-by-Step Guide to Using the Report

Step 1: Navigate to the Report

Open the main left-hand navigation menu and locate the REPORTS section. Click on Receipts & Disbursements or Sales & Collections to expand the options, then select Collections Journal.

Step 2: Set the Filters and Date Range

Locate the filter bar at the top of the report. Click on the date fields to select your desired start date and end date (for example, 01/01/2026 to 12/31/2026).

Step 3: Choose the Display Limit

Use the Per Page dropdown menu next to the date filters to select how many transactions you want to view at once. You can choose to display 10, 50, or 100 results per page.

Step 4: Generate the Data

Click the blue Go button to refresh the screen and load the transactions that match your selected date criteria.

Step 5: Review Totals and Pagination

Scroll to the bottom of the page to view the Grand Total for both the Withholding Tax (WHT) and the overall collected Amount. If your results span multiple pages, use the page numbers or the arrow keys at the bottom right to navigate through the entire list.

Step 6: Export the Data

If you need to analyze the data further or save a copy for your physical records, click the blue Export button located at the top right corner of the report module to download the journal entries.