8. JOURNAL ENTRIES:
8.1. A journal is a chronological listing of the parish’s transactions including amounts, accounts that are affected, and in which direction accounts are affected. A journal entry takes the following format:
8.2. Journal entries are raised a number of reasons including (a) providing for depreciation, (b) writing off bad debts, (c) correction of accounting errors and (d) non cash transactions taking place e.g. crediting a supplier for goods or services provided to the parish where settlement with the supplier takes place at periodical intervals such as once a month or a quarter.
8.3. Journals can only be raised by a member of the PFC and duly approved by the Parish Priest.
8.4. A concise but clear narrative should be provided in the journal and where possible, supporting documents should be attached to the Journal.
8.5. Journals should be properly filed in ascending Journal number sequence as these will be checked by external auditors in the course of their audit.