Skip to content

Journal Entry

2 min read

Journal Entry allows you to enter a general-purpose bookkeeping or account settlement of your choice using your chart of accounts directly.

How it works:

  • Open Journal Entry Module.
  • Select journal or document recording date.
  • Select Event Date or when the event affect the accounts, Event Date and Journal Date often are the same).
  • Check reference number, if you need to change it just enter another one.
  • Go to Account Code column and specify account code you want, or go to Account Description field and select account from drop down list.
  • Enter an amount to Debit or Credit.
  • Click Add Item.
  • Click Process Journal Entry to enter the document in the journal.

Counterparty:

  • When you select a main customers or suppliers accounts, a counterparty field will appear to select a specific customer or supplier for this entry.
  • Alternatively, you can use the Payments or Deposits modules to allocate the values to customers or suppliers accounts.

Considerations:

  • If you don’t see an account on the list, add it to the Chart of Accounts.
  • Setup document numbering sequence (reference number) in Setup -> Forms Setup.
  • The reference number is incremented automatically, if a different reference number is entered manually in the field, it is not updated in Forms Setup.
  • Documents entered in this screen are named Journal Entry in the whole ERP system.
  • Inquiry journal entries in Banking and General Ledger -> Journal Inquiry.
  • Journal entries can be modified in Banking and General Ledger -> Journal Inquiry unless the fiscal year is closed.
  • Journal entries can be voided in Setup -> Void a Transaction.
  • Using Reverse Transaction option, the system will automatically generate additional Journal Entry with reverse booking. This entry will be generated with transaction date set to first date of next month. You can see it in Journal Inquiry with filter dates set to next month.

Hint: Check Budget section for real-time budget smart indicator.