Journal Entry

A journal entry, in an accounting software, is recording of transactions into accounting journal items. It can include several entries, each of which is either a debit or a credit. The total amount of debit transactions should be equal to the total amount of credit transaction or otherwise the journal entry is said to be “unbalanced”. Journal entries transactions can be used to record unique items or recurring items such as depreciation, amortization or monthly accruals.

JV copy

This form can be used to enter general purpose adjustments/entries to your accounts.

Use following procedure:

  • select date
  • 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

Tips and Tricks

  • if you don’t see an account on the list add it to the Chart of Accounts; an account can be added in another browser window while editing a document; page refresh may be required in order to see the new account on the list
  • setup document numbering sequence (reference number) in Setup -> Forms Setup
  • the reference number is incremented automatically; if different reference number is entered manually in the field, it is not updated in Forms Setup
  • documents entered in this screen are called Journal Entry in the whole 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.