Journal Entries are created based on a double-entry accounting system where Total Debits must equal Total Credits. You can post an entry to your G/L using the Journal Entry module.
Use the ‘Journal Entry’ module to create or update a journal entry.
Journal Entry Fields
Journal Entry Header
- Posting Date: The posting date of the journal entry. Accounts in the entry will record their transactions on this date.
- Currency: The currency of the entry. The amount entered into the credit and debit fields will be of this currency.
- Exchange Rate: If the currency is not home currency, the exchange rate can be entered here. Otherwise, this is 1.
- Reference Number: A reference number for the journal entry can be entered here.
- Memo: A memo for the journal entry can be entered here.
- Project/Class: Select a project or class to associate this journal entry with.
Journal Entry Lines
- Variance: Total Debits – Total Credits. The journal entry cannot be saved unless this is 0.
- Amount Type: Tax Exclusive applies any taxes (if selected) on the “Amount” field. Tax Inclusive already includes the taxes (if selected) in the “Amount” field.
- Entry Type: Select the type of transaction to add to the journal entry, debit, or credit.
- Store: If necessary, select a store to associate the transaction line to.
- Account: Select an account for this transaction line. If an AP account is chosen, a bill or vendor credit transaction will automatically be generated, depending on the amount. If an AR account is chosen, an invoice or credit memo transaction will be automatically be generated, depending on the amount.
- Name: If necessary, enter an entity to associate the transaction line to.
- Memo: Add a memo for this transaction line.
- Project/Class: Select a project or class to associate this journal entry line with.
- Tax: If necessary, select a tax for the transaction line.
- Amount: Enter an amount here for the transaction line.
- Add: Click this button add a journal entry line.
The descriptions below refer to the column heading of the item.
- Type: The type of transaction line, debit, or credit.
- Store: The store associated with this transaction line, click to edit it.
- Account: The account for this transaction line, click to edit it.
- Name: The entity associated with this transaction line.
- Memo: The memo for this transaction line, click to edit it.
- Debit: The debit amount for this transaction line, click to edit it.
- Credit: The credit amount for this transaction line, click to edit it.
- Tax: The tax amount for this transaction line, click to edit it.
- Tax Amount: The calculated tax amount for this transaction line.
- Project/Class: The associate project or class with this line, click to edit it.
- Action: Click the garbage can to delete the transaction line.
- Adjusting Entry: Check this box if this entry is used for adjusting.
- Create Revering Entry: Check this box if this entry is used for reversing.
- Reverse Entry Date: If this is a reversing entry, select a date here.
- Home Currency Adjustment: Check this if it is required to adjust/match the Home Currency amount with the Foreign Currency.
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