Difference between revisions of "Journal Entry"

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     <td>[[File:Ic_info_black_24dp.png]] Required Software Version: [[:Category:Release Notes|September 2015]]</td>
 
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    <td>[[File: Ic_settings_backup_restore_black_24dp.png]]  Legacy Instructions Available: [http://wiki.agencysystems.com/mediawiki/index.php?title=Journal_Entry&oldid=1964 Click Here]</td>
 
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A journal entry, is a logging of transactions into the accounting [[General Ledger Profile|general ledger]]. The journal entry can consist of several transactions, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced".  
 
A journal entry, is a logging of transactions into the accounting [[General Ledger Profile|general ledger]]. The journal entry can consist of several transactions, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced".  
  
Journal entries can record unique items or recurring items such as depreciation, bond amortization, or year-end adjustments.
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Journal entries can record unique items or recurring items such as depreciation, bond amortization, or [[Year-End|year-end]] adjustments.
  
 
== Navigation ==
 
== Navigation ==

Revision as of 15:08, 30 December 2015

Ic info black 24dp.png Required Software Version: September 2015
Ic settings backup restore black 24dp.png Legacy Instructions Available: Click Here
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A journal entry, is a logging of transactions into the accounting general ledger. The journal entry can consist of several transactions, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced".

Journal entries can record unique items or recurring items such as depreciation, bond amortization, or year-end adjustments.

Navigation

Select GL -> Journal Entry. (Requires Security System: GL -> Journal Transaction -> View)

Gl-journal-entry-toolbar.png

Journal Entry Menu Options

Journal Entry: Create

A set of journal entries can be entered with a single step, called a Journal Bundle. Offsetting journal entries are entered and viewed as a list in the bottom section.

  1. Select GL -> Journal Entry.
  2. Enter a G/L Account for the first journal. Press <TAB>.
    Enter a Sub G/L if required. Press <TAB>
  3. Select a Date. (Right-click the date field to select a dynamic date, such as "End of Month".) Press <TAB>.
  4. Enter a Department. Press <TAB>.
  5. Enter a Description. Press <TAB>.
  6. Enter an Amount for the first journal. (Select the drop-down to display a calculator.). Press <TAB>.
  7. The cursor automatically moves to the offset journal list at the bottom. The list of offset journals can contain one or more items.
  8. Enter a G/L Account for the first offset journal. Press <TAB>.
    Enter a Sub G/L if required. Press <TAB>
  9. Enter a Department. Press <TAB>.
  10. Enter an Amount. Press <TAB>
  11. Repeat Step 8 to enter all required offset journals.
    Gl-journal-entry.png
  12. When finished, nothing is recorded until Save is selected. Select Save to post the set of journal transactions as a journal bundle.

Journal Entry: View

Viewing the first journal in a journal bundle will load details for the top journal entry. Any offsetting journal entries including the offsetting journal entry numbers are listed below.

Gl-journal-entry-viewmain.png

Viewing one of the offsetting journal entries will list only the offsetting transaction, and reference the first journal entry of the journal bundle.

Gl-journal-entry-viewsubtotal.png

Journal entries created using the Cash Payment Fee Wizard or the Adjust Invoice option within Express Billing are automatically created as a journal bundle.

Journal Entry: Create From Template

In addition to manual entry, recurring journal entries can be created using a journal template. Enter the transaction details, and select Template. Enter the name for the template, and select OK.

Gl-journal-entry-template.png

After the template has been created, simply select one of the templates from the Journal Template drop down, and enter any desired changes. Select Save when finished.

Gl-journal-entry-template-use.png

Journal Entry: Delete

Journal Entries can be deleted individually, with a session balance displayed within the bottom toolbar. To delete an entire journal bundle, select delete for the first journal entry in the bundle, and select yes when prompted.

Gl-journal-delete.png

Newton will automatically detect the journal bundle, and prompt to delete either a single journal or the entire journal bundle.

Gl-journal-delete-bundle.png

Create a Journal Entry Using an Adjustment Option

There are a number of adjustment wizards which will create journal transactions automatically.

See: Category: Journal Transactions