Journal entries are used to record transactions relating to adjustments, opening balances or other accounting errors.
From the main navigation select the General Ledger module
From the left navigation pane select Processing > General Journal Entries.
Select All in the transaction view to display journal entries in the Unposted and Posted view. New entries can only be made in the Unposted transaction view:
Enter any unique alphanumeric Journal Entry Number up to sixteen characters. The recommended practice is to create some standardization in the numbering. A useful method is to reserve the first one or two positions as a journal key, and then add on a counter value. I.e. for all depreciation entries, one might use journal numbers beginning with “DX-” (to indicate depreciation expense.) The first depreciation entry would be “DX-001”, the second “DX-002” and so on. For year end adjustments, journal numbers might run “YE-001”, “YE-002” and so on. Some organizations use a date string in place of the counter:
Enter a Description for the journal entry
Enter the Date for which the entry is to be recognized for financial statement reporting (also referred to as the posting date)
Enter the Amount equal to one side of the journal entry. For example, if making an entry that debits cash for $10.00 and credits A/P for $6.00 and credits wage expense for $4.00, enter $10.00 in this field
Journal Entry Lines
The line item detail is what most consider to be the entry. Enter as many lines as needed however note that line items must balance between debits and credits and they must balance to the amount in the header
Select ‘+’ to enter the debit or credit value for each line
Select the appropriate GL Account and Office ID (and if relevant a Project ID)
Running totals for debits and credits are displayed in the header
Once complete, the debit and credit running sum totals will equal the Amount in the header section and the remaining debit and credit totals will be zero, select Save
The Reverse button can be used to create an unposted transaction record for any journal entry in the system
Note: you can recall any previous journal entry (posted or unposted) to the screen and use the Copy function to clone that entry as a starting point for a new unposted entry