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Journal Entry

Purpose

Enter general purpose bookings to your accounts.

Procedure

Use following procedure:

  • select date (Journal Date means the date when the entry takes effect in FA, Document Date means the date the document/receipt has been generated, Event Date means the date an according event takes/took place effectively; 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

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.

Counterparty in General Journal

  • FA requires a counterparty in G/J when referencing an accounts payable G/L account used by a supplier. Thus using A/P in G/J requires a counterparty.
  • You can change the code to remove the restriction or simply use Payments or Deposits for the checking account against the A/P and FA will not require a counterparty.

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