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Managing Journals

You can create journals or other types of record-keeping entries such as accruals and pre-payments. The Journal section allows you to adjust account balances through a single streamlined option. Accounts allows Journal entries for rounding off nominal accounts, opening balance adjustments, advance payments received or advance payments to be made through its Journal. To view the steps to managing Journals, see below.

Creating a Journal

To create a Journal, complete the following steps.

1. Log in to Accounts. The Business page appears.

2. On the Business page, locate the required business by completing either of the following steps.

      • In the Search box on the top right corner, enter the name of the business fully or partially and click the button. The business summary will appear under the Select a Business heading.
      • The business summary is available under the Select a Business heading. If you cannot find it, at the bottom-right corner of the page, click 100 to increase the number of records to be displayed on the page. The business summary will be available under the Select a Business heading.

3. Under the Select a Business heading, click the name of the business.

4. The Customers page appears. On the Customers page, from the left panel, click General Ledger > Journals.

5. The Journals page appears. On the Journals page, click New.

6. The Journals page appears. There are five types of Journals which are Journals, Opening Balance, Accrual, Pre-payment, and Single Line Journal. The first four details are mentioned below and the Single Line Journal details are mentioned after that.

7. Once you enter the nominal code and look up the same, the Nominal Code window will view the Last Year Balance column as a new addition.

FIELD STEP
DATE Depending on the settings, the date can be the current date, last transaction date or no date. To view the steps to set, click here. You can set the date up to 5 years beyond the current set accounting period.
REF NO. Enter a reference no. for the transaction. If “Reference No” is being selected then it will appear in the “Journal” browse under the Ref. No. column. This is not a mandatory field.
TYPE Choose the type of the journal entry. The “Type” of the entry has been classified into 4 categories. The type of the entry has been classified into “Journal"; “Opening Balance”; “Accrual” and “Pre-payment”. The entry type is very important for the chart of accounts and bank reconciliation. This transition type will also be reflected in the “Journal” browse.
Add Attachment Click to attach documents, if needed.
Code Choose the nominal code of the transaction. This nominal code is very important for the transaction. If the nominal code exists, choose from the lookup button. The nominal code has been classified into different nominal groups for e.g. Sales, Cost of Sales, Administrative Expenses, Other Income, Profit & Loss Suspense, Tangible Fixed Asset, Stock, Asset etc. Each nominal group is consisting of different nominal code. User can choose the nominal code as per the type of the journal. These nominal groups and the nominal codes are system defined.
Description Description column is an auto populated filed. By choosing the nominal code from the nominal group the description will auto populate into the description field. This column is system defined and user can not over write the description against the nominal code.
Notes Enter the notes of the transaction in the note split field. If you wish to copy the “Header” notes of the transaction in the notes split press the “Enter” button, it will auto populate. In case if you want to rewrite the notes in the transaction split. This is not a mandatory field.
Debit Enter the debit amount of the transaction in this column.
Credit Enter the credit amount of the transaction in this column.
ADD A NOTE TO THE RECIPIENT Add details, if required.
8. On the Journals page, for the type Single Line Journal, enter the following details. For Single Line Journal, Date and Ref No are shifted from header to the details drop-down section. 
  • The previous journal data is automatically saved when you move to the next row.
  • To delete a journal entry, select the entry and click Delete.
FIELD STEP
DATE Depending on the settings, the date can be the current date, last transaction date or no date. You can set the date up to 5 years beyond the current set accounting period.
REF NO. Enter a reference no. for the transaction. If “Reference No” is being selected then it will appear in the “Journal” browse under the Ref. No. column. This is not a mandatory field.
TYPE Choose the type of the journal entry. The “Type” of the entry has been classified into 5 categories. Four categories are mentioned above and the fifth is "Single Line Journal". The entry type is very important for the chart of accounts and bank reconciliation. This transition type will also be reflected in the “Journal” browse.
Notes Enter the notes of the transaction in the note split field. If you wish to copy the “Header” notes of the transaction in the notes split press the “Enter” button, it will auto populate. In case if you want to rewrite the notes in the transaction split. This is not a mandatory field.
Debit Code Choose the Debit nominal code of the transaction. This nominal code is very important for the transaction. If the nominal code exists, choose from the lookup button. The nominal code has been classified into different nominal groups for e.g. Sales, Cost of Sales, Administrative Expenses, Other Income, Profit & Loss Suspense, Tangible Fixed Asset, Stock, Asset etc. Each nominal group is consisting of different nominal code. User can choose the nominal code as per the type of the journal. These nominal groups and the nominal codes are system defined.
Credit Code Choose the Credit nominal code of the transaction. This nominal code is very important for the transaction. If the nominal code exists, choose from the lookup button. The nominal code has been classified into different nominal groups for e.g. Sales, Cost of Sales, Administrative Expenses, Other Income, Profit & Loss Suspense, Tangible Fixed Asset, Stock, Asset etc. Each nominal group is consisting of different nominal code. User can choose the nominal code as per the type of the journal. These nominal groups and the nominal codes are system defined.
Amount Add the amount that needs to be updated on the single line journal for both Credit and Debit entries.

9. To save the journal entry, click Save.

 

Viewing Journals

To view a journal, click anywhere on the row.

The journal lines are displayed.

 

 
If you sort any column other than Date, then the Date column is also sorted accordingly.

 

Filter a Journal

To apply a filter to the list of journals, click the filter drop-down and select the required journal type.

The journals listed are of the applied journal filter type.

 

NOTE: The default order of journals is set as Date of Creation. This remains as the default order of viewing journals,
 until changed.

 

Copying a Journal

You can also create a Journal and copying an existing Journal and modifying the details. To copy, complete the following steps.

    1. Complete steps 1 to 4 as given in Creating a Journal.
    2. On the Journals page, click corresponding to the record showing Journal summary and in the inline menu, click Copy. 
    3. Edit the details, as required and click Save.

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