11. Journal Entries

What are Journal Entries?

Analyzing transactions and recording them as journal entries is the first step in the accounting cycle. It begins at the start of an accounting period and continues through the end of the period.

A. Edit allows you to edit the view of Items list

B. Delete allows you to delete the saved view of Items list

C. Create New View allows you to create a new view of Items list

D. You can either Edit or to Delete an Item on clicking on the action button

E. The date says on what date the transaction occurred

F. Type identifies if the entry is for income or expenditure

G. System generates a unique number for the Accounts Receivables and will be saved once an AR is saved

H. System generates a unique number for the Accounts Payable and will be saved once an AP is saved

Click on the New Journal Entry button to create one

Note: All Journal Entries are generated at the back-end once you either enter an AP/AR transaction. But there are certain transactions for which you need to manually enter the data to create a journal entry. For certain extreme conditions we recommend to pass journal entries manually.

Enter the date on which you need the transaction to be reflected on
Change Type to Others
Click on Save button

After clicking on the Save button a new window is opened.

Click on New Entry button, a new window gets opened

A. Select the Type, either Debit or Credit from the dropdown list

B. Enter the date on which you need the transaction to be reflected on

C. Enter the account name or select from the dropdown list

D. Enter the amount

Click Save, and continue doing the same for the corresponding entry. Once you Save both of them your JE is tallied having same figures on both the Debit side and the Credit side.