Journal Entries

Journal entries allow for information to be entered directly into general ledger accounts outside the use of invoices, cash receipts, and checks. Journal entries are most commonly used to account for payroll runs and various month end entries such as depreciation and bank fees. Journal entries can be created in one of the following ways:

  • By using the Import Utility
    • Can be used to import details from a payroll package or service
  • By using the Copy Utility
    • Can be used to create a single journal entry or a series of entries for recurring transactions
  • By entering the required information directly onto the journal entry

Though journal entries can be used to transfer money between internal bank accounts, be aware that this will result in the loss of some traceability given the transaction occurs solely on one record. For a more complete document trail, consider using a "check" and related "cash receipt" for this purpose.

Where to Start

Before you start creating a journal entry, it's important to make sure you have defined all the tables you need and that you understand how the system will behave based on the related company preferences and other settings.

ClosedTables Used on Journal Entries

The following tables and / or base tables are used on customer invoice records:

Bank Codes

  • Though required, it is not an issue creating a journal entry for GL Codes that are not associated with a Bank Code.
  • If more than one cash account is referenced on a journal entry, the system will know which checkbook registers to updated based on the GL Codes used

GL Codes

Preferences and Other Related Settings

There are no preferences or related settings that affect the creation of a journal entry.

Journal Entry Details

Each journal entry has information that identifies the entry, bank code, line items, and any additional details.

The following links lead to topics that provide reference information for each section of the journal entry.

Go to Journal Entry Details - Details Section

Go to Journal Entry Details - Comments Section

Go to Journal Entry Details - Misc Job Costs Section

Creating and Editing Journal Entries

Options for Creating a Journal Entry

Follow the links below for step by step instructions of creating journal entries:

Continue to Create a Journal Entry

Continue to Use Import Utility to Create Journal Entry

Continue to Month End Journal Entries

Continue to Month End Journal Entries for QuickBooks Users

Continue to Year End Process

Creation Through Utilities

Copy Utility

The Copy Utility provides the ability to create new journal entries using the details of the selected entry. The Copy dropdown menu provides the following options:

  • Single Copy: Creates one journal entry using the details of the selected entry
  • Multiple Copies: Launches the Copy Utility where the user selects criteria to determine how many journal entries should be created and how frequently

Process Accounting Functions

Follow the link below for instructions to process accounting functions. This is a utility found on the Journal Entry Navigation screen.

Continue to Process Accounting Functions

Once the Journal Entry is Created

Journal entries can be easily edited by reopening the record and making changes as necessary. Simply click save upon completion.

Reports, Forms, and Labels

Reports

The following summary reports are available for review / generation under the GL reports dropdown menu:

  • Trial Balance
  • Balance Sheet
  • Income Statement
  • General Ledger Summary

The following summary report is available for review / generation under the AP reports dropdown menu:

  • Bank Reconciliation
    • Contains Journal Entry summary
    • If you leave the Bank Reconciliation page open while processing a journal entry, you must click Refresh in the upper right corner of the page before the new journal entry will appear
  • These reports will not display complete information for periods that are not posted.

For more information see Process Accounting Functions.

Forms and Labels

The following forms / labels are available under the Print dropdown menu located in the Journal Entries Navigator:

  • Journal Entry Summary

What Comes Next

Journal entries are used within month end and year end processes. For either of those processes, see the following links: