Create journal entries

A journal is used for recording non-regular transactions (for example, the depreciation of a fixed asset or writing off a bad debt). You can also use journal entries to transfer values from one ledger account to another.

When you create a journal entry, you must follow the principles of double-entry bookkeeping; for every debit total, there must be a corresponding credit balance. This can be made up of several credits as long as the overall total balances.

You can also reverse, copy, or delete journal entries.

To post a journal entry

  1. Go to Journals, and then click New Journal.
  2. Enter the following information:
    • Reference. Enter a reference for the journal.

    • Date. Enter the date you want to use for the journal.

    • Description. If required, enter a description for the journal.

  3. Click a row and complete the following:

    • Ledger Account. Choose the ledger account you want to use for the first line of the journal.

    • Details. If required, enter details for the journal row.

    • Include on tax return. Mark this option if you want to include the amount from this journal entry line on your tax return.
    Note:

    The tax rate used on each line is determined by the rate set in the ledger account.

    • Debit. If the row is for a debit value, enter the value here and leave the credit as 0.00.

    • Credit. If the row is for a credit value, enter the value here and leave the debit as 0.00.

  4. If you have created transaction analysis types (for example, Department or Project), and made them active in the Journals area, choose the relevant analysis type.

  5. Repeat steps 3 and 4 for each journal entry line you want to enter.

    If required, you can also perform the following tasks:

    • Insert a new row above an existing journal entry. line Go to the row where you want to insert a row. Hover over the Ellipses icon next to the row and then click Insert Row Above (plus sign icon). Enter the information for the new row.

    • Create a copy of a journal entry line. Go to the row you want to copy. Hover over the Ellipses icon next to the row and then click Copy Row (Copy icon). Edit the information on the copied row as needed.

    • Delete a journal entry line. Go to the row you want to delete. Hover over the Ellipses icon next to the row and then click Remove Row (Delete icon).

  6. To rearrange the order of your journal entry rows, hover over the Move icon next to the row you want to move. Drag it up or down and then drop it in the correct location. Repeat this step for any other journal rows you want to move.

  7. If you want to attach a file (for example, a copy of a receipt), click the Attachment button, click Upload files, and then browse to and double-click the file.

  8. Click Save.

  9. Go to More, then click Journals.
  10. Click New Journal.
  11. Enter the following information:
    • Date. Enter the date you want to use for the journal.
    • Reference. Enter a reference for the journal.
    • Description. If required, enter a description for the journal.
    • Category. Choose the category you want to use for the first line of the journal.
    • Details. If required, enter details for the journal line.
    • Debit. If this journal line is for a debit value, enter the value here and leave the credit as 0.00.
    • Credit. If this journal line is for a credit value, enter the value here and leave the debit as 0.00.
  12. Verify that the total value of credits and debits balances.
  13. If you want to attach a file (for example, a copy of a receipt), click the Attachment button, click Upload files, and then browse to and double-click the file. Learn more about attachments
  14. Click Save