Journal entries in Entendre serve as the foundation for accurate accounting, ensuring that financial transactions are properly recorded. Users can create journal entries in three ways:
Manually
By Classifying Transactions with Templates
Through Rulesets
For more information on automated journal entries, refer to:
Creating a Manual Journal Entry
1. Navigating to the Journal Entry Panel
Locate the transaction you want to classify.
Click into the transaction panel and select "Create Journal Entry."
2. Configuring the Journal Entry Details
A secondary panel will appear, pre-filling the following fields:
Legal Entity: Derived from the transaction but can be changed.
Operational Transaction: The source transaction associated with the journal.
Accounting Period: Defaults to the corresponding period but can be adjusted.
Additionally, you can choose:
Auto Post: Automatically submit the journal entry or leave it in Draft status for later review.
3. Adding Journal Lines
Click "Add Journal Lines" to input accounting details:
Legal Entity
Ledger Account
Direction (Credit or Debit)
Amount
(Optional) Memo and Tags for additional metadata.
4. Ensuring a Balanced Journal Entry
A journal entry must have at least two lines.
Debits and credits must be equal, ensuring the entry is balanced.
Viewing and Managing Journal Entries
Users can access all journal entries in Ledger > Journals, where they can filter and manage entries based on:
Legal Entity
Ledger Account
Template Used (if applicable)
Accounting Period
Created By
Sync Status
Date
Actions You Can Take on Journal Entries
1. Unposting a Journal Entry
If the period is open, an entry can be unposted.
If synced to a general ledger (e.g., Xero, QuickBooks), unposting will also void the journal in the external system.
2. Editing a Journal Entry
If posted, you can only update the Memo or Tags.
If unposted, you can edit:
Journal Line Amounts
Ledger Accounts
Other entry details
Once corrected, the entry can be reposted to update the balances.
3. Reversing a Journal Entry
If the accounting period is closed, you can reverse the journal.
A new journal entry with opposite accounting will be created in the current open period.
Users can then post a corrected entry in the open period.
4. Syncing a Journal Entry
The journal entry must be posted to sync it to an external general ledger.
If real-time sync is not enabled, the period must be closed before syncing.
If real-time sync is enabled, the journal can be synced ad hoc, even if the period is open.
Exporting Journal Entries
Users can export journal entries from the Ledger > Journals page.
Exports allow for deeper analysis and reporting outside of Entendre.
[Insert Screenshot of Export Feature here]
Summary
Journal entries in Entendre provide flexibility and control over financial transactions, whether created manually, via templates, or through rules. Users can easily manage, update, and sync journal entries, ensuring accurate financial records.
For related topics, refer to: