This helps explain Journal entries and will guide you through creating and posting a proper journal entry.
The journal entry page allows you to enter and post general ledger journal entries. A journal is basically the record of a financial transaction. Most often these entries are made automatically, but at times adjustments or unique financial transactions may require manual entry.
Journals represent specific types of entries and adjustments that you can make to varying accounts in your system. Studio Designer is preloaded with Journal types, but more can be added if required. See Journals.
Studio Designer is a double-entry accounting system. This means that you must have at least two entries for each complete journal entry and the total of those entries must be 0.00.
Other features include:
Step 1: Click Accounting > Journal Entries
This will take you to the Journal Entries page. If you have made any Journal Entries previously, they will appear on this screen.
Step 2: Click New Journal Entry
This will take you to the “New Journal Entry” screen where you can edit the values of your new Journal Entry.
Step 3: Fill in the details of the Journal Entry
Here is where you enter how much money, the type of entry and the account that will be impacted.
Step 4: Click Save
This creates a Pending Journal Entry and closes the page.
Step 5: Verify the transaction
The entry will now appear on the Journal Entry page.
Step 6: Click New Journal Entry
Now that you’ve created one side of the Journal Entry, you need to create the other side in order to have this logged into your account correctly.
Step 7: Create the Reverse of the previous entry and Save
Fill in similar information to the first transaction. Ensure that the Amount is negative.
Step 8: View both sides of your single entry
The balances on this screen need to equal “0”.
Step 9: Set Post Date
On the Journal entry page, set the date you want the journal entry to be posted. Set the date at the top of the page next to the Print Entries button.
Step 10: Click Post Entries
You will see a dialog prompting you to make these entries. Click OK to Post the entries.