Journal Entry Listing page

A journal entry is a record of a financial transaction in a company's accounting system. It documents the dual aspect of accounting, adhering to the principles of double-entry accounting, where every transaction has an equal and opposite effect on two or more accounts.

Components of a Journal Entry:

• Date : The date of the transaction.
• Accounts : The accounts impacted by the transaction (e.g., cash, accounts receivable, revenue, expenses, etc.).
• Debit/Credit : Amounts debited and credited to respective accounts.
• Description/Narration : A brief description explaining the transaction.
• Reference Number :  A unique identifier for the transaction for future reference.

Importance of Journal Entries:
- Forms the basis for all accounting records.
- Helps maintain accuracy and consistency in financial records.
- Essential for generating financial statements.
- Provides a trail of financial transactions for auditing and analysis purposes.

Overview:

The Journal Entry Screen is an intuitive, table-formatted interface allowing users to view, manage, and organize journal entries effectively. Accessed by selecting ‘Journal’ from the Menu, users are presented with a variety of features designed to streamline navigation, editing, approval, and management of entries.

1. Fields:

Upon clicking ‘Journal’ from the Menu, users are greeted with a table containing the following fields:

• Date: Indicates the date of the journal entry.
• Journal Code: A unique identifier code for each entry.
• Reference: Reference number or details associated with the entry.
• Particulars: Descriptive details or notes for the entry.
• Debit: The debit amount associated with the entry.
• Credit: The credit amount related to the entry.
• Status: Indicates the current state of the entry (e.g., Live, Saved, Cancelled, Deleted)
• Action: By selecting more dropdown one could view the transaction, edit details, approve, post, cancel and print document.

2. Filters:

On the Journal Entry Screen, users can filter entries based on:

• Type of Transaction: Allows users to select and view specific types of transactions.
• Status: Can select from posted and unposted transaction
• Account: Enables filtering of entries associated with particular accounts.
• Period: Users can specify a time frame to view entries from a particular period.

3. More Actions:

Function	Steps
Edit	Users can edit a journal entry by: locating the ‘More’ button on the left side of the respective entry. Clicking on the ‘Edit’ link to open the editing interface where modifications can be made. Saving the changes to update the entry.
Approving Document	Click the ‘Approve Doc’ button associated with the respective entry. Review the document and confirm the approval.
Posting Document	Click on the ‘Post Document’ button corresponding to the specific entry. Confirm the action to post the document officially.
Cancelling Entries	Navigate to the ‘More’ button on the left side of the entry. Click on ‘Cancel the Entry’ and confirm the cancellation.
Printing Document	Users can print journal entries by: Clicking the ‘More’ button adjacent to the entry. Selecting ‘Print the Entry’ to generate a printable version of the document. Initiating the print command to get a hard copy of the entry

Creating a New Journal Entry

Step-by-Step Process:

1. Access Journal Entry Screen:

• Click on ‘Journal’ from the Menu.
• Press the ‘Create New’ button on the top left of the screen to open the Journal Entry Screen.

2. Enter Account Information:

• Account: Begin typing the account name in the provided field. The system will display a dropdown with account names containing the typed words. Select the appropriate account from the list.
• Debit Amount/Credit Amount: Enter the Debit or Credit amount corresponding to the selected account.
• Description: Provide a detailed description for the account entry.

3. Additional Entry Details:

• Cost Center: Choose the relevant Cost Center from the dropdown menu.
• Created By: Select the user who is creating the entry from the available options.

4. Save Individual Account Entry:

• Click on the ‘Save’ icon to save the individual account entry.
• You can add multiple account details by repeating steps 2 to 4.

5. Validation:

• The system ensures that the total of all Debit amounts is equal to the sum of all Credit amounts before allowing the user to proceed.

6. Edit or Delete Account Entries:

• If needed, edit or delete individual account entries by clicking the ‘Edit’ or ‘Delete’ icon respectively and making the necessary adjustments.

7. Provide Narration:

• Enter a comprehensive narration for the journal entry in the provided field at the bottom of the screen.

8. Save the Journal Entry:

• Click the ‘Save’ button at the bottom of the screen. The system will create a Journal Voucher, assigning a unique voucher number to the entry.

9.Confirmation:

Once saved, the system confirms the creation of the journal entry, displaying the unique voucher number for reference and future tracking.