Journal entry is a transaction which updates the General ledger only and does not reflect on the clients and matters. Journal entry is usually the offsetting entry with debit and credit to different accounts to balance the General Ledger.
- Click on Firm and Financial and select G/L Adjustments or Journal Entries.
- Select or Enter the transaction date.
- Enter the reference.
- Enter the Memo field (usually the reason of recording the journal entry).
- Select or Enter the G/L Account.
- The name of the account will reflect automatically.
- Enter the description of the journal entry.
- Enter the amount in Debit or credit order.
- Now enter the G/L account number for the second side of the entry.
- You can continue to repeat the above steps to enter multiple transactions if they are in the same month.
- When you are finished entering transaction, click Post and Close.
- You can post the single sided entry but single sided entry impacts the system balance. The difference will be reflected on the system balance report or Verify Client/Matters or G/L Balances. Please contact Technical Support for this.