This article will walk you through the steps to create a new Journal Entry. Please note, if you are entering a large Journal Entry, you may want to use the Journal Entry Import function. This functionality will you allow to import a pre-defined template. You can also use the Memorized Transaction function, that allows the User to create a Journal Entry Template that can be used repeatedly.
It is important to note that Journal Entries will not be automatically Approved when manually entered and saved in the system. When the JE is Approved, the reversing entry, if created, will post as well.
Step 1: Hover over 'Account' in the top ribbon and select 'Journal Entry.'
Step 2: When the Journal Entry opens, fill in the required Date and Location fields and add an optional comment in the Comment field.
1) Date - The current date will auto-populate this field. Update the Date value to the Date of the Journal Entry (date of posting)
2) Number - This value with auto-populate with the next transaction number. The starting number and prefix can be adjusted on the Autonumbering Page
3) Location - The default Location assigned to your User record will load in this field. Update the Location to represent the Location that will be the primary Location on this Journal Entry. You can still use this form to record Journal Entry details for multiple Locations. Restaurant365 will automatically create the necessary 'Due to' and 'Due from' transactions between Legal Entities when necessary. Click here to change the default Location via User Preferences
4) Comment - Comments will appear in the 'Journal Entry List View' for reference
5) Link to Asset - If your organization is using the Fixed Assets Module, you can link a Journal Entry transaction directly to an Asset Record using this checkbox and the Asset Selector that appears in the Details grid
Step 3: Select GL Account(s).
Begin typing the name or number (depending on your Account Lookup setting in System Preferences) of the GL Account.
Step 4: Assign Debits and/or Credits to the GL account, enter optional Detail Comments, and confirm/update the Detail Location (this value will be automatically set to the same Location entered in the Journal Entry header).
Enter Debit and/or Credit Amount to the selected Account and a comment in the 'Comment' field if desired. From here, confirm or update the Location in the 'Location' field. Lastly, click the 'Add' button to add the detail line to the Journal Entry Details grid. Depending on the detail type that was just entered (Debit or Credit), the identical Amount will load in the opposite type for the subsequent balancing entry.
- Location Note: By changing the Location to another Location outside of the previously selected Location's Legal Entity, the system will automatically create any necessary inter-company entries that can be reviewed on the 'Distribution' tab after the transaction has been saved/approved.
Step 5: Continue adding Details until complete.
After the first Detail line has been added, the Amount value will automatically set the opposing detail type (Debit or Credit) for the next Detail line. Complete this Detail line like the previous line, then continue adding details until the Journal Entry is complete.
Step 6: Review, Save and Approve the Transaction
Journal Entries will not be Approved upon entry. Ensure that the information is entered correctly before Saving and/or Approving this entry.
For information on reversing a Journal Entry, view the Reversal Journal Entry article here.