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.
Step 1: Click on the 'Account Actions' tab in the top ribbon, then select 'Journal Entry.'
A new tab will open titled 'Journal Entry - [Journal Entry #].'
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.
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 2: Fill in the required Date and Location fields and add an optional comment in the Comment field
After you select the desired Date for the Journal Entry, hit the 'Tab' key on your keyboard to move the cursor from the 'Date' field to the 'Location' field. If necessary, update the Location, then continue using the 'Tab' key to move to the 'Comment' field to enter any additional comments.
Step 3: Select GL Account(s)
Begin typing the name (or if your System Preferences also display the Account Number, type the Number) of the GL Account. Once selected, hit the 'Tab' key on your keyboard to move the cursor to the 'Debit' and 'Credit' fields.
Step 4: Assign Debits and/or Credits to 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 then hit the 'Tab' key on your keyboard to move the cursor to the 'Comment' field to add an optional Detail Comment. From here, tab into the 'Location' field and confirm or update the Location. Finally 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 intercompany 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
Step 7: Create optional Reversing Entry from Existing Journal Entry.
After saving and approving your Journal Entry, hover over the 'Action' menu and select 'Reverse' to create a Reverse Duplicate Journal Entry. Reversing entries allow you to create second duplicate transactions (debits and credits are now reversed) that are helpful when making month end accrual transactions.
A prompt will appear where the User must select the Date of the reversing entry. Once selected, click on 'Create & Open' or 'Create' to proceed.
The system will then create the reversed entry. Note that on the Reversing Journal Entry the transaction 'Name' that is assigned to the reversing entry and signified by the letter 'R.' This notation makes it easy to find these types of transaction in lists and searches.