Journal entry explained
To understand journal entry, one would need to understand what is journal ledger. A journal keeps a record of your business' accounting transactions affect in a chronological order. Ledger keeps a record of the transactions by account. And account means each unit that is used to record and summarize your accounting transactions. Therefore, journal Ledger means a record of all accounting transactions, showing all details regarding the transactions and all the accounts (including double entries) that are related to those transactions.
The process in recording these transactions is called the journal entry.
Journal entry in TreezSoft
TreezSoft cloud accounting software carries the double entry approach for the journal entry module. Which means our system will automatically create the respective double entry for you whenever you've entered any transaction into your account in TreezSoft. Our system uses integration and automation system to reduce human error in accounting and increase users' efficiency.
To create a new journal entry, navigate through: General Ledger > Journal Entry. Click on the “New Journal Entry” button at the bottom right corner.
Enter the details and click on "Save" to confirm and proceed.
A - If a different currency is in used, you can get the latest rates from Google finance, by clicking the Get rate button.
B - You can add the relevant account(s) in this section. Add line to add additional account(s). Use the Red cross to remove an unwanted account(s). Enter the amount into the Debit/Credit fields.
Click on Action > Delete or Void to delete or void the sales return.
Fields marks with asterisk (*) are required fields.
Reminder: Be noted that the final total should be balance to record a journal. If the total is not balance, then you will have to review back your transactions to detect the errors. Account Register and Journal Reports will become handy to you in detecting your errors.
You can visit these links to read more about stock modules in TreezSoft:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
Visit TreezSoft at http://www.treezsoft.com/ to sign up for a 30 days trial account with us!
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