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Working with General Journals
Double entry bookkeeping is used to ensure underlying accounts are correct when a Transactional Document is saved. Because this is done automatically it is not necessary to know about double entry bookkeeping.
At times an accountant may need to create Journal Entries to manipulate the underlying accounts directly.
The General Journal Document allows these entries, to ensure the integrity of the double entry system is maintained.
How to create a new General Journal Entry
- From the Explorer click Accounting->General Journal Entries.
- A list of general Journal Entries List.
- Select ‘Create New‘ to display a new General Journal Entries Document (see below).
General Journal Entry Key Facts
- Each Line Item can be selected either from the Chart of Accounts, or from the list of Customers/Suppliers. Line Items are selected in the usual way, see Entering Line Items.
- The total Debits and Credits must balance. This ensures the rules of double entry bookkeeping are maintained.
- If you are dealing with multi-currency you can select the currency of the values in the Credit/Debit columns using the Currency of Values field. When a currency is selected that is not the base currency the ‘Exchange Rate‘ field becomes editable and can be set accordingly.