Using General Journals

General Journal Entries Salesorder

Salesorder uses double entry bookkeeping to ensure the underlying accounts are correct when you save Transactional Documents, such as a Sales Invoice. This is done automatically in the background when using Salesorder.

However,  if there is a need to manipulate the underlying accounts directly, then these  would normally be done by an accountant, and in the world of accounting they are know as Journal Entries.

In Salesorder, the General Journal Document allows you make these entries, whilst ensuring that the integrity of the double entry system is maintained.

You can create, memorize, import and copy journal entries. Debits and credits can be applied to any GL account.

To simplify trading partner transactions, you can debit and credit Customers (accounts receivable) and Suppliers (accounts payable).

 

New General Journal Entry

General Journal Entry can be created in the following ways:

Users can manually create a general journal entry or import them.

Create manually

To manually create a general journal entry in Salesorder, go to:

ACCOUNTING > General Journal Entries > +

You can set the currency on a journal using the Currency of values field.

Select the GL Account | Trading Partner using the Find option in the Account Entries tab.

You can record notes on the Information tab.

Set classifications through the Classification tab. Save the journal.

You can save the journal entry as Pending using the Save as Pending option. This action will not post the entries to the General Ledger.

Use the Save option, when final edits/modifications are made and is ready to be posted to the General Ledger.

NOTE:

The total Debits and Credits must be the same. 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.

Import into Salesorder

To bulk import journal entries into SalesOrder app, go to:

SETUP > Import Journals

Select Download Template.

Enter the details in the downloaded template. Fields marked in yellow are mandatory.

Field details to be entered as follows:

Account/TP: Enter GL Account Name (e.g. Cost of Goods Sold, Sales, etc.)
or Trading Partner Ref# (Customer | Supplier).

Type: Default value is Financial Account.

In case of Trading Partner (Customer | Supplier) the value to be entered is TP.

Ref#: Enter the Ref# for the Journal.

In case you want the Ref# to be auto generated, set the Ref# for the first row to [Auto] and leave the subsequent cells blank for the remaining rows that belong to that journal.

Thereafter, you can set the first row of the next journal entry to [Auto] and the process repeats.

The system will automatically generate and assign the Ref# during the import process.

Date: Journal entry date.

Status: Pending | Posted. Entries with status Pending are not posted to the General Ledger.

Debit: Debit entry value.

Credit: Credit entry value.

NOTE:

The total Debits and Credits must be the same. This ensures the rules of double entry bookkeeping are maintained.

After entering all the details for all the journal entries, save the template.

Using the Upload Data option on the same screen, import the journal entries .

After running import, to verify all imported records, go to:

ACCOUNTING > General Journal Entries > List all Journal Entries

General Journal Document: Reference

Fields

Ref # A unique identifier for the document. This is an auto generated field.
A/C Memo Add an account memo for the journal entry.
Status POSTED | PENDING.

After journal entries are posted to General Ledger, the status is updated to POSTED else status is PENDING.
Date Date when the journal entry is created.
Owner The user creating or owning this document. See Using Owners
Currency of values The Currency in which this Document is presented. See Using Currencies
Exchange rate The exchange rate applied to the relationship between this Document’s currency and the base currency of your general ledger. See Using Currencies
Tabs

Account entries

The account entries of journal are added here. The following fields are available:

  • Account: This can be a GL Account(e.g. Cost of Goods Sold, Sales,etc.) or Trading Partner( Customer | Supplier).

  • Type: This field is auto populated depending on the selection in Account column and will have the one of the following values:

    Financial Account: In case a GL account is selected.

    Customer: In case the Trading Partner selected is a Customer.

    Supplier: In case the Trading Partner selected is a Supplier.

  • Currency: This field will be auto populated depending on the GL Account or Trading Partner selected in the Account column.

  • Memo: Using this field, you can add account memos for each entry.

  • Class: In case classifications are defined, you will be able to select it through dropdown in this field.

  • Debit: Debit value for the account entry.

  • Credit: Credit value for the account entry.

Information

You can add notes through this tab.

Classification

See Using Classifications

General Journal Document: Settings

The document settings are available when creating | editing | viewing a General Journal document (create | edit | view mode).

The following settings are available:

Save

(available in Create | Edit mode)
Saves the Document and posts the entries to the General Ledger. The Status field is set to POSTED.

Save as Pending

(available in Create mode)
Saves the document and the Status field is updated as Pending. This action will not post the entries to the General Ledger.

Configure

(available in
Create | Edit | View mode)

A Journal Entry document consists of fields, sections, tabs and line item table.

The Salesorder app allows you to customize all the parts of the document.

To customize fields, sections, tabs and Line Item table in the document, see Using Customization

Memorize

(available in
Create mode |
Edit mode for Journal Entries in Memorised status)
This function is useful if you want to set up a recurring journal.

The system will automatically create and apply the journal based upon the parameters you set on the memorized transactions.

To learn how to implement this, refer to Using Memorised Transactions

Edit

(available in View mode)

Using this setting, you can switch the General Journal document to edit mode.

Reverse Entry

(available in View mode)

To reverse a General Journal entry, locate the Journal entry and click Reverse Entry.

Create Copy

(available in View mode)

To copy a General Journal entry, locate the Journal entry and click Create Copy.

Actions

(available in View mode)

Actions can be used to perform various tasks on a General Journal document:

Show History

You can view the complete history of the General Journal Document and who has performed them.

Take Ownership

You can transfer document ownership using this option.

Void this document

Documents can be voided to imply that they are not in use. It is a soft delete.

Voided Documents remain in the system and are set to Void status. You can still search for the document on the app.

Once a Document is voided it cannot be edited or changed in any way (you can attach a Memo though).

It will also remove the corresponding entries from the General Ledger.

Delete

This option permanently deletes the Document from the Salesorder app.

You cannot recover the document once it is deleted. Also, you will not be able to search for the document in the Salesorder app.

However, you do have an option to view the history of the deleted Document.

Go to, ACCOUNTING > Find Transactions > Search Document History

Hence, caution is advised in using the Delete option.

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