General Ledger > Journal Entries

The types of journal entries more frequent recorded in the General Ledger module are the following:

•Journal entries to record beginning balances of your chart of accounts.

•Journal entries that cannot be posted in the subsidiary modules of AccountMate such as depreciation of assets or amortization of intangibles assets

•Adjusting entries for data entered in the subsidiary modules that are permanently transferred to the General Ledger.

•Journal entries recorded from accounts receivable and accounts payable multi-currency revaluation transactions performed in the respective module.

In AccountMate, the following are the salient features when recording journal entries:

•Journal entries will be saved in batches. You may classify and group journal entries for similar transactions or group them by period.

•In a batch, you can have as many journal entries as you want.

•You can specify the transaction date and the description and reference for each entry line for each journal entry.

•Each journal entry is assigned an ID for easy identification and can be audited and voided within an unposted batch to give you flexibility in recording transactions; however, AccountMate allows only one journal entry type for all journal entries in a batch.

•You can post journal entries to any period of your current, prior or next fiscal year in this function provided the period is not restricted.

•If a journal entry affects the previous year's revenue or expense accounts, those accounts are updated on the prior year’s Income Statement and the net effect of those changes shows up in a Retained Earnings account on the Balance Sheet for the prior and current years.

•If you have transactions that you need to record repetitively, you can shorten the process of preparing and posting the same journal entries by creating a template.

Journal Entries

Journal Entries

See Also