Journal Entry Window

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je - new tab window

Clicking the Add or Edit buttons on the Journal Entries Window - New Tab will display the Journal Entry Window.

je window

Entry Number (Entry No.): When adding a new Journal Entry, Design Manager will automatically default a self-incrementing number into the Entry Number for convenience.  However, the Entry Number can be changed to any five-character alphanumeric code to identify or classify the Journal Entry if the company employs a particular coding scheme for Journal Entries.  The Entry Number may not, however, be left blank.

Entry Date: The Entry Date is the date that the entry will be recorded in the General Ledger.  Depending on the Accounts affected by the Journal Entry, the Entry Date will determine what date the entry appears in various sections of the software.  For example, if the Journal Entry is affecting a Cash Account, the Entry Date determines the date the entry appears in the Checkbook of the Cash Account.  It is generally good practice to coordinate the Entry Date with the Fiscal Month into which the Journal Entry is posted.

Transaction Description: The Transaction Description is an optional description regarding the Journal Entry for future reference (i.e., "Opening Balance").  Using a Transaction Description is particularly helpful in identifying the purpose of Journal Entries as the reasoning may be forgotten over time.

Auto Reverse: Selecting the Auto Reverse will cause Design Manager to automatically create a second Journal Entry which uses the Entry Number, Entry Date, Transaction Description, and Accounts, but reverses the Credit and Debit Amounts.  Doing so effectively negates the original Journal Entry.  The second Journal Entry is posted into following Fiscal Month of the original Journal Entry.  An example when an Auto Reversing Journal Entry might be used is converting Open Vendor Deposits into Cost of Goods Sold for Fiscal Year-end, but then reversing the transaction for the beginning of the next Fiscal Year.

The Journal Entry Distributions Grid displays the Journal Entry Distributions that comprise the Journal Entry.  As the information on this grid is derived from the Journal Entry Distribution Window, they will be described in the discussion of that window below.

 

The Add and Edit buttons will display the Journal Entry Distribution Window to create a new Distribution or revise the selected Distribution on the Journal Entry Distributions Grid, respectively.  To remove a Distribution from the grid, click the Delete button.

 

Upon adding or revising Journal Entry Distributions, the Net Debits and Credits will be beneath the Journal Entry Distributions Grid will be updated.  The Net Debits and Credits must be equal to zero upon completing the entry of the Journal Entry Distributions.  Each Journal Entry must have at least two Journal Entry Distributions.

Once all of the Journal Entry Distributions have been entered, click on the OK button to save the Journal Entry.  Doing so will then list the Journal Entry on the New Tab of the Journal Entries Window from which the entry can be revised, removed, or posted.