How to Add a Journal Entry
Do you need to record a transaction or move funds from one chart of account to the other in the same ledger? This article will show you how
A journal entry is a record of a transaction. In double-entry accounting, you make at least two entries for every transaction. (credits = debits)
A journal entry allows you to move funds across chart of accounts within the same ledger (portfolio, property, or unit).
In the Global Search box, type "Journal Entry" and select New Journal Entry from the results.
OR
From the navigation menu, select Accounting / Transactions. Then click on the green Actions button and select New Journal Entry.
Fill out the form:
Ledger - Select the portfolio, property, or unit where you want to record this transaction.
Date Posted - Enter the applicable date. The chosen date is what will show on the ledger
Description - Enter a brief description of what this transfer is for
Account - Select the account pertaining to the transaction
Debit - Enter an amount if applicable
Credit - Enter an amount if applicable
Entries - You can add more entries by clicking the Green 'Add Entry' button
Then click Save.
Debits versus Credits
Account Type | Increase Balance | Decrease Balance |
Banks | DEBIT | CREDIT |
Assets | DEBIT | CREDIT |
Liabilities | CREDIT | DEBIT |
Equity | CREDIT | DEBIT |
Income | CREDIT | DEBIT |
Expenses | DEBIT | CREDIT |
****See two examples below****
The screenshot below is an example of increasing the Operating Trust Bank account and the AC Filter income account by $100 for the "86 Crofton" unit ledger.
The screenshot below is an example of increasing the Plumbing expense account and decreasing the Painting expense account by $100 for the "86 Crofton" unit ledger.
