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

    • Entries
      • AccountSelect a chart of account

        • Debit - Enter an amount if applicable

        • Credit - Enter an amount if applicable

      • Account - Select a chart of account
        • Debit - Enter an amount if applicable

        • Credit - Enter an amount if applicable

 

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.