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.
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From the navigation menu select Accounting / Transactions. Then click on the green Actions button and select New Journal Entry.
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Fill out the form:
- Ledger - Select the portfolio, property or unit where you want to record this transaction.
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Date Posted - Enter the applicable date. The chosen date is what will show on the ledger
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Description - Enter a brief description of what this transfer is for
- Entries
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Account - Select a chart of account
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Debit - Enter an amount if applicable
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Credit - Enter an amount if applicable
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- Account - Select a chart of account
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Debit - Enter an amount if applicable
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Credit - Enter an amount if applicable
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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.