Entering journal entries

Managing journal entries

Setting up auto-reversing journal entries

About journal entries

When you enter a journal entry, begin by defining an accounting date and reference number so that the transactions in the journal entry can be grouped and tracked for auditing and reporting purposes. Ajera uses the accounting date you enter to determine the period for which the journal entry appears on financial statements.

To enter a journal entry, including an auto-reversing journal entry:

1. From the Manage menu, click Journal Entries.
2. Multi-company only. Select a company.
3. Enter the accounting date.
4. Enter the reference number and description that helps you to identify this journal entry.
5. To automatically reverse at a future date (creating an auto-reversing journal entryA journal entry consisting of two entries. The first is made in the current accounting period to ensure that accrued revenues and expenses are recorded correctly on financial statements. The second is made with a future date that reverses the effects of the first entry, to prevent duplication when the actual revenues and expenses are entered. Firms often use auto-reversing journal entries at the end and beginning of accounting periods, such as month-end or year-end, to get an accurate view of their monthly or yearly financial status.), enter the date in the Reverse Entries On field.

6. Click (attachments button) and add attachments, by linking to related files. A linked file must be in a shared location for other people to open it (for example, on a shared network or a website).  

7. To include more descriptive information for the journal entry, enter your notes. You can enter notes to include additional facts, details, or comments about the journal entry.
8. A journal entry in Ajera automatically reflects both an accrual and cash accounting basis. If you want to specify an accrual only or cash only accounting basis, click the accounting basis you want. The accounting basis applies to the entire set of transactions that make up the journal entry.
9. In the table part of the window, you complete one row for each credit or debit transaction. Begin entering a transaction by entering the account. If you select an intercompany account, see Entering journal entries to intercompany accounts for more information.

unavailable in ajeraCore unless you have the Departments add-on - If you select an allocated account, a message appears, confirming that you want to distribute overhead expenses among specified departments. If you click Yes, skip to Step 9 of these instructions.

10. unavailable in ajeraCore unless you have the Departments add-on - If you are tracking financial information by department, you must enter a department.  

Otherwise, skip to the next step of these instructions.

11. Depending on the normal balance of the account, you can enter either a credit or a debit for a transaction. Enter the amount for the transaction in the credit or debit field, as applicable.

12. To enter notes, which print on the GL Entry inquiry (when you add the Notes column to the inquiry):

• Display the notes column on the window by clicking (Customize), selecting the Notes check box, and clicking OK.
• Type notes in the Notes field.

13. If needed, you can cancel changes to a row by right-clicking the row and clicking Cancel. After you have canceled changes or completed a row, you can delete the entire row by right-clicking and clicking Delete.
14. When you are finished, click Save. Your pointer moves to the accounting date.
15. If you want to enter another journal entry, repeat these steps.
16. Click Close.

See also

Changing journal entries

Deleting journal entries