Journal entries

The Journal Entries page lists the entries in a company’s books for one financial year: the entries TrakIT posts by itself from invoices, bills, receipts, payments and other documents, and the entries posted by hand. From here you can open an entry, post a new one and revalue foreign-currency balances.

To open it, select Finance > Journal Entries.

For how the books work, see Accounting.

Choose the company and year

If you have access to more than one company, choose the company at the top of the page. TrakIT remembers your choice for next time.

Then choose the financial year. The list starts on the open year that includes today, or on the latest open year if none does. If the company has no financial year yet, the page says so and shows no entries: see Financial years.

The list

The list shows 20 entries per page, the most recent first, and how many entries match.

Column	Shows
ID	The entry number.
Date	The transaction date: the date the entry counts in the books.
Title	The title. Select it to open the journal entry.
Remarks	The entry’s reference.
Debit, Credit	The accounts debited and the accounts credited, one per line.
Amount	The total of the debits. For an entry in another currency, the amount is in that currency and its code follows; otherwise it is in the company’s base currency.
Executed By	Who posted the entry, or System, and when.

Entries posted by TrakIT

TrakIT posts entries by itself when the company keeps its books in TrakIT (see Setting up accounting). Their titles show where they come from:

Title	Source
Invoice: number, Credit Note: number	An invoice or credit note.
Bill: number	A bill.
Receipt: reference, Payment: reference	A receipt or payment.
Internal Posting: number	An internal posting.
Write-Off: Invoice number	An invoice written off.
Adjustments: Invoice, Adjustments: Credit Note, Adjustments: Bill number	Adjustments on an invoice, credit note or bill.
Reversal: title	Cancels an earlier entry: same accounts, opposite sides. Its reference names the entry it reverses.
Opening Balances	The opening balances.
FX Revaluation as of date, FX Revaluation of currency receivables/payables as of date	An FX revaluation.
Year-End Closing - year	The closing of a financial year.

A posted entry is never changed or deleted. When a document is reset or its posting has to change, TrakIT posts a reversal, and a new entry if needed; all of them stay in the list. See Automatic posting.

Find entries

1. If the filter panel is closed, select Filters to open it.
2. Fill in one or more filters.
3. Select Search.

Filter	Finds
Title	Entries whose title contains the text.
Reference	Entries whose reference contains the text.
Debit Accounts	Entries that debit an account whose name contains the text.
Credit Accounts	Entries that credit an account whose name contains the text.

Post a new entry

Select New Entry to post an entry by hand on the journal entry page. The entry goes into the financial year selected on this page. New Entry appears only while that year is open.

FX revaluation

Exchange rates move, but the balances you hold in other currencies stay in the books at the rates of the days they were posted. FX Revaluation restates them at the exchange rate of a date you choose, usually the end of a month or of the year, and posts the difference as an exchange gain or loss. See Multi-currency accounting.

1. Select FX Revaluation.
2. Check the date. It starts on the last day of the previous month when that date is in the selected financial year. The date must fall within the selected year and cannot be in the future.
3. Select Revalue.

TrakIT remeasures:

• each active account set up for a foreign currency in the company’s balance sheet: assets, liabilities and equity. Income and expense accounts are never revalued.
• the amounts in other currencies on the company’s Default AR Account and Default AP Account, one currency at a time. These come from invoices, bills, receipts and payments in other currencies.

For each balance, TrakIT converts the foreign-currency amount at the latest exchange rate on or before the date, compares the result with the base-currency value in the books on that date, and posts the difference. The other side goes to the FX Gain/Loss Account set on the Chart of Accounts page. Other accounts in the base currency, such as a bank account in the base currency, are not revalued.

The revaluation is posted as one entry, plus one entry per currency for receivables and payables. TrakIT then shows how many balances it revalued and the net difference, or that all balances are already at the closing rate.

Each financial year has one revaluation in force. When you revalue again in the same year, TrakIT reverses the previous revaluation and posts a fresh one. The reversal is dated the new revaluation date, unless the previous revaluation is dated later, so reports for earlier dates do not change. Revaluations of closed years stay as they were.

The revaluation stops, and posts nothing, if:

• the company has no FX Gain/Loss Account, or
• one of the currencies has no exchange rate on or before the date, or only one older than the maximum rate age set for the company. Add the rate on the Exchange rates page and try again.

Who can use this page

Section	Permission	Allows you to
Journal Entries	Read	Open the page and the entries.
Journal Entries	Create	Post new entries and run the FX revaluation.

The company list shows the companies you have access to.