Journal entry

The Journal Entry page shows one entry of the books: its title, date, reference and the accounts it debits and credits. It is also where you post an entry by hand, for example for a depreciation charge, a bank charge or a correction.

To open an entry, select its title on the Journal entries page, or in the list of entries of a ledger account. To post a new one, select New Entry on the Journal entries page.

Post a journal entry

1. On the Journal entries page, choose the company and the financial year. The entry goes into that year, which must be open.
2. Select New Entry.
3. Enter the Title.
4. Check the Transaction Date: the date the entry counts in the books. It starts on today’s date.
5. Choose the Currency: one of the currencies set up for the company. It starts on the base currency. For another currency, check the Exchange Rate (see Entries in another currency).
6. In Remarks, enter a reference for the entry, if you want one.
7. In Accounts, choose how many lines the entry needs: from 2 to 9.
8. On each line, choose the Account, enter Remarks for the line if you want, and enter the amount under Debit or Credit.
9. Check that the total of the debits equals the total of the credits, below the lines.
10. Select Execute Entry.

The entry is posted at once and the page shows it. Cancel takes you back to the list without posting.

Caution

A posted entry cannot be changed or deleted. To correct a mistake, post another entry that reverses it, then post the right one.

Lines

• To find an account, type part of its name. The list shows the active accounts of the company that can be posted to, not the heading accounts that only group sub-accounts. It also leaves out the accounts that the entry’s currency cannot use (see below).
• Each line has an amount in either Debit or Credit, never both, and the amount cannot be zero. The same account can appear on more than one line.
• Amounts are rounded to the decimal places of the entry’s currency.
• With two lines, an amount you enter under Debit on the first line is copied under Credit on the second line if that is empty, and the other way round.
• The totals below the lines are red while the debits and credits differ.

Entries in another currency

You enter the amounts in the entry’s currency. TrakIT converts each line to the company’s base currency at the Exchange Rate, which is how much one unit of the entry’s currency is worth in the base currency. For example, if the base currency is XOF and the entry is in EUR, a rate of 650 turns 100.00 EUR into 65,000 XOF.

• If your company takes its exchange rates from the exchange rate table, TrakIT fills in the rate of the transaction date: the latest rate on or before it, if not older than the maximum rate age set for the company. It fetches the rate again when you change the date or the currency, so enter the date first. You can change the rate by up to 1%. If there is no rate in the table, TrakIT says so and you enter the rate yourself.
• Otherwise, enter the rate yourself.
• Converted amounts are rounded to the base currency’s decimal places. If rounding leaves the converted debits and credits a few units apart, TrakIT adjusts the largest line so the entry balances in the base currency too.
• The entry can use accounts in the base currency and accounts set up for the entry’s currency, but not accounts set up for any other currency.

An entry in the base currency cannot use accounts set up for a foreign currency: post those in the account’s own currency.

When an entry is refused

Execute Entry posts nothing and shows the reason when:

• the title, the date, an account or an amount is missing,
• the date is in the future, or outside the financial year selected on the Journal entries page,
• that financial year is closed,
• the debits and credits differ,
• an account is inactive, a heading account or belongs to another company,
• an account is set up for a currency that the entry cannot use,
• the reference starts with BILL-, INV-, WOINV-, RCP-, PMT-, FYCLOSE- or REV-, which are kept for entries posted by TrakIT.

View an entry

The heading shows the entry number, for example Journal Entry 125. Below it are the entry’s title and:

Field	Shows
Amount	The total of the debits, with its currency. For an entry in another currency, the amount in the base currency follows.
Date	The transaction date.
Reference	The reference, or [ No Reference ].

Below them, each line shows the Account with its code, its Remarks, and its Debit or Credit amount. Select an account to open its ledger account page. For an entry in another currency, each amount shows the amount in the entry’s currency above the amount in the base currency. A dash in place of the currency amount marks a line that exists only in the base currency, such as an exchange gain or loss.

The footer shows when the entry was executed and by whom. ◄ Journal takes you back to the list.

Who can use this page

Section	Permission	Allows you to
Journal Entries	Read	Open entries.
Journal Entries	Create	Post new entries.

You can only open the entries of companies you have access to.