Journal Types

Last modified 13:33, 17 Oct 2013

Overview

There are four journal types recognised by the system.

Journals

Standard journal entries to debit or create accounts in the accounting period.

Opening balances

Entries of this type are normally automatically generated by the system when you carry out a year end procedures to balance forward to the new accounting period. The system creates the opening balance journals required to record balance brought forward from the previous accounting period.

You may also use this routine to enter opening balances if this is the first accounting period you are processing for the client.

Restatement

The system draws the comparative TB data from the prior accounting period, comparative figures are not held in the current accounting period. However, there are occasions where you need to restate comparatives. This journal entry type allows you to enter journals that will adjust the comparative data shown for the accounting period in which the journals are processed. They do not affect the current periods balances in the accounting periods trial balance.

The benefit of having this entry type is that you can adjust the comparative data without changing the actual TB recorded in the prior accounting period.

Reversing

This journal type allows you to enter transactions that will be reversed in the next accounting period, e.g. an accrual or prepayment.

Entries in the next period reversing the journals made using this type will automatically be generated when you close a reporting period or carry out a year end balance forward.

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