Journal Entry

What is a Journal Entry in Akaunting?

A Journal Entry manually records the business transactions of your company.

It is a primary component of the double-entry accounting system, which requires every transaction to have at least two equal and opposite effects on the accounting equation – Debit and Credit.

A Journal Entry in Akaunting typically includes the following components:

1. Date: This is the date on which the transaction occurred or was recorded.
2. Account: This is the account to which the transaction is being recorded. It may include Cash, Accounts Receivable, Accounts Payable, Revenue, Expenses, and Equity accounts.
3. Debit/Credit: This is the amount of the transaction that is being recorded as a debit or credit to the account. The debit and credit amounts must always be equal to maintain a balanced accounting equation.
4. Transaction Document Type: Transactions are captured as Sales Invoices or Expenses.

Journal entries record various business transactions, such as sales, purchases, payments, receipts, and depreciation.

In Akaunting, Journal Entries can be entered manually, imported from external sources, or generated automatically by the system based on other transactions entered into the system.

To see the Journal Entry, you need to Install or Purchase the Double-Entry app. After installation,

• Go to Reports on the Navigation Menu.
• On the Reports page, go to the Accounting section.
• Click Journal Entry.
• On the Journal Entry report page, you can filter records by:
  • Basis: Accrual or Cash
  • Chart of Account
  • Contact
  • Report date: Pick a specific period for your report.
• After entering your preferred filters, hit the Enter Key on your keyboard to refresh and view an updated report.

You can Print, Export Journal Entries Balance from the top left corner of the page.

To schedule Journal Entry reports, you need the Schedule Reports app.