To process journals using the older Legacy screen, go to Financial Data...Journal Entries:
To create a new journal, you will have to start by choosing your options on the Green bar. The first item to select is the Adjustment Type that you want to process:
Normal adjusting: This is used for any normal journals applicable to the client. You would use it for adjustments to accounts that you want to push back to the clients processing trial balance after you finalise the Financials.
Drafting: This is used when you need to do journals that are applicable to your audit trial balance only. These adjustments are not sent back to the client processing trial balance. An example of this might be splitting depreciation into separate expense accounts.
Overs and unders: This is used for adjustment amounts which cover non-material transactions that are overstated or understated. These do not affect your working trial balance and can be discussed with management as to whether they should be passed or not.
Not recorded: This is used for a journal that has not been finalised or approved yet. You can also switch between not recorded and normal journal to see the effect that your journal would have on the financials.
Standing journal: This journal will be carried forward into the clients next year. If you create a standing journal in the 2019 year you can roll forward into 2020 and that journal will be copied and effect both your 2019 and 2020 trial balances. Standing journals are often used for consolidation elimination journals.
Interim: If you are drafting Interim financials, you can make adjustments to these values specifically.
Budget: You are able to make adjustments to your Budget figures.
Once you have selected the Adjustment Type you can move on to your journal Description and Reference. Here you can just type in the reason for your journal and a reference number if applicable.
Once the Description and Reference have been completed you can select the Accounts from your trial balance that you want to be part of the journal. You can select your Accounts by either clicking on the drop-down menu or by clicking the blue arrow to the right.
When using the drop-down, you can search through your trial balance account using the account number or the account name.
When you use the blue arrow to the right of the account it will pop up a screen with your whole trial balance on it. Here you can use the orange search bar to search through your accounts and then select the account you want by clicking on the Select button in the bottom right of the popup or double clicking the account.
You can then go and enter the value of your journal the Amount column, if you want to debit the account your value is positive, if you want to credit the account your value will be negative:
As soon as you select an account the next line will open up for your next journal line, you are not limited to the amount of journal lines that you can create.
Please note that you must balance your journal. You can see if your journal is balanced in two places. The first is below your amounts, you will see the total of your journal, if your journal is in balance your total should be 0.
You can also see an Icon next to your reference if the journal is not in balance you will see an orange warning sign, if the journal is balanced you will see a green tick icon.
