GL Entry

Purpose

There are may be times when you need to create General Ledger entries to adjust account balances, or otherwise make infrequent accounting entries that are not handled in the sales or purchase modules. For such times, Integral Accounting provides the Accounting Entry form. Using this form you can make any sort of accounting entry you wish. Of course, Integral Accounting provides an audit trail as well, which can be used to view the transaction history of your accounts.

Warning:

Contrary to popular belief, Entries made through GL Entry that affect your bank accounts DO NOT appear in the Bank Reconciliation. Instead , use the Bank Transactions form.

Integral Accounting allows you to Clone/Copy any GL Entry made anywhere in the accounting system and Reverse it with great ease. This DOES NOT, however, provide you with an audit trail that can be traced back to its origin in every instance - use this feature at your own risk.

Usage

1. Enter a Transaction Number

To view a previously created entry, type the number of the entry in this field or use the lookup to find it. When you are viewing a previously created entry, you have the option to clone it. Cloning makes a copy of the transaction and allows you to make new changes. You can then post the new transaction as another entry.

You should also verify that the date is correct

2. Enter a description

The description should explain the reason for the entry.

3. Enter a reference

The reference declares what transaction is causing this entry. For example, when sales and purchase transactions post, they create accounting entries and fill the reference field with the document number of the transaction. Thus, you can later refer to this accounting entry and discover which sales, purchase, inventory, etc. transaction caused the entry to be made.

If you are creating your own entry, then you do not necessarily have to enter anything in the reference field.

4. Select accounts and amounts.

Account Number - Choose one of the accounts that will be affected by the transaction. Either type the account number or use the lookup.

Account Name - You can also choose an account using this field, instead of the account number. Either type the name of the account or select it from the drop down list.

Debit Amount - This is the amount by which you wish to debit the account. Debits increase Asset accounts and decrease Liability and Equity accounts. On any particular line of the grid you can only choose to debit or to credit, not both.

Credit Amount - This is the amount by which you wish to credit the account. Credits decrease Asset accounts and increase Liability and Equity accounts. On any particular line of the grid you can only choose to debit or to credit, not both.

Debit Total - This field is calculated by adding together the Debit Amount column. It represents the total amount of money you wish to distribute across the accounts that are debited in this transaction.

Credit Total - This field is calculated by adding together the Credit Amount column. It represents the total amount of money that you will distribute across the accounts that are credited in this transaction.

Balance - This field is calculated by taking (the absolute value of) the difference between the Debit Total and the Credit Total. The Balance represents how much money must still be distributed across different accounts. The Balance must be zero before you can post this entry.