Setup Journal Entries

Journal entries are records of financial transactions within your organization. These entries cover logs of inflow and outflow transactions, changes in account balances, and other banking operations into the general ledger accounts.

On the journal entries sub-module, you can perform GL to GL postings, which involve the transfer of financial transactions between different accounts (debit and credit) within the general ledger accounts of your organization. Woodcore supports automatic and manual journal entries, enabling comprehensive tracking and management of financial transactions within your organization.

Automatic Journal Entries

Most financial transactions on the system are automatically posted. Automatic journal entries are enabled by linking a product to a General Ledger (GL) account during the product creation. Through this, once a transaction occurs in a customer account that is linked to the product, the system generates and records the corresponding journal entries and updates the account balances accordingly. With this in place, you can generate accounting reports in real-time.

See the Savings and Loan product creation for more information.

Manual Journal Entries

Woodcore also supports manual entries to any General Ledger (GL) account. To perform this operation, follow the steps in this section. Other transactions and activities which require manual posting including?

Add manual journal entries:

As we stated earlier, Journal entries can be manually added. To perform this:

• On Console, navigate to Accounting > Journal Entries.
• On the Journal Entries page, fill in the required fields.

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Note: Fields with asterisk (*) are required.

• Office - This is the associated office from the drop-down list.
• Currency - Select the currency to be used in the journal entry.
• Debit - Select debit GL account from the drop-down list of accounts.
• Amount - Enter the amount to be debited to the account.
• Credit - Select credit GL account from the drop-down list of accounts.
• Amount - Input credit amount to be credited to the account.

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Important

Ensure the debit amounts are equal to the credit amounts. Else, the journal entry cannot be saved and you will get an error message.

• (Optional)Reference Number - Enter the reference number associated with the account.
• Transaction Date - Add the transaction date for the journal entry.
• Description - Enter a description.

Click on the Submit button to post your journal entry.

Once you click on submit, a summary of the transaction will be displayed.

You can log multiple manual entries consecutively by clicking on the "Add Debit Details" button. This feature allows you to add as many entries as needed.

By doing so, all the transactions will be logged simultaneously, saving you time and effort. This streamlined process ensures efficient and convenient recording of multiple manual entries in one go.

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Manual entries cannot be made to system generated ledgers.

Reverse Transaction

You can reverse the transaction entry by clicking on the blue Reverse button at the top-right corner.

You are required to fill in a comment on the reason for the reversal. Note that this field is a mandatory field.