Journal

In a Innoventry software, to open a Journal transaction view: Go to menu Transaction>Journal or press shortcut key F7. Add the detail fields.

• Date: Select the date of journal entry transaction.
• Voucher No.: Enter the voucher number for the jouranl entry transaction. To visible voucher number field in transaction dialog, go to Setup > Voucher Configuration > Select JOURNAL name > Click on Edit button > Set Voucher Generation Type "Manual".
• Ref.No.:Enter the Reference number for journal entry transction.
• Ledger: Select ledger from the list.
• Description: Enter any details or description related to the selected ledger.
• Debit: Enter debit value.
• Credit: Enter credit value.
For one ledger, you can choose either debit value or credit value. Total of debit and credit value should be equal.
• Cheque Number: Enter cheque number.
• Cheque Date: Select cheque date.
Click on button Update to add Ledger with credit or debit value in the table. Click on button Edit to edit or modify selected ledger in the journal. Click on button Delete to delete selected ledger in the journal. After adding details, click on OK or Apply button.

About Journal and Journal entry in Innoventry software

In general or in the manual accounting journal is a book where transactions are recorded initially. Transactions are recorded in the journal book then posted in a ledger.

But in any accounting software this term is used differently. It is a transaction type like Payment, Receipt, Sale is the examples which is used to record special transaction which cannot be recorded using Payment receipt, sales, purchase transaction. Some of the examples of such transactions are

• Expense Journal Entry : We can use Journal entry to book credit purchase of expense.When purchasing of consumable items like stationery. Staff welfare expense like drinking water, food bills on credit from a shop/party we use journal entry to book such expenses.

The use of adjusting entry is to get accurate financial result of a company. For example

• Outstanding Expense: Outstanding expenses are expenses which are due but not paid .Usually light bill of January 2014 will be paid on February 2014. but the expense should be recorded in January so as to get an accurate financial report or profit. To do this we use a journal entry at the end of the January by debiting " light expense" and crediting "expense payable ledger". Some other examples of outstanding expenses are Interest payable,

• Purchase and sale of fixed Asset on account : In Innoventry Software we use journal vouchers are used to record the purchase or sale of fixed asset on account (credit basis), I have seen many are confused about the transaction type used to record fixed asset purchase. Use journal voucher instead purchase a voucher to record fixed asset purchase or sale on credit basis for example purchase of computer from Computer solutions on credit basis use this journal entry.

These are uses of journal transaction in Innoventry Software.