{"id":1729,"date":"2020-08-05T16:35:34","date_gmt":"2020-08-05T11:05:34","guid":{"rendered":"https:\/\/blog.isocietymanager.com\/?post_type=ufaq&p=1729"},"modified":"2021-04-14T12:52:16","modified_gmt":"2021-04-14T07:22:16","slug":"how-to-add-journal-entry","status":"publish","type":"ufaq","link":"https:\/\/factech.ai\/blog\/ufaqs\/how-to-add-journal-entry\/","title":{"rendered":"How to add Journal Entry?"},"content":{"rendered":"
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What Is a Journal Entry in Accounting?<\/h1>\n
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A journal entry is a record of the business transactions in the accounting books of business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, a description of the transaction, and a unique reference number.<\/p>\n

A\u00a0journal entry\u00a0is the first step in the accounting cycle. A journal details all financial transactions of a business and makes a note of the accounts that are affected. Since most businesses use a double-entry accounting system, every financial transaction impact at least two accounts, while one account is debited, another account is credited. This means that a journal entry has equal debit and credit amounts.<\/p>\n<\/div>\n

For keeping books updated for vendors, salaries, income or expenses, etc. you can pass a Journal Entry in the System.<\/p>\n

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  • Go to Accounting -> Create Journal Entry<\/li>\n<\/ul>\n

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    • You will see the Journal Ledger UI , where you can:\n
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      • Select accounts to debit or credit<\/li>\n
      • Select as many accounts as you want by clicking\u00a0+\u00a0<\/strong>button.<\/li>\n
      • Select GST or TDS account as per applicability<\/li>\n
      • Add narration<\/li>\n
      • Add Reference Number & GSTIN Number of the Vendor\/ Account<\/li>\n
      • Print last Journal entry voucher<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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        How to add new group?<\/a><\/p><\/blockquote>\n