How to add Journal Entry?
What Is a Journal Entry in Accounting?
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.
A journal entry is 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.
For keeping books updated for vendors, salaries, income or expenses, etc. you can pass a Journal Entry in the System.
- Go to Accounting -> Create Journal Entry
- You will see the Journal Ledger UI , where you can:
- Select accounts to debit or credit
- Select as many accounts as you want by clicking + button.
- Select GST or TDS account as per applicability
- Add narration
- Add Reference Number & GSTIN Number of the Vendor/ Account
- Print last Journal entry voucher
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October 6, 2022 at 12:11 pm |
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