As per the widely recognized double-entry bookkeeping system, analyzing every transaction and recording them according to their distinctive types is the first needed thing in accounting cycle which is known as ‘Journal’.
Simply, Journal is an analysis of the transactions based on the debtor-creditor characteristics which determine whether a particular business event has an economic effect on the assets, liabilities or equity of your business.
In WP ERP’s Accounting module, the debtor or creditor entries are recorded on currency values and the currency values of both debtor and creditors will be the same or otherwise it will be an error.
In this section, you will learn:
- How to create a Journal Entry in the Accounting module of WP ERP
Journal entry in WP ERP
The WP-ERP Accounting system has been designed to be the easiest for people with minimal or no knowledge of accounting. But accounts journal is a pro-level feature. Trained accountants will be familiar with this. With this feature, every action inside the accounting system which has been described can be done.
Creating a New Journal entry
To create a journal entry, follow these easy steps:
Go to the WP Admin Dashboard → WP ERP → Accounting → Transaction → Journals.
Click on Add Journal Entry.
Then the following screen will open up to insert the data for the journal entry. You can also use the Add Line button to insert as many lines as you want. Hit the Save button to save the journal entry into the system.
Finally, you will be able to view the journal entry in the journal entry list.
You can view the journal entry in detail by clicking on the voucher number:
Here is the journal entry in detail:
That’s how you can add a journal entry.