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, most if not all cases, be 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