Add Journal Entries
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Journal Entries are essentially logs of all the transactions in your organization that have accounting implications.
Mifos X logs some transactions automatically, such as the ones associated to the products linked with General Ledger (GL) accounts. Other miscellaneous transactions need to be entered manually by the users.
In Mifos X, the majority of accounting entries occur automatically based on your loan and savings product-level settings configured in . For more information, see .
Mifos X also supports manual entries against any General Ledger (GL) account. You can manually post single journal entries or compound journal entries, the steps for which are detailed in subsequent sections.
To add a credit/debit journal entry, do the following:
On the Mifos toolbar, click Accounting to open the Accounting menu.
2. On the Accounting menu, click Create Journal Entries to open the Create Journal Entry section.
3. In the Add Journal Entry form, enter the journal entry details: NOTE: Fields with a red asterisk (*) are required. a. From the Office drop-down list, select the office where you want to add the journal entry.
b. From the Currency list, select the currency of the transaction.
c. Under Affected GL entries, do one of the following: i. To add a single credit entry to your general ledger (GL)
From the Credit list, select the credit type for the journal entry.
2. In the Amount box, enter the amount you wish to credit.
—OR—
ii. To add a single debit entry to your general ledger (GL)
From the Debit list, select the debit type for the journal entry.
2. In the Amount box, enter the amount you wish to debit.
d. In the Reference number box, you can enter a reference code for the journal entry. NOTE: Filling in the Reference number field is optional.
e. In the Transaction date box, click inside the box. A date picker will be displayed. Choose the date from the pop-up calendar. Use the left and right arrow keys beside the month and year to change the month.
f. Under Show Payment Details, you can enter banking details: NOTE: Payment detail boxes are optional.
i. From the Payment type list, select the payment type for the journal entry.
ii. Enter the Account Number, Cheque Number, Routing Code, Receipt Number, Bank Number, and Comments.
4. Click on Submit to post your journal entry. While Cancel aborts creating the journal entry post.
5. Once you click on submit, you will be able to view a summary of the transaction. To reverse the transaction, click on the blue Revert Transaction button at the top-right corner:
To add a journal entry with multiple credits or debits, do the following:
On the Mifos toolbar, click Accounting to open the Accounting menu.
2. On the Accounting menu, click Create Journal Entries to open the Create Journal Entry section.
3. In the Add Journal Entry dialog, enter the journal entry details: NOTE: Fields with a red asterisk (*) are required. a. From the Office list, select the office where you want to add the journal entry.
b. From the Currency list, select the currency of the transaction.
c. Under Affected GL entries, add your journal entries: i. To add credit entries to your General Ledger (GL):
From the Credit list, select the credit type for the journal entry.
2. In the Amount box, enter the amount you wish to credit.
3. Click the plus button (+) to add another credit to your journal entry.
4. Repeat until you have entered all credits for the journal entry. ii. To add debit entries to your General Ledger (GL)
1. From the Debit list, select the debit type for the journal entry.
2. In the Amount box, enter amount you want to debit.
3. Click the plus button (+) to add another debit to your journal entry.
4. Repeat until you have entered all debits for the journal entry. Tip: To remove a credit or debit, click the (x) button to the right of the entry you want to delete.
b. In the Reference number box, you can enter a reference code. NOTE: The Reference number box is an optional field.
c. Under Show Payment Details, you can enter further banking details: NOTE: Payment details are optional.
i. From the Payment type list, select the payment type for the journal entry.
ii. Enter the Account Number, Cheque Number, Routing Code, Receipt Number, Bank Number, and Comments.
d. In the Transaction date box, click inside the box and choose the date from the pop-up calendar. Use the left and right arrow keys beside the month and year to change the month.
5. Click the 'Submit' button to post your journal entry.
6. Once you click on submit, you will be able to view a summary of the transaction. To reverse the transaction, click on the blue Revert Transaction button at the top-right corner:
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