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You can also think of a Journal as of an excel .xlsx table, where Journal lines are its rows.
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In order to create a new Journal, click the New Journal button at the top left corner of the settings page.
Define the settings of all the Journal lines and settings of the Journal itselitself
Journal Line Settings
The “Edit journal” tab will emerge. Here you can specify the Journal lines, i.e. specific entry types.
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Amount period:
Period: The amount is reported every time when the corresponding operation takes place
Total: The whole amount is reported when the firs first operation takes place
Operation type:
Accrued
Paid
WrittenOff - The value that was restructured
RestructuredOldLoan - The value written off as a result of restructuring
RestructuredNewLoan - The new value obtained as a result of restructuring
Restructured - The value added to the principal as a result of restructuring
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Balancing debit and credit is one of the core accounting factors and metrics. As you can see above, even once just opened to create a new Journal, the tab already has two lines - one of the Debit type and one of the Credit type. The number of Credit and Debit payments doesn’t have to be even, however, the good practice is to follow standard accounting processes implemented in the company.
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Once you have set up the Journals, you can start using them, i.e. generate reports, edit and upload them, and/or, if the integration has been enabled, automatically send them to your accounting service provider.
"New journal" / "Edit journal" Pages
The "New journal" and "Edit journal" pages are identical.
When a New journal window emerges - it contains 2 predefined lines: one with operation 'Debit' and one with 'Credit'
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Field
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Type
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Required
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Description
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Comments
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Hint
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Name
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Input string
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Yes
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Journal name
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Xero = Narration
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Description
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Input string
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No
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Journal Description
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Journal Lines
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Account
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Dropdown
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Yes
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Code from the chart of accounts
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Account code from the chart of accounts
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Account code from the Chart of accounts
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Amount
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Dropdown
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Yes
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multiple selections
see the amount includes values
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Amount period
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Dropdown
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Yes
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Period | Total
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Type
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Dropdown
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Yes
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Debit | Credit
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Operation type
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Dropdown
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Yes
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see the Operation types
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Delete
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Button
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No
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Delete the entry
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Additional parameter
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when developing keep in mind that in the course of customization we must be able to add additional parameters, e.g. Loan type or installment number
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Add journal entry
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Button
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No
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Add line
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Save
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Button
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No
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Save journal
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Can't be saved if there is no at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'.
Save Button is disabled, error message is displayed
'For each Journal, there is at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'.
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Close
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Button
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No
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Cancel journal creation and close the window
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Journal creation validation
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Check
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Error Message
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What happens if fails
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For each Journal, there is at least one record with the Posting type 'Debit' and at least one record with the Posting type 'Credit'.
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Journal must have at least one Debit and one Credit record.
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Journal can't be saved
Save Button is disabled, error message is displayed
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For each Journal, there are no two lines within one Journal that have the same receiving account AND posting type
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Duplicate lines
Manual Batch Creation
Operation types
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Operation type
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Name in UI
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Description
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Accrued
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Accrued
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Accrued. Applicable only for disbursed loans and Initial payments
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DIsbursed
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Disbursed
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Disbursed amount
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Paid
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Paid
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Paid amount
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Written off
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Written off
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The value that was written off as a result of writing-off
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RestructuredOldLoan
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Before restructuring
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The value that was written off as a result of restructuring
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RestructurednewLoan
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After restructuring
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The new value is obtained as a result of restructuring
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RestructuredDiff
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Restructuring difference
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The value that was added to the principal as a result of restructuring
"Amount includes" values
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Amount
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Description
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Disbursed amount
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Disbursement transaction amount
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Repaid amount
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Repayment transaction amount
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All fees
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The sum of all fees, interest, and principal
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All fees excluding principal
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The sum of all fees and interest, w/o the principal
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Principal
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Principal
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Interest
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Interest
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List of user-defined fees
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List of all fee types created in the credit products
If Journal settings have been changed, the next closest batch is created based on the new settings.