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The Settings section of the Accounting tab allows you to define what data entries shall be collected and saved in the reports or (if the integration is on) sent to the accounting service provider. Each set of such entry types (“Journal lines) is collected into a “Journal”
You can also think of a Journal as of an .xlsx table, where Journal lines are its rows.
You can add, delete and edit journals in the Tools → Accounting → Settings tab.
Create a Journal
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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 itself
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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Account: A non-hidden account from the Chart of accounts (whether created manually or synchronized with an integrated accounting service provider)
Amount: The type of entry, for which the data is collected.
Several values can be added into one line (multiple boxes can be checked)
This includes:
Repayment transactions (Repaid amount)
Disbursement transactions (Disbursed amount)
Interest
Principal
All fees including those defined by TurnKey Level or the client anywhere in the credit products.
All customer-specific types of payments
Type: there are only two possible types:
Debit
Credit
Keeping the Balance
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.
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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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Journal settings
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section header
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Batch creation start date
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Input date
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Yes
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The date, when batches are created automatically. Can be in the past, present or future
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Journal name
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Label string
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Yes
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Journal name
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Journal Description
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Label string
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No
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Journal description
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Add Journal
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Button
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No
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The "Add journal" page is opened
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Edit
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Button
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No
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The "Edit journal" page is opened
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Delete
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Button
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No
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A confirmation message appears, and if confirmed, the account is deleted
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Journal details
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See New journal page
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"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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Additional Journal Line Setting
For some amount types (for example, for principal or origination) the amount can be reported once (e.g. when accrued) or periodically (e.g. each time it is paid). For such amounts, you will see the Amount period and Operation type.
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Available values are:
Amount period:
Period: The amount is reported every time when the corresponding operation takes place
Total: The whole amount is reported when the first operation takes place
Operation type:
Accrued
Paid
WrittenOff - The value that was restructured
RestructuredOldLoan - The value written off as a result of restructuring
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RestructurednewLoan
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After restructuring
RestructuredNewLoan - The new value
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obtained as a result of restructuring
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RestructuredDiff
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Restructuring difference
Restructured - The value
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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
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Keeping the Balance
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.
Journal Settings
Once you have set up all the Journal lines, define the journal name and click the Save button. The Journal and its details will be available in the Tools → Accounting → Settings tab.
You can edit the Journal from there (it is the same tab as when creating a Journal).
You can also delete the Journal.
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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.