The information collected from the system (and further used for the generation of reports or being sent to the integrated accounting service provider) is tailored and uploaded in the Accounting section of the TurnKey Lender.
The information is collected from different Accounts, which in this case means banking accounts. TurnKey Lender knows what accounts are available for the data collects collection from the Chart of Accounts.
Each specific entry collected from the system is a Journal line. Journal lines are extensively tailorable, and may have more or less fewer details to distinguish them buy.
In the most common case, the Journal line is the amount credited or debited to a specific account and per a specific purpose. For example, the amount credited to account 1 as a “Disbursement payment”.
Some Journal lines can also be allocated by the way they are recorded (totally or by period) and a specific type of related evern operation - for example, one line is the total amount that has been accrued, i.e. is to be debited to the account 2 as a “Principal pay-off”.
One of the ways to think of Journal lines is like about rows of an .xlsx report. And thus, the good practics best practice is to create each line in compliance with the usual practices and processes and/or specific company goals for accounting.
A set of Journal lines that is are collected together is a Journal. The typical practice is to keep Journal reasonably allocated in compliance with your company’s accounting procedures. Some of the typical Journals would be “Disbursement”, “Daily Fees”, “Daily Interes”, etc. When a journal is created, the accounting rule is to keep it balanced, ensuring the that all the debited payments are balanced with the credited ones (see more on the Journal Settings description). If Journal lines , are an .xlsx report, the Journal is such a report (one page).
When the data is collected, it collect all the defined Journals. A set of Journals collected at one time is called a Batch. This is the big .xlsx file that cotains contains pages of reports (Journals), each of which has a set of rows (Journal lines).
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