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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

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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• 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

  • RestructuredNewLoan - The new value obtained as a result of restructuring

  • Restructured - The value added to the principal as a result of restructuring

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.

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