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 excel table, where Journal lines are its rows.

You can add, delete and edit journals in the Tools → Accounting → Settings tab.

Create a Journal

In order to create a new Journal, click the New Journal button at the top left corner of the settings page.

Define settings of all the Journal lines and settings of the Journal itsel

Journal Line Settings

The “Edit journal” tab will emerge. Here you can specify the Journal lines, i.e. specific entry types.

Thus, the following fields shall be defined for each line:

• 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.

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 firs 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.

You can edit the Journal from there (it is the same tab as when creating a Journal).

You can also delete the Journal.

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'

Journal creation validation

Manual Batch Creation

Operation types 

  "Amount includes" values

If Journal settings have been changed, the next closest batch is created based on the new settings.