Journals overview

You can use the Journals tab to add new and modify existing journals to prepare the balances in your contact's accounts for reporting purposes.

Open your project and select the Journals tab.

In the Journals tab, you can complete the following actions.

  • Add journals.
  • Permanently delete journals from the current project.
  • Exclude selected journals to create what-if scenarios.
  • Copy and paste selected journals.
  • Update details for an existing journal.
  • Enter mappings that are used to create the opening balances journal.

See also: Add and delete journals.

For each journal, you need to specify one of the following journal types.

  • Adjusting: Used to post entries to unadjusted balances so that they become part of the adjusted trial balance (e.g. to correct an error in recorded sales, to set up prepaid expenses, or to record depreciation on a vehicle for the year).

    Unadjusted + Adjusting JEs = Adjusted

  • Comparative Adjustment: Used to post entries to comparative unadjusted balances without affecting the prior year adjusted trial balance (e.g. amendment that does not require ‘As restated’ to appear in the comparative column of the accounts).
  • Prior Period Adjustment (Restatement): Used to post entries to comparative unadjusted balances without affecting the prior year adjusted trial balance (e.g. amendment that requires ‘As restated’ to appear in the comparative column of the accounts).

Notes

  • By entering an account in the Auto contra field, each transaction is given an equal and opposite entry (not shown in the grid) to that account to enable quick double-entry posting.
  • When you enter a Description in the Journal details, Onvio copies it to the Description column of the Transactions grid. You can change this Description in the transaction grid and use Ctrl+D to copy it to the next row.
  • Any one of the three journal types listed can be marked to automatically reverse in the next period.
  • Any of the journal types can be excluded to create what-if scenarios.
  • You can select the column header to sort a column into ascending or descending order. To unsort the column, press Ctrl and select the column header.

Contact us

Was this article helpful?