Add Manual Journal Entries

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Overview

There are certain scenarios or situations that will require manual additions and adjustments of JEs to records such as incorrect journal entry data created or missed financial scenarios.

On the Leapfin Platform, Journal Entries for financial records can be manually edited/added by users with "admin" access.

How to Add

To manually add a journal entry, follow the steps below:

Step 1: Find the Record

Via the "Search" page, filter and find the respective financial record(s) you would like to add Journal Entries for manually.

Step 2: Add/Edit Journal Entries

In the "Recognition Schedules" section, click on the "Update" button to trigger the modal for adding/editing JEs.

Upon clicking 'Update', a modal will show allowing you to add different types of Journal Entries. Here's what's needed to create a JE:

  • Journal Entry Type - there are three different types that can be added:
    • Simple Journal Entry: A basic journal entry highlighting the debit and credit of two accounts
    • 3-way Journal Entry: A journal entry involving three accounts where there is a debit made to one account and credit is adjusted among two other accounts defined.
    • Linear Journal Entry: A journal entry that is recognized over a schedule of amortization. The start date and end date of the schedule must be provided.
  • Date: The date at which the Journal Entry is recorded for the record
  • Account: The respective accounts for which the amount is debited or credited.
  • Debit / Credit: Define the amount you would like to record as Debit and Credit for the respective accounts. Once the Debit value is added, the same amount will be recorded as Credit for the other account(s).
  • Comments (Optional):

On clicking 'Next', the 'Preview' tab will show the overall Journal Entries for the financial record including the current and to-be-added amounts.

Step 3: Submit Changes

It usually takes less than 1 minute for the system to reprocess the financial record. The page will automatically refresh after processing.

Once updated, a badge will be displayed to indicate that the financial record has been manually edited.

Updated 5 months ago