Journal Entry form: options and information

Items marked with an asterisk (*) are available in Microsoft Office Accounting Professional 2008 only.

You can record most of your business transactions by journal entry; however, in Microsoft Office Accounting 2008, you commonly use journal entries to record special transactions that are not already covered by invoices, bills, checks, and other forms. For example, you can enter an account opening balance, record depreciation charges, record sales of assets, adjust previously recorded entries, or enter certified public accountant (CPA) adjustments. You can also make changes to accounts receivables, accounts payables, and sales tax. Inventory assets cannot be adjusted on a journal entry; you must make changes on the Adjust Inventory Quantity and Value form.

You must enter both debit and credit amounts in a Journal Entry form. Debits and credits must appear on separate lines, and the debit and credit totals must equal each other for the entry to be recorded. If you attempt to save an entry, and the debits and credits do not equal, a warning message appears. For example, if you purchased a truck for your company for $5,000 and paid for it by check, you could debit your company's Vehicles account for $5,000 and credit your checking account for $5,000. If you paid $3,000 toward the cost of the truck by check and the rest using a Visa card, you would credit your company's checking account for $3,000 and, on a separate line, credit a Visa liability account for $2,000. In either instance, debits would equal credits.

 Tip   If you frequently create journal entries that have the same field or line item information, you can save a journal entry as a template that you can reuse. For more information, see Create a recurring document.

Open the form

  • On the Company menu, click New Journal Entry.

Customize the form

You can customize a Journal Entry form to meet your company's needs by adding, moving, or removing fields. You can also rename field and group header names.

To modify a Journal Entry form, do the following:

  • On the View menu, click Modify Layout.

 Note   When you save a modified form, Office Accounting 2008 will continue to open this template until you select a different template. To select a different template, click the Current Layout arrow on the toolbar.

Form options

ShowForm options and descriptions

Option Description
Journal number Displays a unique identifier for the document. It is based on incremental sequencing from the previous form of the same type. We recommend that you do not change this number.
Memo Type information that describes the journal entry.
*Currency Select the currency for the journal entry, or add or manage currencies, when you have set Accounting 2008 to use foreign currency.
*Exchange rate Displays the exchange rate between the currency you select in the Currency list and U.S. dollars (USD). The exchange rate is from the information you entered in the Add or Edit Currency dialog box for the currency or in the Exchange Rate Update dialog box, but you can edit the exchange rate in the journal entry header.
Voucher No.

This field is filled, and the number is increased incrementally from the previous voucher number recorded in this field. You can type a different number to identify the entry you are creating. The same voucher number appears on the next line when you leave a previous line. When an entry is made in balance, Accounting 2008 automatically increases the voucher number incrementally to differentiate it from a previous one. You can make more than one entry in a journal.

 Notes 

One voucher number can include only one line for a customer.

One voucher number can include only one line for a vendor.

One voucher number can include one line for a customer and one line for a vendor.

Date

Displays the current date. Click the arrow next to Date to open the calendar and select another date. One voucher number must have the same date.

 Notes 

  • All dates in a journal entry must be in the same fiscal year.
  • All dates in a voucher number must be the same.
Type

Click the Type arrow to select one of the following types of entry. This determines what appears when you click the arrow in the Account column.

Option Description
Financial Account Select Financial Account to make adjustments to financial accounts. The Account drop-down list includes all financial accounts. Use this option to adjust posting errors, enter CPA adjustments, or post asset sales.
Vendor

Select Vendor to make changes to Accounts Payable. The Account drop-down list includes all vendor names. Use this option to adjust vendor payable balances for discounts, errors, or payments. The opposite account line, or lines, must be a Financial Account, or you can also have a Tax Code as an offset to this account.

 Note   A debit amount reduces a vendor payable. A credit amount increases a vendor payable.

Customer

Select Customer to make changes to Accounts Receivable. The Account drop-down list includes all customer names. Use this option to adjust customer receivable balances for discounts, errors, or payments. The opposite account line must be a Financial Account, or you can also have a Tax Code as an offset to this account.

 Note   A debit amount increases a customer receivable. A credit amount decreases a customer receivable.

Tax Code Select Tax Code to adjust the Sales Tax Payable account. The Account drop-down list includes all tax codes. Use this option to adjust sales tax balances due as a result of discounts, errors, or payments. The opposite account line is usually a Financial Account; however, you can also use a Customer or a Vendor as an offset.
Account Click the arrow to select an option based on your selection in the Type column. Select Add to add a new record.
Memo Type additional information about each entry.
Debit Type the debit amount for a line.
Credit Type the credit amount for a line.
*Job Name This field is available if you select the Use jobs check box in the Preferences dialog box. Click the arrow to select a job, or select Add a new Job.
Billable Select this check box if an expense line can be billed to a customer.
*Class This field is available if you select the Use classes check box in the Preferences dialog box. Click the arrow to select a class, or select Add a new Class.
Total Displays the totals of the debit and credit columns in the journal entry. The totals must equal for the journal entry to be posted.

 Notes 

*If you use foreign currency for a journal entry:

  • All lines in the entry must have the same date.
  • All lines in the entry must have the same currency.
  • All lines will be posted with the revised exchange rate if you change the exchange rate in the header.

For more information about using foreign currency in Accounting 2008, see Use foreign currency.

Additional actions

ShowActions menu commands

On the Actions menu, you can select the following commands.

Click To
New Journal Entry Create a new journal entry,
Edit Edit a saved journal entry.
Void Void a saved journal entry,
Export to Excel If you have Microsoft Office Excel installed, export the journal entry to an Excel spreadsheet.
*Recurring

Click to save the document as a template that you can reuse.

Transaction History Open the Transaction History report for the open record.
Transaction Journal Open the Transaction Journal report for the open record.

Related topics

Find journal entries in a list
Cash-basis Journal Entry form: options and information
 
 
Applies to:
Accounting 2008