Does ExpensePlus support journal entries?
The following help guide articles detail functions in ExpensePlus that may be regarded as requiring a journal entry:
- Expenditure Category Transfers (also called cross-charging)
- Income Category Transfers (also called cross-charging)
- Accruals and Deferrals
- Monthly adjustments
- Year-End adjustments
- Reversals
Journal entry is not the terminology used within ExpensePlus, but this doesn't mean that the equivalent functionality isn't present.
Often 'journals' are referred to by bookkeepers when they want to correct or change something previously recorded in the accounting system.
As ExpensePlus operates a fully drillable system, allowing you to re-enter and adjust transactions as required, you can easily correct mistakes or re-categorize transactions as needed without the need to create a subsequent journal entry.
If at any stage, a purchase transaction is re-categorized and this has budget implications for a category approver, they will be notified by the system and asked to approve the change. Therefore, greater visibility and accountability are maintained within ExpensePlus than with a manual 'journal' system.
To help you better understand the Adjustments module as a whole, please visit the module overview page here.