Does ExpensePlus support journal entries?
This help guide article gives an overview of how journal entries are handled in ExpensePlus.
Journal entry is not the terminology used within ExpensePlus, but this doesn't mean that the equivalent functionality isn't present. The following help guide articles outline the 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
Bookkeepers often refer to 'journals' 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-categorise transactions without the need to create a subsequent journal entry.
If at any stage, a purchase transaction is re-categorised and this has budget implications for a category approver, the system will notify them and ask them to approve the change. This means that in ExpensePlus, there's greater visibility and accountability than with a manual 'journal' system.
To help you better understand the Adjustments module as a whole, please visit the module overview page here.