Posting a Manual Journal - Step-by-Step Transcript

Step 1

Posting a manual journal with SoftLedger
Abacus Global needs to post a journal reflecting receiving the fund from a new $5m loan.

Step 2

Let’s review the starting balance.
We can view our Balance Sheet by navigating to Reports > Financials and selecting the report name.

Step 3

Abacus Global has a starting point of $1m in it’s 1000 Cash account

Step 4

Abacus Global has a starting point of $1m in it’s 1000 Cash account

Step 5

Draft the journal by entering the required and optional fields including posting date, currency and location. Enter line item debit and credit accounts, dimensions, descriptions and values.

Step 6

Data entry is easy. Select the ledger accounts based on location (SoftLedger has smart accounts that will be available based on location settings)

Step 7

SoftLedger will track the journal balance and validate all inputs to ensure accurate posting.
Note that journals can be (a) manually entered (b) bulk uploaded (via XLS file) or (c) entered via SoftLedger’s open-API. when integrating into invoicing, billing or other systems of record. Learn more about SotLedger’s APIs here.

Step 8

When ready left-click Submit to post (in draft status) our journal.

Step 9

The DR 1000 Cash, CR 3300 Loans $6m within the Abacus Global location journal is now drafted.

Step 10

Navigate back to run the Balance Sheet in Reports > Financials.
Now Abacus Global’s 1000 Cash account has increased from $1m to $6m (the balance sheet now has a $5m Long Term Loan in liabilities).

Step 11

Left-click the $6m to drill into all the underlying transactions (journals, invoices, bills)

Step 12

We can see our Journal 4 and further drill through to the detailed transaction!
Note you can filter and save journal report views based on any field such as ledger, date, location, cost center, value, etc.
You can also export to Excel if needed.

Step 13

To the end of February 2023, these are 4 transactions building up to the $6m balance.

Step 14

We’ve drilled to our Journal 4, raised in the financial ledger.
While in draft status, we can edit and update any of the journal details (to close the accounting period all journals must be posted).

Step 15

Would you like to talk to the SoftLedger team?
Please connect and book a demo – we can walk through our enterprise planning platform with you and discuss how you can get started with SoftLedger!
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