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cats:procedures:accounting:transactions:generaljournalentries [2017/06/01 15:42] – jen | cats:procedures:accounting:transactions:generaljournalentries [2019/07/02 16:23] (current) – jen | ||
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=====Entering General Journal Entries===== | =====Entering General Journal Entries===== | ||
- | General Journal entries are transactions that directly debit and credit the general ledger, using only G/L numbers. They do not use a bank code, account code, or invoice. They are frequently used for corrections to profit and loss (P&L) calculations that need to be booked to an inventory adjustment account. | ||
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{{entry> | {{entry> | ||
+ | General Journal entries are transactions that directly debit and credit the general ledger, using only G/L numbers. They do not use a bank code, account code, or invoice. They are frequently used for corrections to profit and loss (P&L) calculations that need to be booked to an inventory adjustment account. | ||
CATS uses double-entry bookkeeping. This means that all entries, including invoices, have a debit to one G/L number and a credit to another G/L number. You will need to ensure that the lance of all general journal entries works out to $0.00. | CATS uses double-entry bookkeeping. This means that all entries, including invoices, have a debit to one G/L number and a credit to another G/L number. You will need to ensure that the lance of all general journal entries works out to $0.00. |