A journal entry is used to record the business transactions in the GoFreight accounting module. It ensures that debits and credits are balanced, keeping financial records accurate and transparent. Journal entries form the foundation for preparing financial statements like the balance sheet and income statement.
Who Can Access the New Journal Entry
By default, only users with the roles of General Manager, Accounting Manager, and Accounting can access the Journal feature in the GoFreight system. Users in other roles can request this functionality with approval from an Admin or General Manager, after which a GoFreight support agent can grant access.
Steps to Create a New Journal Entry
In this article, you will learn how to create a new journal entry. As an example, this article will demonstrate how to load initial balances into your primary bank account in the GoFreight system with steps.
A simple journal entry for this transaction of the Bank Beginning Balance would be as follows:
| Account | Debit | Credit |
| Cash in Bank | $30,000 | |
| Capital | $20,000 | |
| Retained Earnings | $10,000 |
- Navigate to “Accounting” > “Journal” > “Journal Entry” in the navigation bar.
- Click the "Green + Button" to add a new line.
- Based on the example of the Bank Beginning Balance, enter the G/L code (General Ledger Code) for Capital.
- Input the amount credited from Capital in the credit column.
- Similarly, enter the G/L code for Retained Earnings.
- Input the amount credited from Retained Earnings in the credit column.
- Click “Add a new balanced entry” for the debit side, and the amount will be automatically filled to $30,000. Enter the G/L code for the bank where you want to make the deposit.
- Click “Save.”
Note:
- Ensure that the total debit and credit amounts are balanced before saving the journal entry.
- Ensure that the date entered in the “Date/Seq” field is prior to any transactions made in the system, if applicable.
To verify if the amount has been deposited into your bank account, navigate to “Accounting” > “Bank” > “Bank Book Balance” in the navigation bar.
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