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Add a journal entry in Reckon One

Learn about journals and how to add a journal entry in Reckon One.

About journals

A journal entry is a manual accounting transaction where you directly record debits and credits against your chart of accounts, without entering or changing an invoice, bill, pay run or other Reckon One transaction. They can be used to:

  • adjust account balances after something has been allocated to the wrong account, without affecting transactions or customer, supplier or employee records (for example, to reallocate an invoice item to the correct account without affecting the invoice or customer record, or to reallocate payroll transactions that have been allocated to the wrong account)
  • record depreciation, accruals or prepayments
  • move amounts between accounts (e.g. clearing accounts)

Journals feed directly into your reports, such as the Profit and loss, Balance sheet and Trial balances report. Any adjustments or changes you make to an account via a journal will be reflected in these reports.

Before creating a journal, you should speak to an accountant/bookkeeper. Find a Reckon One expert.

Add a journal entry

  1. In the Day to day menu (Business section), select Journals.
  2. Click Add (found in the top right).
  3. Enter your Journal date, Amounts, Summary and Description.
  4. Select Yes if this is an adjusting journal, otherwise leave it as No.
    1. An adjusting journal is used to update/correct accounts after the end of a period. Refer to an accountant/bookkeeper for guidance on when to use.
  5. (Optional) If Registered for tax is selected in Tax settings, you'll see a dropdown with the option to include or exclude tax on amounts displayed on the journals screen.
  6. Add the required details of your journal entries in the grid.
    1. You can add one or more rows from the Add rows menu option.
    2. All journal entries should consist of at least 2 rows, one for debit and one for credit. The debit total and the credit total for a journal must equal before you can save the entry. When 2 rows match, a green line will appear in the grid under the 2 rows.
Make it faster! To perform quick calculations in the Debit/Credit Amount fields, use the built-in calculator. Type a formula like 14*3, press Enter or tab on your keyboard, and the result will appear.
  1. Click Save & New to save and start a new entry, click on the dropdown arrow to select Save & close to save and close the entry, or click Save to save and stay on the screen.
  2. You can use keyboard shortcuts to enter data quickly.
You can have a maximum of 150 rows in a journal entry before you receive an "Unexpected error occurred".

Read more

Need more help?

Ask the Reckon Community at: https://community.reckon.com

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

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