Journal Transaction

Improving the overall financial health and function of your business.

Jhanav Lakhiani avatar
Written by Jhanav Lakhiani
Updated over a week ago

The Journal Transaction is an essential tool for organising and managing financial journal entries within an accounting or financial management system. It consolidates critical data for transactions, ensuring thorough documentation and ease of retrieval.

The AI will only look back at 12 months' worth of data.

Key Properties:

  1. Business Name: The official or legal name of the business associated with the journal entry.

  2. Creation Date and Posted Date: These dates record when the journal entry was initially created and when it was officially posted or recorded in the system.

  3. Journal Source Type Code and Name: These elements classify the source of the journal entry, indicating whether it stems from accounts payable, accounts receivable, or another financial source.

  4. Account Code: An optional coding system that may be used to provide additional identification or classification for the account involved.

  5. Account Name: Names the specific account impacted by the journal entry, such as "Sales Revenue" or "Operating Expenses."

  6. Account Classification ID and Name: These define the broader classification of the account, such as whether it is an asset, liability, revenue, or expense account.

  7. Account Type ID and Name: More specifically categorise the account type, detailing if it is a current asset, long-term liability, etc.

  8. Net Amount, Gross Amount, and Tax Amount: Financial figures captured within the journal entry, detailing the net amount before tax, the gross amount including tax, and the specific tax amount.

  9. Tax Name: Identifies the type of tax applied to the transaction, providing clarity on taxation details.

  10. Journal Number: A sequential number that may be assigned to journal entries for organisational purposes.

  11. Platform ID: Identifies the platform or system from which the journal entry originates, useful in multi-platform environments.

  12. Journal ID: An additional long numeric identifier for the journal entry, serving as another mechanism for tracking and identification.

  13. Reference: Allows for the inclusion of any pertinent notes or reference information related to the journal entry.

The Journal Master object simplifies the complexities of financial transaction management, providing a structured approach to maintaining comprehensive and accurate records within the financial system.

Example Alerts

Alert me if a Journal of type Manual was Posted on the 30th of June.
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