What are Journal Transactions?
Journal transactions, also known as journal entries, are records of financial transactions in accounting. These entries are made in the general ledger and usually include details like the transaction date, accounts involved (debited and credited), amounts of the transactions, and a brief description. They serve as the first step in the accounting cycle and help to maintain organized, accurate financial records for a business.
Why should I monitor my Journal Transactions?
Monitoring your journal transactions is crucial for maintaining accurate financial records, detecting errors or fraud quickly, and simplifying auditing and tax preparation. It provides valuable insights for business decision-making and cash flow management while ensuring compliance with accounting standards and regulations. It ultimately helps improve a business's overall financial health and function.
How do I set up this XBert?
From your CONNECT portal, go to the Automation board and click on the third navigation option, 'User Created Types' on the left-hand side.
Click on the 'Journal Transaction Rule Detected' XBert.
Click on +Add to start making your rule.
Here, you can set a name, conditions and actions for the rule you create.
The conditions you can set for your rule include:
Journal Source Type Code
Journal Source Type Name
Account Classification ID
Standard Classification Name
Standard Type Name
Once you set a condition, you must select an operator and value.
The operators you can set are:
greater than or equal to
less than or equal to
The value you set is the target our automation will look for, depending on the operator you set.
The actions you can set for your rule are:
For example, I created a rule to make XBerts for Tax Journals Over 2000 AUD for Test Equipment Pty Ltd.
You can target exact journal types, these are the values for Journal Source Type.