Journal entries that always balance
Record the entries your sales and purchases do not cover, such as depreciation, accruals, loans and corrections, as multi-line journals. SeroPOS will not save a journal unless debits equal credits, and any journal can be reversed in one step.
Journal entries in SeroPOS
Multi-line entries
Add as many debit and credit lines as the entry needs, each with its own account.
Must balance to save
A journal will not save until total debits equal total credits.
One-step reversal
Reverse a journal when a correction is needed, instead of keying the opposite entry by hand.
Its own numbering
Journals take references from the journal entry prefix in accounting settings.
List, edit and delete
Find journals in a list, open them, edit or delete them, with permissions controlling who can.
Transfers too
Move money between accounts with a transfer, which has its own screen and prefix.
When you need a journal
In the Accounting add-on, sales and purchase payments post to the ledger on their own once mapped. Everything else needs a journal entry: monthly depreciation on equipment, an accrual for a bill not yet received, interest on a loan, owner drawings, opening balances or correcting something posted to the wrong account.
Your accountant may give you a list of adjusting entries at year end. Journals are how you put them into the books so your statements match theirs. Posting them promptly keeps your statements accurate and avoids a rush when the next set of reports is due. Keep a monthly routine.
- Depreciation
- Accruals and prepayments
- Loan interest and repayments
- Owner drawings and contributions
- Corrections between accounts
Entering a journal
Open Accounting and go to Journal Entry. Add a new journal with its date and a note explaining what it is for. Add lines, choosing an account and entering a debit or a credit on each. The totals are shown as you go, and the journal will not save until debits and credits are equal.
That rule is the heart of double-entry bookkeeping. It means every entry leaves the books in balance, so the trial balance always balances and the balance sheet always adds up. If a journal will not save, the totals on screen show you how far out it is, which usually points straight to the line that needs fixing.
Reversing and correcting
When a journal was wrong, or was only meant to apply for one period, reverse it. Reversal creates the opposite entry for you, so the original effect is cancelled without retyping each line. Both the journal and its reversal stay on record, which keeps a clear audit trail. That trail matters at audit time.
Journals can also be edited or deleted, depending on permissions. Roles in the Accounting add-on have separate permissions to view, add, edit and delete journals, so you can let a bookkeeper add entries while only the owner can delete them. Clear permissions protect the books from accidental changes. Review them once a year.
Transfers between accounts
Moving money between your own accounts is common enough to have its own screen. Use Transfer to record the day's cash going to the bank, a top-up of the petty cash float, or money moved from savings to chequing. Each transfer has a reference from the transfer prefix. Recording transfers promptly keeps account balances accurate.
Transfers and journals both appear in the account ledgers and the general ledger, and feed the trial balance, balance sheet and working papers. That means every movement of money between your own accounts can be traced in the same place as everything else, and your accountant sees the full picture without asking for bank statements.
Frequently asked questions
Why will my journal entry not save?
A journal must balance: total debits must equal total credits. Check each line's amount and whether it is a debit or a credit. The totals are shown as you enter lines, and the journal saves once they match. A small typing slip is the usual cause.
How do I undo a journal entry?
Use reverse on the journal. SeroPOS creates the opposite entry, cancelling the original's effect while keeping both on record. You can also edit or delete a journal if your role allows it. Reversing is safer than deleting, because the history stays visible.
Can I limit who can post journals?
Yes. The Accounting add-on has separate permissions to view, add, edit and delete journals. Give each role only what it needs, for example add for a bookkeeper and delete for the owner. Review permissions when roles change. Keep delete for the owner only.
What is the difference between a journal and a transfer?
A transfer moves money from one of your accounts to another, such as cash to bank. A journal can involve any accounts and any number of lines. Both post to the ledger and appear in reports. Use transfers for simple moves between your own accounts.
Which plan includes journal entries?
Journal entries are part of the Accounting add-on module, which adds double-entry books to the back office. Ask us about adding it to your plan. Your sales and payments keep flowing into the books automatically once mapped, so journals are only needed for the entries that sit outside them.