This video will walk you through Accounts, more commonly known as General Ledger
Video Transcript:
In this video, we'll walk through accounts, more commonly known as the general Ledger.
You'll learn how to navigate the chart of accounts, review account activity, manage transactions, and create both standard and recurring journal entries.
By the end of this video, you'll have a clear understanding of how account activity flows through the system and where to go to review, manage, and audit that information.
Navigate to accounts using the left side navigation bar.
By default, you'll land on the List tab.
This serves as your firm's chart of accounts, providing A centralized view of all firm accounts.
From here, you can easily add or import accounts, search and filter the list, review key account details and balances, and manage individual accounts to change what columns are present in the grid.
Select Settings to choose which columns you want to display.
You are also able to drag and drop columns to put them in whatever order you prefer.
To help you quickly find what you're looking for, you can use the search bar and filters at the top of the page.
Selecting the All Filters option allows you to narrow the list by things like account type.
Keep in mind that the general Ledger always stays in balance.
Every debit has a corresponding credit posted to another account, and every credit has a corresponding debit also posted to another account.
To view both sides of a transaction, navigate to the Transactions tab.
This view displays each transaction as a single line item, showing both the debited and credited accounts together for a complete picture of the activity.
From here, you can quickly locate a specific transaction using the transaction item number or amount in the search bar, or narrow the results using filters such as transaction type, amount, range, and other criteria.
Each transaction can also be drilled into for more detail.
Clicking the transaction item link opens the transaction record, while selecting the eye icon takes you to the detailed view where you can see the exact amounts being debited and credited to each individual account.
This Transactions tab only displays activity related to the currently selected account.
To view all transactions across the firm, navigate to Transactions from the left side navigation bar.
This page functions the same way as the Transactions tab within an account, but shows activity for all accounts, not just a single one.
Next, let's move to the Journal Entries page.
From the left side navigation bar, this page displays a list of all manually created journal entries.
Journal entries are used to manually move money between accounts.
You're currently viewing the collapsed view of the journal entries.
Click an arrow to expand one and see the specific accounts impacted, along with the individual debit and credit amounts.
To create a new journal entry, select Add Journal Entry.
Start by choosing an entry date.
This is the date the journal entry will post to the general Ledger.
Next, select the first account you want to impact.
Enter the debit or credit amount and add a description.
Then select the next account, enter the offsetting debit or credit and include a description.
You can add as many journal entry line items as needed, as long as the total debits and credits balance across all lines.
Once complete, select Save.
The journal entry will now appear in the grid.
From this page, you also have the option to import journal entries from a CSV file or export the current list for reporting or review.
To set up automatically recurring journal entries, navigate to the Recurring tab.
This view displays both active and inactive recurring journal entries.
Select Add Recurring Journal Entry, then enter a name, choose a start date, and optionally select an end date.
Next, define how often the journal entry should occur.
Daily.
Weekly or monthly and specify the recurrence pattern.
Then enter the journal entry lines just as you did earlier in this training and select Save.
The recurring journal entry will now appear in the grid and will post automatically according to the schedule you defined.
If changes are needed going forward, select the corresponding pencil icon to update the recurring journal entry.
Once saved, those changes will apply to future entries only.
To make a one time change to a single journal entry generated by a recurring entry, return to the List tab, click the pencil icon next to that specific transaction, and make the necessary edits.
These changes will apply only to that individual entry.
Finally, the History tab provides a complete audit trail of all changes made within the Journal Entry section.
That concludes our overview of Accounts and the general Ledger.
You should now feel comfortable navigating the chart of Accounts, reviewing account and transaction activity, and creating an Managing Journal entries, including recurring entries.