General Journal Entry Overview

The majority of Journal Entries posted to the General Ledger are performed automatically when a transaction is saved by a user. Nearly every company will still need to create manual journal entries as a part of normal bookkeeping such as depreciation, payroll, accruals, etc.

Control Accounts

Within Managely, GL Accounts are considered Control Accounts used for posting transactions "behind the scenes". These are considered "sacred" accounts and General Journal Entries should never be posted to any of these accounts. If a user were to post a General Journal Entry to any of these accounts, your company would not be able to balance sub-ledger reports to the General Ledger. If your company finds it needs to make an adjustment to an entry into any of the Control Accounts, please contact the Support department for assistance on how to accomplish the desired result.

Below is the list of Control Accounts and where they are located.

  • Accounts Receivable – Setup > Company > Preferences > GL Account
  • Accounts Payable - Setup > Company > Preferences > GL Account
  • Inventory – Inventory > Warehouses > Add Warehouse
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