Core TSIs : Budgets : General Ledger : Journal entries
Journal entries
A journal entry is a logging of transactions in the general ledger. It details all the financial transactions of a business and the accounts these transactions affect. Every journal entry registered is either a credit or a debit. This is because a credit in one account is offset by a debit in a different account. The debit and credit for a single transaction should be in balance.
Journal entries are generated automatically from orders and contracts.
Journal entries on orders are generated:
If there is a status transition.
If there are changes in the amount/budget.
If an order is added or deleted.
If the budget reference is changed.
Journal entries on contracts are generated:
If financial commitments are added/deleted/status changed.
If financial commitments in the Open status are changed. Here, journal entries are registered as committed costs.
If financial commitments are closed. Here, journal entries are registered as invoiced costs.
Journal entries are only generated if budgets are involved that have the Open status. No journal entries are generated if:
There are no budgets.
The related budget is closed.
There are multiple open budgets matching the data for the contract line created.