QUESTION:
How do you create a Revenue and Expense Journal Entry?
Use this journal entry to move funds from one account to another. This entry will correctly post an expense entry to the “giving” account and a revenue entry to the “receiving” account. An offsetting revenue and expense entry will post to the offset (Cash/Checking) account.
PROCESS:
From JE’s > Miscellaneous > Revenue and Expense
- Enter a Transaction Date.
- The default is the current date, but this can be changed to reflect the actual posting date.
- The transaction date cannot be outside the current fiscal year.
- Enter the Amount to be moved.
- Select the Take From Account from the drop-down list.
- Select the Take From Account Event Code, if applicable
- Select the Take From Account Category, if applicable.
- An Expenditure transaction will be posted to the selected account.
- Select the Add To Account from the drop-down list.
- Select the Add To Account Event Code, if applicable
- Select the Add to Acccount Category, if applicable.
- A Revenue transaction will be posted to the selected account.
- Select an Event Code from the drop-down list (if applicable).
- Enter a Reference (description) for this entry.
- Enter any Additional Comments/description for this JE not entered in the reference field. This information will print only on the proof sheet.
- Click on the Preview button to display a proof sheet preview.
- Verify all information on the Journal Entry Proof Sheet is correct.
- If Yes – click on the Post and Generate Final Proof button to post the JE.
- If No – navigate to JE’s > Miscellaneous > Revenue and Expense again to clear the screen and start over.
When the final Journal Entry Proof Sheet displays, the JE is posted and the JE # is assigned.
Be sure to click on the printer icon to print the JE proof sheet for your records.
Note: This type of Journal Entry CANNOT be voided through the Void JE screen.
For instructions on how to “reverse” a Revenue and Expense JE, see Related Articles below.
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