This topic describes how to create journal accounts and manage journal entries for financial reporting.
Use journal accounts to record and track accounting transactions between accounts as products are sold and revenue is recognized. For more information, see Revenue recognition.
A journal account records details of financial transactions between debit journal accounts and credit journal accounts, these details are used when reconciling accounts and transferring information to other official accounting records. To view revenue journal reports, see View revenue journal reports.
- Journal account: An entity that records details of financial transactions between debit journal accounts and credit journal accounts. These details are used when reconciling accounts and transferring information to other official accounting records.
- Journal entries: Entries that are added to a journal account. Entries are accounting transactions that hold a record of funds movement between accounts.
- Journal records: Individual operations in a journal entry that move funds from a debit journal account to a credit journal account.
- Estimated amount: Expected revenue amount that will be recognized at the journal period end date. This amount represents a preliminary calculation. Estimated amounts are useful for budgeting, cash flow projections, and interim financial reporting.
- Recognized amount: Revenue amount that is recognized at the journal period end date. Recognized amounts may differ from the estimated amounts and are used for accurate financial reporting and compliance. For detailed information on estimated and recognized revenue, see Revenue recognition.
Use this process to a create journal account and set up journal entry in Rebilly.
- Create a journal account.
- Select one of the following:
- Automatically generate journal entries: Associate a new or existing product with a journal account.
- Manually create journal entries.
- View journal entries.
- View journal records in a journal entry or View revenue journal reports.
This section describes how to create and manage journal accounts.
Use this process to create an entity in Rebilly that represents one of your accounts. You can create journal accounts for debit and credit accounts.
- In the left navigation bar, press Settings .
- In the Configuration section, Journal accounts.
- In the top right of the screen, press Create journal account.
- In the Name field, enter the journal account name.
- Optionally, in the Description field, enter a description for the journal account.
- To submit the journal account, press Save journal account.
Use this process to edit the details of a journal account.
- In the left navigation bar, press Settings .
- In the Configuration section, press Journal accounts.
- In the Name column, press an account.
- Update the details, then press Save journal account.
This section describes how to manage journal entry.
To complete the processes in this section, a journal account is required. To set one up, see Set up journal accounts.
Journal entries are items that are added to a journal account. Entries are accounting transactions that hold a record of funds movement between accounts. All journal entries are added to a segment which is located in the Billing data table. To view this segment, see View journal entries.
Use the following processes to manage journal entries.
Automatically generate journal entries by associating a new or existing product with journal accounts. For more information, see Products and pricing.
Use this process to manually create a journal entry and associate it with a journal account.
To associate journal accounts with a product and automatically generate journal entries with corresponding records, see Products and pricing.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment.
- In the top right of the screen, press Create journal entry.
- In the Period field, select a date range for the period of the entry.
Estimated revenue is recognized at the end of the date period. For more information, see Terms. - In the currency field, select a currency.
- Optionally, in the Description field, enter a description for the journal entry.
- To submit the journal entry, press Save journal entry.
Use this process to view journal entries, and also to view the total recognized and estimated revenue amounts of all journal records in a journal entry.
To view journal entries, the set up journals process must be completed.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment. This segment contains all journal entries that are added to a journal account.
- Optionally, to sort journal entries based on monthly or annual orders:
- In the top right of the table, press Filters .
- In the Filters field, select Label.
- In the Operation field, select is in or is not in.
- In the Value field, enter Monthly or Annual.
- To view records in a journal entry: in the ID column, press a journal entry.
Journal records are individual operations in a journal entry that move funds from a credit journal account to a debit journal account. Estimated revenue is added to the credit journal account and recognized revenue is added to the debit journal account. All journal entries are added as a segment which is located in the Billing data table. To view this segment, see View journal entries.
Use the following processes to manage journal entries.
Use this process to view or edit an existing journal record.
To view the total recognized and estimated revenue amounts of all journal records in a journal entry, see View journal entries.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment.
- In the ID column, press a journal entry to view associated records.
Use this process to view journal records that are associated with specific invoices.
- In the left navigation bar, press Data tables, then press Billing.
- Select Paid invoices, Unpaid invoices, or Refunded invoices.
- In the ID column, press an invoice number.
- In the right of the screen, in the Journal records section, journal records that are associated with the invoice are displayed.
Use this process to manually create a new journal record.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment.
- In the top right of the screen, press Create journal entry.
- In the Customer field, select a customer whose revenue to track their revenue.
- In the Invoice field, select an associated invoice.
- In the Invoice item field, select an associated invoice item.
- In the Debit account field, select a journal account to record debit.
For more information, see Journal accounts. - In the Credit account field, select a journal account to record credit.
- In the Estimated amount field, enter the estimated record amount.
- In the Recognized amount field, enter the recognized record amount.
- To submit the journal record, press Save journal record.
Use this process to edit of delete journal records.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment.
- In the ID column, press a journal entry to view related records.
- Select from the following:
- Delete a record: On a record, press Delete , then press Delete.
- Edit a record: On a record, press Edit , then press Save journal record.
Use this process to export journal entries and their associated records as a CSV file.
- In the left navigation bar, press Data tables, then press Billing.
- Press the Journal entries segment.
- In the ID column, press a journal entry.
- In the top right of the screen, press Export, then press Export as CSV.
When the export is complete, a notification is displayed in the top right corner of the page, in .