The article has been updated successfully.Journal Entry Money Between Accounts
Propertyware allows you to create journal entries to move money between two accounts in the chart of accounts. A journal entry takes the following format:
| Date | Accounts | Debit | Credit |
| mm/dd/yy | Account to be debited | $xxxx.xx | |
| Account to be credited | $xxxx.xx | ||
| Totals | Debit Total | Credit Total |
In Propertyware, a journal entry must have a customer for tracking purposes. The available customers include the names of all your Propertyware portfolios. Further, Propertyware creates an additional customer for each portfolio with a “XFR” label to be used for transferring money between portfolios.
Journal Entry Money Between Accounts
To create a journal entry that moves money between two accounts in the same portfolio, follow these steps:
- Click the Banking tab located at the top of any page in the application.
- Click the Bank Ledger link from the sub-navigation and select the appropriate bank account from the Bank Account dropdown menu.
- Click the New Journal Entry button from the table below.
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A new window will appear where you can create your journal entry. You will need to complete the following fields:
Field Name Description Customer
Select the appropriate customer from the dropdown menu. Propertyware automatically creates a customer named after each of your portfolios.
Date Select the appropriate date for the journal entry.
Portfolio Select the portfolio from which the journal entry should originate.
Ref # Optional. Enter a reference number for which you can track the journal entry.
Comments Enter a comment to describe the journal for future reference.
Account Select the appropriate account from which the money needs to be debited and credited from. Think of a credit as money leaving the portfolio and the selected account, while a debit is money entering the portfolio or selected account.
- Click the Save button when you have complete the form with the required fields.
- The journal entry will appear in the Bank Ledger, provided the period you have selected includes the date of the journal entry you created.
Propertyware will allow you to edit journal entries. Items that have cleared on an open, incomplete reconciliation will be noted with an asterick in the editor. You will be unable to edit journal entries to a bank account if the item has cleared and the bank reconciliation has been closed. You will also be unable to edit the journal entry if the date is prior to the accounting close date on the portfolio.
