1. Automated Bookkeeping vs Manual Entries
The accounting layer converts approved business events into entries automatically. You do not replace operational documents with journal entries. For example, a Sales Invoice creates the receivable and revenue Journal Entry automatically.
Journal Common Entry
Use this for short daily tasks, such as recording office petty cash, daily operational costs, or currency conversion losses/gains. It serves as a reusable template.
Standard Journal Entry
Use standard journal entries for one-off manual accounting adjustments.
2. Managing Financial Periods
All accounting happens within a Financial Period. The Financial Period owns the accounting lifecycle.
Open Period
You must open a Financial Period to allow the system to record any automated or manual journal entries for those dates.
Closing a Period
At the end of the month or year, run the period closing workflow. This locks the period so no further changes can be posted.
Opening Balance Carry Forward
When opening a new financial year, the system will carry forward the closing balances from the previous year as your new opening balances.