Create Journal Entry Runs

Ordway is designed to create Journal Entries which are used to create the Income Statement (Revenue) and Balance Sheet (Assets) by generating both detailed and summary debit and credit entries. These are based on the General Ledger codes, as configured in Ordway’s Chart of Accounts, Products, and Setup Finance, all which must be configured to support this function.

Follow this procedure:

Note: Ensure that the default GL account is selected for Payments when a Stripe transaction fee may be incurred. 

Preconditions:

The following records are created or entered for the period, and in their final status for the month that is targeted for the Journal Entry Run (valid final statuses listed in parentheses):

1. Subscriptions (Active, Cancelled, Changed, Renewed)
2. Invoices (Posted, Paid, Partially Paid)
3. Payments (Processed, Reversed)
4. Refunds (Succeeded)
5. Credits (Processed, Reversed)
6. Revenue Schedules

Steps:

1. Navigate to Menu > Finance > Journal Entry Runs.
2. Click + Add.
   
3. Populate the Journal Entry Run: 
   Select one of the following for Journal Entry Date: 

• Transaction Date - This selection is a best practice and creates Journal Entries dated the same as the source transaction. Reversed Transactions are dated the same as the source transaction’s Reversal Date.
• In Financial Period - When selected, pick the Financial Period from the drop-down menu. 

4. Select applicable Transaction Types. By default, all types are included. Click the X next to each transaction type to exclude. 

5. Select Journal Entry Date. 
When Custom is selected, use the Date picker to identify the date. 

6. Toggle receive email notification on completion ON and enter email address(es) if desired.

7. Save when finished. 

The Journal Entry Run processes and displays once complete.