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Journals

MMEx Billing utilises double-entry accounting to assist you to track your billing transactions. Transactions are recorded in a journal. A journal provides you with a record of all financial transactions, in date order, for a selected ledger.

On the Journals tab, select the ledger for which you wish to view the journal. By not selecting a ledger, you will see all entries for all ledgers.

For every financial transaction that occurs in a ledger you will see a Debit entry and a Credit entry, this is a core principle of double-entry accounting.
To learn more about double entry accounting click here Double Entry Accounting concepts

For example:
You create an invoice for Anastasia as she wants to purchase a set of crutches from your clinic.

When you create an invoice there is no journal activity until the invoice is marked as Ready for Payment i.e. the customer is proceeding with the transaction and the amount is required to be paid.
When you mark it as Ready for Payment this creates a debit entry on Anastasia's account.

In the journal it will display as:

  • a debit against Anastasia's account i.e. money she owes and
  • a credit against the chosen ledger i.e. income the ledger expects to receive.

Anastasia pays the balance of the amount owing and her account balance goes back to $0.00.

When the payment is manually reconciled - or confirmed as received into the relevant bank account, the journal displays:

  • a credit against Anastasia's account i.e. money she has paid and
  • a debit against the chosen ledger i.e. income that the ledger has received and is no longer outstanding.

In this way organisations can track income received and outstanding income in the form of overdue and unpaid invoices.

Journal Filters

There are a range of filters you can apply to the list inlcuding:

  • Keyword search
  • All entry types
    • Cash payment
    • Cheque Payment
    • EFT Payment
    • Credit Card Payment
    • Other Payment
    • Invoice Approved
    • Invoice Voided
    • Manual Journal Transfer

You may also search by a keyword to locate a particular item.

Click on Advanced to reveal addition filter items including:

  1. Account search field
  2. Date range selectors
  3. Export tool
    • export the journal (max 60 days) to Excel, MYOB or Xero
manual/billing_journals.txt ยท Last modified: 2019/06/27 03:00 by sarahb