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Editing/Reversing journal entries

Mclowd creates various sorts of journal entries. These include general journals, income journals, expense journals, asset journals, liability journals, and bank transfer journals. You can also see all journals on the Central Transactions Screen (not available to free Mclowd users). If a journal is underlined, then you can reverse that journal entry.

You cannot reverse those journal entries which are not underlined. These journal entries are generally year end journals which you can adjust by resetting the year end process and starting again.

HOW CAN I VIEW JOURNAL ENTRIES?

The best place to view all journal entries is via the Centralised Transaction screen. This is viewable by Pro and Premium users only.

To access the Centralised Transaction screen, choose Transactions from the Menu.

If you have the Pro or Premium version of Mclowd, you will see the following:

You can use the data filters to restrict the numbers of journal entries on the screen:

  • Financial Year – choose a financial year
  • Date from/Date To – choose a range of dates
  • Member account – choose Fund, Member, or Members
  • Account – select an account or a selection of accounts
  • Journal ID – select a particular journal or type of journal
  • Description – type in a word

If you decide to use data filters, choose FILTER DATA once you have chosen some filters.

If you want to view all transactions again, choose RESET.

INCOME SCREEN JOURNALS

You can also see all the income journals on the Income screen. To access the Income screen journals, choose Income on the top menu (which will present a list of options) and choose Income from the top menu.

The income screen usually defaults to the current income year, so if you want to look at another year, choose a different financial year under Financial Year in the top right of the screen. You can also select All Years, as well as years for a particular member.

On this screen, you can see and potentially reverse any of the following types of income:

  • Dividends (Reference “DR” or “IN”)
  • Interest (Reference “IN”)
  • Unit Trust distributions (Reference “DR” or “IN”)
  • Managed Fund distributions (Reference “DR” or “IN”)
  • Gains or losses on sale of assets (Reference “PS”)
  • Corporate Actions like scrip for scrip rollovers (Reference “CAR, “CASS”)
  • Roll ins (Reference “ETP”)
  • Contributions (Reference “CON”)

EXPENSE SCREEN (INCLUDING PENSION PAYMENTS)

You can also see all the expense and pension payments journals on the Expense screen. To access the Expense screen journals, choose Expense on the top menu (so you can see the list of options) and then choose Expense again from the top menu.

The Expense screen usually defaults to the current income year, so if you want to look at another year, choose a different financial year under Financial Year in the top right of the screen. You can also select All Years, as well as years for a particular member.

On this screen, you can see and potentially reverse any of the following types of expenses:

  • Expenses
  • Pension payments

BANK SCREEN (INCLUDING BANK TRANSFERS)

You can see all the Bank Transfers journals on the Bank screen. To access the bank screen journals, choose Bank on the top menu (so you can see the list of options) and then choose Bank again from the top menu.

The Bank screen usually defaults to the current income year, so if you want to look at another year, then choose a different financial year under Financial Year in the top right of the screen. You can also select All Years, as well as years for a particular member.

On this screen, you will see a list of bank accounts. If you scroll down you will be able to see and potentially reverse bank transfers.

GENERAL JOURNALS (INCLUDING SUSPENSE ALLOCATION)

To access General Journals (including suspense allocation), choose More and then choose Journal Entries.

You will see a list of all journal entries for All Years, with the recent journals first on the list. If you want to look at a particular year, then choose a different financial year under Financial Year in the top right of the screen.

By choosing a journal entry, you can view the journal entry and reverse it if required.

HOW TO REVERSE A JOURNAL ENTRY

Below is an example of the reversal of a journal entry. Note: The ability to edit rather than reverse journal entries is part of current WIP priorities.

Choose a journal entry from a list of journal entries. (Note: You cannot reverse those journal entries which are not underlined. These journal entries are generally year end journals which you can adjust by resetting the year end process and starting again.)

Open the transaction record by choosing the reference number.

 

To reverse the journal, choose Reverse.

If required, re-enter the journal correctly.

As with Income and Expense transactions, deleted journal transactions and their reversals are shown grouped under Deleted Transactions in the relevant account when viewing records in Accounting.