Note: Journal entries in PayHOA function as they do in accounting. This article contains a journal entry cheat sheet to help understand what a debit does and what a credit does to different aspects. For a journal entry, there must be at least one item debited and at least one credited.
When Should a journal entry be used?
Journal entries should be used for a variety of financial actions. For example, recording interest on a loan or expensing insurance over a period of time.
Journal Entry Cheat Sheet: Debit vs. Credit
To Create a Journal Entry please follow the steps below:
Go to the Transactions module:
2. Click the blue Actions:
3. Click "Add Journal Entry":
4. Enter your Journal:
5. Save your Journal Entry:
Note: If you are unsure if a journal entry should be used for a situation, feel free to ask our support team at accounting@payhoa.com!