Journal Creation for Invoice Revaluation Adjustments

A journal is a record of financial transactions in the order they occur. Each transaction, such as income from sales or expenses from operations, is documented with details like the date, amount, and accounts affected. Journals serve as the initial point of recording financial data before it is exported to ledger accounts in accounting or enterprise resource planning (ERP) applications for analysis and reporting.

In MineMarket, a chart of accounts defines the conditions upon which journal entries are created, including the relevant accounts, depending on the account configuration. Journal entries can be created for invoices, payments, refunds, invoice revaluation adjustments, trade profit or loss amounts and hedging profit or loss amounts.

Invoice revaluations must be locked before their adjustment amounts can be posted to the chart of accounts. If a chart of accounts for the relevant document type (Sales Revaluation, Purchase Revaluation, FX Revaluation, Freight Revaluation or Service Revaluation) is configured (see Charts of Accounts), when the invoice revaluation is locked, journal entries can be created automatically or manually for the revaluation adjustments.

Automatic Journal Creation for Invoice Revaluation Adjustments

The revaluation stream specifies whether to automatically Generate Journals on Lock. If journal entries are not created automatically due to a configuration issue, after the revaluation is locked, the journals can be created manually.

Note: The Default Journal Reversal Method sales and marketing setting specifies the default reversal method for journals associated with invoice revaluations. See Specify Sales and Marketing Settings.

Journal Explorer

The Journal Explorer can be used to view journals and their journal entries. Multiple journals can also be locked or unlocked.