Journal Creation for Payments and Refunds

• Journal Creation for Payments and Refunds
• • Written-Off Payment Amounts
  • Automatic Journal Creation for Payments and Refunds
  • Journal Entries for Payments and Refunds for Multiple Invoice Instalments
  • Journal Entries in Multiple Currencies
  • Journal Explorer

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.

Payments and refunds must be locked before their values can be posted to the chart of accounts. If a chart of accounts for the relevant document type (Funds Receipt or Refund) is configured (see Charts of Accounts), when the payment or journal is locked, journal entries can be created automatically or manually.

Payment and refund journal entries cannot be created with zero value. If the payment or refund is zero, only the journal header (without journal entries) can be created.

Written-Off Payment Amounts

When a payable amount is written off, the amount written off is entered into the write-off account, a special account in the chart of accounts.

Automatic Journal Creation for Payments and Refunds

A sales and marketing setting controls whether MineMarket creates journals automatically when payments and refunds are locked. See Specify Sales and Marketing Settings. After a payment or refund is locked, if journal entries are not created automatically, the journals can be created manually.

Journal Entries for Payments and Refunds for Multiple Invoice Instalments

A sales and marketing setting controls whether MineMarket creates journals that are specific to each invoice instalment. See Specify Sales and Marketing Settings. This setting has no effect on journals for payments or refunds for only one invoice instalment.

Any payment charges or write-off amounts are assigned to one invoice instalment rather than being divided pro-rata across instalments.

Journal Entries in Multiple Currencies

If the relevant account in the chart of accounts has:

• Both a primary and a secondary currency defined, the Debits and Credits fields display for both currencies in the journal entry
• Store Original Currency checked, the Debits and Credits fields display for the original currency as well as the primary and secondary currencies if applicable

If debits and credits display for multiple currencies, the exchange rates also display.

Journal Explorer

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