Journal Creation for Profit and Loss Reports

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.

Profit and Loss reports must be locked before their values can be posted to the chart of accounts. If the Profit And Loss document type is set up in the chart of accounts (see Charts of Accounts), after the Profit and Loss report is locked, journal entries can be created manually. To link the profit or loss of a trade to the chart of accounts so that journal entries can be maintained, the district must match, and the material of the contracted product must match.

Journal Explorer

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