Journal Entry Versus Journal Details

In NorthScope, any transaction with the Journal Details toolbar icon will allow you to view the journal entry that will be created once the transaction is posted. The Journal Details window will provide you with information on two tabs: Journal Entry and Journal Details. The information provided can help you audit journal entries before they are posted and understand where journal entry accounts are sourced from.

Journal Entry

The Journal Entry tab will display the exact journal entry that will be sent to the GL once the corresponding transaction is posted, including each GL account and its corresponding debit(s) and/or credit(s). If the sum of any one GL account’s debits and credits equals zero, the equivalent debits and credits for that GL will still display as part of the journal entry. For example, if GL account 000-1234-00 was debited for $100 and credited for $100, even though the net effect to the account is $0, the journal entry will still display a debit to 000-1234-00 for $100 and a credit to 000-1234-00 for $100.

Journal Details

The Journal Details tab will display the detailed accounting that summarized to create the corresponding journal entry. Each line on the Journal Details tab will be either a debit or a credit that corresponds to each element on the transaction that affects accounting. For instance, each line item on a transaction will have at least two corresponding line items on the Journal Details tab to record the line item’s debit and credit. Other lines that may display on the Journal Details tab are those corresponding to taxes, premiums, previous version corrections, etc. Then, all lines on the Journal Details tab are summarized to create the journal entry.

To identify the source of each journal detail line, the Journal Details tab provides three helpful columns: Line Type, Description, and Account Source.

The Line Type field displays the purpose of the line, such as whether it’s a settlement line a purchase line, etc.

The Description field displays the description of the transaction component that the journal details line corresponds to, such as the line item description or the name of the premium and the line item to which the premium corresponds.

The Account Source field displays where the corresponding journal details line’s account was pulled from. This column is especially helpful in identifying any accounting errors as it allows you to recognize any setup errors due to things such as a Settlement Accrual account being incorrect.

NorthScope Transactions with the Journal Details functionality:

The Journal Details window exists on the following NorthScope transactions:

• Commodity Tickets
• Delivery Tickets
• AP Invoice
• Credit Memo
• Fisherman Sales
• Tender Resale
• Employee Sale
• Customer Sale
• Adjustment
• Balance Transfer
• Cash Receipt
• Process Checks