General Journal

Description: The General Journal holds both accounting adjustments and special transactions such as Labor Distributions, Revenue Recognition and End of Year (EOY) closings.

Note: While transactions that affect Project Management Figures can be made, these transactions cannot be part of Invoicing, Accounts Receivable, or Accounts Payable reporting. Project-related transactions can, however, appear on Project Management reports.

The General Journal is the only journal where there is no header control account or amount. Instead, the sum of all line items must zero out. Unlike other journals, no assumption is made about debits and credits. Debits are positive values, while credits are negative values.

Entry rules, as far as type of account and organizational unit, are relaxed in this journal.