The Journal Entry module ensures seamless integration of journals with reconciling items, transaction matching groups and exceptional handling.
Accurate Financial Statements
Journal entries are a critical step in the accounting process in which a business event is recorded. This comes down to three basic steps:
- Identifying transactions – A material business event has to take place which at it most basic form is an event that has an economic impact on the business.
- Analyzing transactions – The economic event has to be categorized to find out what accounts are affected and how it fits in the accounting equation.
- Journalizing transactions – Once the debits and credits are figured out, the business transaction has to be recorded in the general journal (or specialized journals) and posted in the general ledger.
Modern accounting software suites and spreadsheets have made paper accounting methods obsolete. Even with cutting-edge accounting software, your business needs a way to automate these transactions and verify their accuracy. Manual journal entries are susceptible to human errors and one mistake made early in the journaling process will influence later transactions.
The BlackLine Journal Entry product provides a controlled, template approach to centralizing manual journal entries. It is a complete journal entry management system that allows you to create, review, and approve journals, then electronically certify and store them with all supporting documentation. Journals can be posted to the general (or sub) ledger systems either on demand or in a batch on a schedule. Moreover, pre-posting validation means journals are not rejected from the general ledger due to entry errors.
Create, validate, support, and approve all of your manual journal entries.
All before you post from one central, web-based platform.
Key Features And Benefits
- Track and review all journal entries with real-time reporting capabilities.
- Attach supporting documentation and automatically retrieve any attached documents.
- Total paperless storage and document management allows you to cruise through audits.
- Integrated workflow streamlines the approval process and creates a full audit trail.
- Configurable journal templates that are compatible with different general and sub-ledger systems and precisely capture the information needed for a particular journal type.
- Powerful validation rules and relational look-up tables prevent failed journal entries that require follow up.
- Each Journal entry can be linked to the account reconciliations product and associated with the reconciling items it addresses.
- Import journal entries from report writers or spreadsheets.
- One click will easily clone journals for recurring entries.
- Automatic posting and status tracking provide real-time updates.
- Centralize all information concerning a given journal in one easily accessible place with comments, documents and links to underlying matching transactions and reconciling items.
- Reduce time spent following up on each journal entry that has errors.
- Reduce audit questions by providing auditor access.
- Attach supporting documentation to journal entries electronically, reducing paper costs and lost work papers.