‘Journal’ is one of the most interesting features of ChargeERP mandi accounting software. With the help of the ‘Journal’ module, commission agents can keep a log of all the financial transactions related to their mandi businesses. These transactions could be as small as buying your customers a cup of tea or as big as paying for tonnes of goods received from a supplier. Through this article, we’ll understand what is journal and what kind of accounting benefits it can offer to mandi traders.
What is a Journal in accounting?
A journal records all the financial transactions of a business. In accounting, it is also known as the book of original entry where transactions are recorded in the first place. The entries done in the journal module will reflect in the ledgers of respective accounts and in the ‘Journal Register’. The journal entries are usually recorded using the double-entry method of book-keeping. It means each entry is recorded in two accounts as debit and credit entries. For example, if you purchase equipment for your business with cash, you will have to debit the ‘Cash Account’ and credit the ‘Supplies Account’.
Benefits of a Journal module on ChargeERP
1. Helps analyze business performance
A journal records all the financial transactions in chronological order. This means that mandi businesses can access that information for analyzing their past performance and future possibilities.
2. Entries are easy to create and understand
To create a journal entry, only a few components are required – date, account name, debit/credit type, and a short narration. The narration recorded in the journal module of ChargeERP accounting software can be used for understanding the nature of a particular transaction at any given time.
3. Less chances for mistakes
Being a double-entry system, the journal records every transaction in two accounts, one which is debited and another one which is credited. The system doesn’t accept an entry if the debit amount is not equal to the credit amount. This ensures less chance of making a mistake in the journal.
4. Downloadable Journal register
You can download, print, or share ‘Journal Register’ from the ‘Journal’ module in a matter of a few seconds. You just need to apply the ‘date’ filter and click on the ‘download’ icon to do so.
5. Entries will reflect in respective ledgers
Whatever entries you make in the journal, using whichever account, will start reflecting in the respective account ledgers. You can apply filters to see the transaction history of certain accounts.
ChargeERP the solution
ChargeERP accounting software has been designed keeping in mind the daily interactions of commission agents in agricultural mandis. It is a cloud-based accounting software introduced with the core aim of reducing the agent’s workload. ChargeERP is the easiest, fastest, and most secure mandi accounting software available in India. One of the many benefits of this platform is that it can be accessed from anywhere and from multiple devices. It provides data security with end-to-end encryption. Plus, it doesn’t require any kind of technical or accounting expertise.
If you are looking to explore more about this next-level accounting software, feel free to dial +91 9311341199 or visit www.chargeerp.com, and request your free demo today. We also suggest that you follow us on Facebook for regular updates. You can also view the latest instructional videos on the ChargeERP YouTube channel.