FAQ on Journal
Why aren’t my journal entries reflected in the Customer/Vendor statement in AntMyERP?
Journal entries in AntMyERP are primarily used for internal accounting purposes and may not be automatically reflected in customer or vendor statements. To ensure that transactions appear in customer or vendor statements, you typically need to create sales and purchases transactions that are directly associated with the respective customers and vendors.
What is the use of a Manual Journal in AntMyERP?
Q1: What is the use of a Manual Journal in AntMyERP?
A: In AntMyERP, a manual journal is a tool used for recording unique financial transactions involving credits and debits that cannot be captured directly through other system functions. Manual journals are particularly useful for scenarios where specialized accounting entries are required.
Q2: When are Manual Journals typically used in AntMyERP?
A: Manual journals are commonly used in the following scenarios:
Depreciation: Recording depreciation rates and adjustments for assets.
Accruals and Prepayments: Capturing expenses or revenues that span multiple periods.
Foreign Exchange Gains or Losses: Recording currency conversion differences.
Correction of Errors: Fixing accounting mistakes or inaccuracies.
Intercompany Transactions: Accounting for transactions between different entities of a company.