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Understanding Journal Entries

This guide explains how journal entries work in Fiskl and helps you understand how all financial transactions are recorded and managed in your accounting system.

Journal entries, also referred to as account transactions, are the foundation of your accounting system. You can think of the Chart of Accounts as your folder structure and journal entries as the transactions within them.

How Fiskl handles journal entries​

Fiskl is an intuitive double-entry accounting system built with the business owner in mind, while ensuring accountants have a fully featured accounting platform to process their clients' ledger accounts.

Learn more about journal entry capabilities
  1. Multi-currency support: Full multi-currency support, cross-currency matching, splitting and internal transfers, multi-currency Chart of Accounts and full multi-currency reporting
  2. Automatic creation: Most journal entries are created automatically when you record transactions like sales, purchases, or bank transfers. Accounts receivables are automatically managed for invoices and payments. Banking feeds and imports automatically generate their respective journal entries
  3. Real-time: All reports and balances are generated in real time. There is no possibility of stale data in your financial reports or balances
  4. Fully featured on mobile: You can view and manage journal entries from both the web interface and mobile app
  5. Accounting methods: You can switch between cash and accrual without any effect to the underlying data due to our real-time approach

Types of journal entries​

Fiskl supports several types of journal entries to cover all your accounting needs.

Learn more about the different types of journal entries
  1. Standard journal entries: For regular income and expense transactions
  2. Multi-journal entries: For accountants to create several entries in one transaction
  3. Split transactions: When a single transaction affects multiple accounts
  4. Matched transactions: For reconciling bank statements with your records
  5. Internal transfers: For moving money between your own accounts
  6. Multi-currency transactions: For dealing with different currency transactions
  7. Opening balances: To set up your initial account balances when starting

Creating and managing journal entries​

While Fiskl automates much of the process, there are many reasons why you may need to manually create and edit journal entries.

Viewing journal entries​

You can view your transactions in their individual accounts. This is useful if you are viewing them with the intent of making adjustments.

For a bigger picture of your transactions you can use the Transactions by Account report. Depending on your reason, you can use reports like Balance Sheet or Profit and Loss (P&L).

tip

Setting reports to Detailed lets you drill down to transaction level.

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Fiskl's accounting reports draw directly from journal entries, so keeping them accurate ensures your reports stay up-to-date.

Cheat sheet​