Journal Entries in RakefetOnline allow you to record financial adjustments by debiting and crediting multiple accounts. The only rule: total debits must always equal total credits. 



Preparing a Journal Entry

Each row in the entry represents a debit or credit to a single account.
At minimum, every journal entry requires two lines:

  • One debit
  • One credit

You can edit any part of the entry before posting.

Choosing Accounts

  • Enter an account number directly in the Acct column, or
  • Double-click the Acct or Description fields to select from the account list
  • If an invalid account number is entered, the system will prompt you with the account list
  • The Description field fills automatically once an account is selected

Entering Amounts

  • Enter either a debit OR a credit on each line — not both
  • To debit and credit the same account, use separate lines
  • If you enter an amount in the wrong column, you must clear it (set to zero) before entering it in the other column

Memo

Add a clear explanation of the transaction.
This is especially important for journal entries, as memos:

  • Provide context
  • Help track related entries
  • Improve reporting clarity

Pro Tip ?

Always include detailed memos—your future self (and your financial team) will thank you!

Journal Entry Date

The date entered applies to all lines within the journal entry.

My Check #

Optionally enter a check number if applicable.
This is useful when recording transactions like:

  • Bank transfers made by check

Vendor Select

You can associate a vendor with the journal entry when needed, such as:

  • Recording transactions tied to a specific bank or payee

Posting the Entry

Once your debits and credits are balanced:

  • Click Post to complete the journal entry
  • The transaction will be recorded in your financial records immediately

Why It Matters

Journal Entries give your organization the flexibility to:

  • Make adjustments
  • Correct errors
  • Record non-standard transactions

All while keeping your accounting accurate, organized, and audit-ready.



Debits and Credits

These are technical accounting terms and may not always mean what you think! The effect of a debit or credit depends on the type of account that you apply it to. The following types of account are increased by a debit and decreased by a credit:

·Asset (including bank accounts)
·Expense

 

The following types of account are increased by a credit and decreased by a debit:

·Liability
·Income
·Equity


Note: Correcting and Deleting Journal Entries can only be done with Admin Rights.  If you delete or modify a journal entry, do so with caution as these changes can affect your Balance Sheet overall.