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Phoenix - User Help

Recording Journal entries in Phoenix

Journal entries may be required for a variety of reasons.  Commonly in Phoenix Financial they are used to record personal drawings used for a business expense, business income deposited to a private account and used for personal drawings, correcting past entries entered incorrectly or recording purchases of assets when there was no initial monetary payment involved.

A journal entry can be recorded in an existing bank account or a specific reconciled bank account set up just for cash and journal entries, if the number of these type of entries warrants it.  A journal entry in Phoenix will usually be an entry which is not a usual income or expense transaction appearing in a bank account and will include allocations to both income and expense categories resulting in a net zero transaction in the bank account.

These zero entries should be cleared in the bank reconciliation even though they don’t change the account balance.

 

 

 

 

 

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