Home > Transactions > Journal Entries > Journal Entries Overview
The Journal Entry features of Compeat are all used to make general journal entries directly to the General Ledger (GL). All journal entries must consist of balancing debit and credit entries, and must be completed and posted according to the permission levels you have set up.
With Compeat, there are four journal entry options to make the journal entries easier:
General Journals — typically used to make adjusting journal entries, accruals, and so on.
Recurring General Journals — used to schedule recurring journal entries so the software can remind you they need to be posted.
Inventory JE — used to make entries to the Inventory accounts — that is, the Purchasing (COGS) and Inventory (inventory balance sheet) accounts defined for each item in your Inventory Item Levels screen. With Compeat, the transaction is simplified for you: Compeat automatically brings over the inventory valuation data (after performing a physical count); and then, when you post, Compeat makes all of the applicable journal entries for you.
Payroll JE — used to make entries to the payroll accounts (including salary accounts, payroll tax accounts, and any other accounts defined in your Setup menu > Other Definitions screen > Payroll tab).
Note: Remember that, in addition to journal entries made through these options, journal entries are made each time you post the following transactions:
A/R Adjustments
Bank Reconciliation Adjustments
A/R Receive Payments
A/R Deposit Payments
Note: Compeat assigns unique identifiers to identify, group, and track transactions that will affect the General Ledger. Each Compeat-assigned identifier has a standard prefix; see Batch Codes and Journal Control Numbers to review them.