Creating Inventory asset journal

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  • Updated 3 months ago
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We are currently merging fishbowl with our reckon enterprise program. One step was to zero out our inventory which we had previously loaded into fishbowl.

Now I have to do a journal for the inventory asset balance in reckon that shows in fishbowl.
When doing this, its also asking for a debit account, but shouldn't I only be crediting? 

Sorry im very new to this.


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Rochelle

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Posted 3 months ago

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Jason Hollis, Head of Product

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Hi Rochelle,

Firstly great choice on Fishbowl to take your inventory management to that next level !

Secondly, journals can be tricky. All transactions in accounting are made up of debits and credits. The total of the DR column must equal the CR column; in other words.. it must balance. 

Reckon cannot give accounting advice, so I would highly recommend you asking your accountant. They'll be able to look at your balance sheet and tell you the exact transaction you need to create, but yes, you will need a DR line entry and a CR line entry.


Regards,
Jason
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Rochelle

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Hi Jason,

Yes defiantly a great next step for our business but it defiantly a bit of work doing the merge process.

But if its a credit and debit, would it not then cancel each other out? therefore bring the amount to $0?
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Jason Hollis, Head of Product

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Na. That's not how it works :)