Overview of System-Generated Journal Entries
In this article, we will review Journal Entries created by Brokerage Engine. Please find the available resources below.
Brokerage Engine Accounting employs a sophisticated system of Journal Entries to meticulously record various sections of a transaction. Each transaction is assigned a unique Main Journal Number that references the property address, ensuring a comprehensive and organized record-keeping process. The system offers a diverse array of Journal Entry types, including but not limited to: "Reversal Journal Entry," which captures information related to reversed Main Journal Entries; "Kept Escrow Journal Entry," which records escrow deposit transfers from the escrow trust bank account to the operating bank account; and "Deposit Journal Entry," which accounts for commission deposits. The system also allows the creation of manual and recurring Journal Entries, such as, "Adjustment Journal Entry," for correcting errors or adjusting balances; "Transfer Journal," for moving assets between accounts; and "Expense Journal," for documenting expenses incurred.
The table below will break down the many variations on reference numbers for System created Journal Entries:
Additional entries recorded with automatic reference numbers: