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Data Import for Journal Entry


#1

How to properly import a batch of journal entries?

In excel, I have fields Account, Debit, Credit
Example:
Account : Cash-on-Hand, Debit: 30000, Credit: 0
Account: Capital-Investment, Debit: 0, Credit: 30000

Then when I import the Excel File, it throws an Error “Total Debit must be equal with Total Credit. The difference is -30000”

Thanks everyone.


#2

The entry should be vice versa.
Account : Cash-on-Hand, Debit: 0, Credit: 30000
Account: Capital-Investment, Debit: 30000, Credit: 0

Asset accounts. A debit increases the balance and a credit decreases the balance.
Liability accounts. A debit decreases the balance and a credit increases the balance.
Equity accounts. A debit decreases the balance and a credit increases the balance.

The reason for this seeming reversal of the use of debits and credits is caused by the underlying accounting equation upon which the entire structure of accounting transactions are built, which is:

Assets = Liabilities + Equity

Thus, in a sense, you can only have assets if you have paid for them with liabilities or equity, so you must have one in order to have the other. Consequently, if you create a transaction with a debit and a credit, you are usually increasing an asset while also increasing a liability or equity account (or vice versa). There are some exceptions, such as increasing one asset account while decreasing another asset account.

If you are more concerned with accounts that appear on the income statement, then these additional rules apply:

Revenue accounts. A debit decreases the balance and a credit increases the balance.
Expense accounts. A debit increases the balance and a credit decreases the balance.
Gain accounts. A debit decreases the balance and a credit increases the balance.
Loss accounts. A debit increases the balance and a credit decreases the balance.

Let me know if We can help you more


#3

sound like wrong template for child table, try make a manual journal entry and choose export with data, you will figure out how to prepare the proper excel file