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Journal Entries

Manual Journal Entries are used for adjustments that don't fit into standard sales or purchase workflows, such as recording depreciation, correcting errors, accruals, or other complex accounting entries.

Creating a Journal Entry​

  1. Go to Transactions > Manual Journals.
  2. Click New Journal.
  3. Enter a Reference Number and Notes explaining the purpose of the entry.
  4. Add at least two line items:
    • Account: Select the GL account from your Chart of Accounts.
    • Debit / Credit: Enter the amounts in the appropriate column.
    • Description: (Optional) A line-level note for clarity.
  5. Confirm that Total Debits = Total Credits. MyBooks will not allow you to save an unbalanced journal.
  6. Click Save.

Opening Balances​

When you first set up MyBooks (or migrate from another system), you need to enter the starting balances for all your accounts as of a specific cutoff date. This ensures your Balance Sheet reflects the correct figures from day one.

  1. Go to Settings > Opening Balance.
  2. Enter the balances for all accounts — bank accounts, receivables, payables, inventory, loans, equity, etc.
  3. Set the As Of Date (the date your MyBooks records begin).

See the full Opening Balances guide for a step-by-step walkthrough.

Reversing a Journal​

If you need to correct or void a journal entry from a previous period:

  1. Open the Journal Entry you want to reverse.
  2. Click Reverse Journal.
  3. MyBooks will create a new journal with the same accounts but opposite debit/credit values, effectively cancelling the original entry.

Reversing a journal does not delete the original — both entries remain in the ledger for a full audit trail.

Don't Need Double-Entry Bookkeeping?​

If debits and credits aren't your thing, MyBooks also offers a simplified entry form that doesn't require any double-entry bookkeeping knowledge — see Business Transactions.