Concept: Journal Entries on Balance Sheets
For the most efficient setup, we recommend creating 2 child accounts for the balance sheet account. Use 1 account for the journal entry. Use a formula in the other account to carry forward the balance. Example: For Accounts Receivable, create 2 child accounts:
- AR-JE where you enter the journal entry 1 time.
- AR-Balance with this formula: ACCT.Accounts_Receivable[time=this-1]
The result is that the rollup value in Accounts Receivable reflects the journal entry every month while carrying the balance forward.