Accounting FAQ¶
Frequently asked questions about accounting, journal entries, VAT reporting, bank reconciliation, and financial year-end processes in CURQ.
1. Can I modify a journal entry after it has been posted?¶
Posted journal entries cannot normally be edited directly. If changes are required, create a correcting journal entry or reset the entry to draft if permissions allow.
2. Why doesn’t my journal entry balance?¶
Every journal entry must follow double-entry accounting principles. The total debit amount must equal the total credit amount before the entry can be posted.
3. What happens if I enter a transaction with the wrong accounting date?¶
The transaction will be included in reports for that accounting period. If the period is still open, you can correct the date. If the period is locked, a correction entry may be required.
4. Why can’t I create or edit entries in a previous period?¶
A lock date may be configured for VAT, sales, purchases, or accounting periods. This prevents changes to finalized financial data.
5. How do I correct an invoice that was already included in a VAT return?¶
Create the necessary correction entry and include it in a future VAT return or supplementary VAT declaration according to local tax regulations.
6. What is the difference between a Journal Entry and a Journal Item?¶
A Journal Entry is the complete accounting transaction. Journal Items are the individual debit and credit lines that make up that transaction.