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H
HHMF
September 6, 2022
Question

Stop Auto Journal Entries for Finance Charges?

  • September 6, 2022
  • 1 reply
  • 0 views

There are 2 of us working on the same books.

Person 1 is entering the principal then the Finance Charge for the mortgage.  Person 2 is reconciling because Person 1 can't manage it. (only mention because yes, wouldn't it be great if 1 person could do it all!)

When Person 2 reconciles IF finance charge and date is entered it creates a Journal Entry, not a duplicate register entry.

1. Why is that?

2. More importantly, should Person 1 be entering the finance charge, or should that wait until reconciliation is done, in regard to best practices.

 

Thanks much for any light you can shed!

 

1 reply

Adrian_A
Adrian_A
September 6, 2022

Hello there, Corki.

 

After recording the mortgage, ensure to refresh the page so the transactions will sync to the other user.

 

From there, person can reconcile the transactions.

 

As for entering finance charge, I'd recommend reaching out to your accountant. So, they can guide you on the best process to follow without messing up your account.

 

I've added these references as your guide about the reconciliation process:

 

 

Please let me know if you have further questions by leaving a reply below. I'm always here to provide further assistance. 

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