Articles on: Journal and Ledger

Journal Posting

REVLOCK produces Journal Entries as a part of its computation and tracking of revenue and commissions. Learn more about the journal entries produced by REVLOCK.

Journal Account Types

REVLOCK uses the following journal account types

Revenue Accounts

Contra Revenue; Deduction from gross revenue for the purpose of revenue recognition over the period of performance period.
Deferred Revenue; Liability on company's balance sheet that represent pre-payments by customers for good or services.
Revenue; Fees earned from providing services and goods.

Commission Accounts

Contra Commission Expense; Adjustment to the commission expense incurred when commissions are paid out. Ajusted commission expense will be amortized over lifetime of the customer.
Deferred Commission; Commission costs that are already incurred but will no be charged to expense until later period.
Commission Amortization; Commission expensed over time as the service is provided.

Internal Chart of Accounts

REVLOCK is pre-configured to produce Journal Entries based on the chart of accounts shown below.

REVLOCK default chart of accounts

Configuring REVLOCK to use Ledger Accounts

You can customize the internal chart of accounts in REVLOCK to map to your company's accounting systems chart of accounts.

Simple Account Mapping

If your company has a single account for each account type described above you can simply map a ledger account number to each REVLOCK internal account number.

To do this go to the "Settings" menu on the main menu and then select "Journal Accounts". Then click on the "Create New" button on the top right of your screen.

Journal Accounts

This will open up "Add/Update Journal Account" dialog. Set Account Number, Account Name and choose an account type. Toggle "Default XXX Account" so that it's checked. Click save button.

Add Journal Account

Thats it, you just added a new Journal Account mapping. This will be used as the default Journal Account for the account type you selected.

Advanced Journal Account Mapping

If you have multiple revenue, deferred revenue or other accounts you can leverage advanced journal account mapping

In order to use the “journal posting” integration flow (automated journal posting) you must first configure your journal account mapping

Updated on: 06/03/2021

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