TrakIT includes a full double-entry accounting ledger. Every amount that reaches the books is recorded as a journal entry in which total debits always equal total credits, in your company's base currency. The ledger is the single source for the Trial Balance, Balance Sheet and Profit & Loss reports.

How amounts reach the ledger

There are two ways entries get into the books:

Automatically from documents. When an invoice, credit note, bill, receipt, payment or internal posting is finalised/approved, TrakIT posts the matching journal entry for you. Adjustments (discounts, write-offs) recorded against posted invoices and bills are also kept in step automatically. See Automatic Posting from Documents.

Manually. Users with journal permissions can record entries directly on the Journal Entries page — accruals, corrections, transfers, and so on.

Each automatic entry carries a reference identifying its source document (for example "Bill INV-4402" or "Receipt RCP-2031"), and a document can only ever be on the books once — re-finalising a document never duplicates its entry.

Entries are never edited — they are reversed

Posted journal entries cannot be changed or deleted. If a document is un-finalised, reset or un-validated, TrakIT automatically posts a reversal entry (an exact mirror of the original) and links the two. If the document is later finalised again, a fresh entry is posted with the current amounts. This keeps a complete, auditable trail: the books always show what was posted, when, and by whom.

Reversals are only possible while the entry's financial year is open. Once a year is closed, its entries are permanent; corrections must be recorded in the current year.

Base currency and foreign currencies

Each company keeps its books in one base currency (set in company settings). Foreign-currency documents are converted to base at their exchange rate, and the original foreign amounts are stored alongside for reference. Specific accounts can be designated as foreign-currency accounts (for example a EUR bank account) so both currency values are tracked. See Multi-Currency Accounting.

What you need before posting anything

• A company base currency

• The company's Finance System set to TrakIT (company settings; done by your administrator)

• A Chart of Accounts with postable accounts, including a Retained Earnings account

• Default posting accounts configured (AR, AP, income, expense, tax, and so on)

• At least one open Financial Year covering the dates you post to

• Opening balances, if you are moving from another system

The Setting Up page walks through these steps in order.

The pages of the module

Chart of Accounts — build and maintain your account structure and default posting accounts

Opening Balances — enter the trial balance you are bringing from your previous system

Journal Entries — view the journal, record manual entries, run FX revaluation

Financial Years (Finance Master, administrators) — create and close accounting years

Reports — Trial Balance / Balance Sheet / Profit & Loss