How Do I Know When to Use a Debit or a Credit
Double Entry Bookkeeping requires that all transactions be recorded in 2 accounts. Some of your activities in Zola can be done without choosing a debit or a credit. For example, creating a new trust retainer
will automatically debit the trust account and credit the Trust Liability account. Creating a hard cost
will credit the Operating account and debit the account it is assigned to.
There will be times where you need to manually create these transactions through Journal Entries
Depending on the type of account debits and credits will either increase or decrease the balance of the account. Here is how they will be applied:
How do Vendor Bills show on my General Ledger?
Vendor Bills are a great way of tracking what the firm owes to vendors. These Vendor Bills can be entered as firm expenses to be paid later, and can be assigned to matters for the purpose of creating billable expenses. Vendor Bills hit multiple ...
How Can I Add a Vendor Credit Memo?
In the event that an outside vendor issues your firm a credit for future invoices, that credit can be applied to our Vendor Bills module as a Vendor Credit Memo. To record a Vendor Credit Memo, go to Vendor Bills and click on the plus sign on the ...
What is a "journal entry"?
Journal entries can be used to reconcile your accounts or add manual entries. For instance, an expense like a checking account monthly fee could be added as a journal entry to ensure that your Zola Suite checking account balance matches the balance ...
How Do I Add Credit Card Activity and Payments to Zola Suite?
Several ways to capture Credit Card Activity and Payments in Zola Suite are described below. If you have not done so already, be sure to Add the Credit Card to your Banks and Registers. 1- Non-Billable Credit Card Activity can be added through ...
How Do You Make Journal Entries in Zola Suite?
Journal entries are an essential part of accounting and bookkeeping. Follow the instructions below to manually add journal entries into the General Ledger Hover over the Accounting menu icon and select Banks and Registers Click the + on the top right ...
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