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Understanding Journals in Revela

Overview

  • Purpose: This guide explains how to access, manage, and reconcile journals in Revela for accurate financial tracking.

  • Target Audience: Property managers, accountants, and financial administrators.

Step-by-Step

1. Accessing Journals

To view and manage journal entries:

  1. Navigate to Accounting > Journals in Revela.

  2. Access a list of existing journal entries, categorized by:

    • Main owner entity

    • Other associated owner entities

2. Viewing Journal Entries

  • Click on a journal name to open the General Ledger (GL).

  • Available actions include:
    ✅ Pull general ledger or account ledger codes for reference.
    ✅ Access reporting options for financial analysis.

3. Locking Journals (Actions -> Lock/Unlock)

  • After reconciling financial records, lock journals to prevent modifications.

  • You can select and lock multiple journals at once to ensure data integrity.

  • Lock journals as of the most recent reconciled date to maintain accurate records.

4. Journal Actions

In Journals, users can perform several key actions:

✅ Add a Journal Entry – Create new financial entries.
✅ Lock/Unlock Journals – Secure or modify journal statuses.
✅ Close Fiscal Year – Finalize accounting periods by locking journal entries.
✅ Import Journal Entries – Upload General Ledger, Trial Balance, or Bill Details.
✅ Clear Entries – Not recommended unless absolutely necessary.
✅ Edit Journal Entries – Modify default accounts and require property associations.

5. Adding a Journal Entry

Users can add a journal entry through bank reconciliation or by accessing the Journals module directly.

  • Click Actions -> "Add Journal Entry".

  • Input entry details, including:

    • Memo – Description of the transaction.

    • Date – The date of the journal entry.

    • Property Association – Links the entry to a specific property or portfolio.

    • Documentation Attachment – Upload supporting documents if necessary.

  • Select debit and credit accounts for accurate accounting.

  • Add or remove lines as needed.

  • Entry Options:

    • Mark the transaction as a closing entry if applicable.

    • Set the entry to reverse automatically if adjustments are needed.

    • The default basis is "All" – avoid selecting cash-only or accrual-only unless experienced.

6. Saving Journal Entries

Once the entry is complete, users can:

✔ Save and New – Save the current entry and immediately create another.
✔ Save – Save the entry and exit the form.
✔ Save and Copy – Save the entry and create a duplicate for quick adjustments.

7. Importing a Trial Balance

Importing a Trial Balance is recommended for historical data adjustments. 

Actions -> Import Trial Balance 

  1. Download the sample file from Revela.

  2. Ensure the Chart of Accounts matches the correct format.

  3. Input monthly data and effective dates for accuracy.

  4. Adjust entries to reflect the trial balance correctly without compounding errors.

Best Practices & Tips

✔ Lock journals after reconciliation to prevent unintentional changes.
✔ Use "Save and Copy" to duplicate similar journal entries quickly.
✔ Import trial balances carefully to maintain financial consistency.

Common Issues & Troubleshooting

Issue 1: Unable to Edit a Journal Entry

  • Solution: Check if the journal is locked. If locked, unlock it before making changes.

Issue 2: Incorrect Trial Balance Import

  • Solution: Ensure that the file format matches the required template and that effective dates are correct.

Issue 3: Need to Reverse a Journal Entry

  • Solution: Use the automatic reversal setting when creating an entry, or manually create an offsetting entry.