A ledger transaction is a transaction between two or more ledger accounts. This guide will outline the steps to create a ledger transaction using the Modern Treasury dashboard.
To create a ledger transaction
- Login to Modern Treasury
- Navigate to the Ledgers section
- Select the desired ledger object
- Click 'Create Transaction' from the 'Actions' dropdown menu in the upper right-hand corner
- Start by setting the status of the transaction to pending, posted, or archived
- (Please note: posted transactions become immutable)
- Set the effective date
- External ID is an optional field but can be included if you have internal reference numbers to attach to the transaction
- Begin adding entries to the transaction. Each ledger transaction needs to have two or more entries that net out to $0
- Add additional information (description and metadata are optional fields)
- Click 'Create' to finish creating the Ledger Transaction
Frequently Asked Questions
What is an effective date?
Effective Dates represent the date that the recipient of a payment sees the funds transferred and the originator of the payment at either end of the transaction settles funds with one another.
What is an External ID?
This field is used to input a custom unique identifier.