From the Journal Entries endpoint, you can retrieve a list of all entries made in a company's general ledger or chart of accounts. The journal line items for each journal entry should balance. We recommend using the Journal Entries endpoint when you need to create and record Expenses (and other things like Payments, Deposits etc).
Credits & Debits
When you buy something you're paying cash and decreasing your Assets - so incurring expenses can decrease your Assets
Assets are decreased by credits so that means expenses are a debit
Accounting Example:
Office Expense $500
Cr. Cash $500
Leveraging Railz to use Journal Entries for Expenses:
You would need to request to POST /journalEntries and add a 500 debit line item as Office Expense account and a credit 500 line item for cash account
TIP: As long as total debits = total credits you can have 10 $50 line items of type debits and 1 $500 line item of type credit.
Payload Example:
{
"connection":
{
"businessName": "{{businessName}}",
"serviceName": "{{serviceName}}"
},
"data":
{
"currency": "USD",
"currencyRate": 1.3,
"postedDate": "YYYY-MM-DD",
"lines":
[
{
"accountRef": "ID OF EXPENSE ACCOUNT FROM ASP - SEE COA END POINT ",
"description": "LINE ITEM DESCRIPTION",
"amount": 500,
"type": "debit"
},
{
"accountRef": "ID OF CASH ACCOUNT FROM ASP - SEE COA END POINT ",
"description": "LINE ITEM DESCRIPTION",
"amount": 500,
"type": "credit"
}
],
"memo": "SOME MEMO"
}
}