The second step in the period closure is updating all manual entries. Think of manual purchase and sales invoices, bank statements, cash transactions, and periodic items such as accrued assets and payroll journal entries.

To gain insight into the payroll costs for the relevant period, you must book the payroll journal entry every month. Since this booking is almost the same every period, you use a 'fixed journal entry'. By using this template, you only need to check the amounts to be booked.

The journal diary is used for other (monthly) journal entries, such as the payroll journal entry, but also for correction entries. Journal entries are one of the four manual financial entries in MKG.