Summary

The Journal Entries process is used to manually enter journal entries, create adjustments or enter recurring journal entries into the general ledger. Recurring journal entries are created and maintained using the Recurring Journal Entries Maintenance window (GL> Maintenance> Recurring Journal Entries> Open a recurring journal entry).

Recurring journal entries can either be set up as a percentage or flat amount. A flat amount recurring journal entry is used to create journal entries that are the same amount each month. For example, you can create a flat amount recurring journal entry to record rent.

A percentage amount recurring journal entry distributes the amount of the journal entry to GL accounts based on a specific distribution percentage. The amount of the journal entry will be distributed to each recurring journal entry line item based on the percentage amount attached to each line item. For example, you can create a recurring journal entry that credits 45% of the journal entry amount to one GL account and credits the rest to another GL account. When the journal entry is created in the Journal Entries process (GL> Journal Entries), you will enter the journal entry amount and that amount will be distributed to the GL accounts based on the percentage set up on the recurring journal entry.

Once the recurring journal entry has been created, print a Proof List Report (GL> Journal Entries> Proof List) and commit the journal entry (GL> Journal Entries> Commit) to post the journal entry to the general ledger.

Step by Step

1     Create a journal entries batch.

2     View the journal entries in the batch.

• After the Settings step is complete, open the Journal Entry Selection window (GL> Journal Entries> Journal Entries) to view the journal entries in the batch. This window will be empty if you have created a new batch, but if you have opened an existing batch the window will display the journal entries in that batch.
• Select a journal entry and click Delete to delete a journal entry.
• Click the GENERATE drop-down and select Generate Recurring Journal Entries to create a new recurring journal entry. This will open a window that displays the recurring journal entries that have been created using the Recurring Journal Entries window (GL> Maintenance> Recurring Journal Entries).

3     Create a recurring journal entry.

• Check the Selected toggle of the journal entry you would like to use to create the journal entry. You can select more than one recurring journal entry if you would like to create more than one recurring journal entry in the batch.
• If you are creating a percentage recurring journal entry (percentage will display in the Type column), enter the amount of the journal entry in the Amount column.
• Click the Save button when complete to create the recurring journal entries. This will return you to the Journal Entry Selection window with the recurring journal entries populated in the window.

4     Commit the journal entry.