A recurring journal entry is similar to a template journal entry. You can create a journal entry with pre-configured journal entry lines, called the recurring journal entry. You can then set the schedule of recurrence for the transactions. These transactions are used to represent journal entries for recurring financial transactions that may occur outside the software, such as payroll.
Configure a Recurring Journal Entry
- Click the Recurring Journal Entries link from the Main Menu. The Recurring Journal Entries screen opens.
- Click the Add button. The Add Recurring Journal Entry screen opens.
- Enter the necessary information:
- Description - Name for the journal entry.
- Status - Active recurring journal entries are available to generate journal entries.
- Entry - Unique alphanumeric code.
- JE Expiration Date - Date the recurring journal entry is no longer valid. You cannot generate a recurring journal entry for a period after the expiration date.
- Search - Alphanumeric search value.
- Reverse - If checked, a reversing entry is created in the next fiscal period when the journal entry is posted.
- Responsible User - Person responsible for creating the journal entry.
- Multiple Per Period - If checked, you can generate this journal entry multiple times in a fiscal period.
- Reset - If checked, the journal entry amount is set back to zero once it is created. If unchecked, the amount stays the same as what is entered into the journal entry lines.
- Click the Save (disk) button. The screen updates to Edit Recurring Journal Entry and the Recurring Journal Entry Details tab becomes available.
- Select the Recurring Journal Entry Details tab.
- Click the Insert Row hyperlink. A new row is inserted into the tab.
- Select the GL account for the journal entry line from the GL Account Name drop-down.
- Enter any additional information for the journal entry line.
- Right-click and select Insert Row to enter an additional journal entry line.
- Repeat steps 7-9 for all journal entry lines.
- Click OK.
Copy a Recurring Journal Entry
- Click the Recurring Journal Entries link from the Main Menu. The Recurring Journal Entries screen opens.
- Select the recurring journal entry you want to copy.
- Right-click and select Tools -> Copy. The Copy Recurring Journal Entry screen opens.
- Enter the necessary information:
- Entry - Unique alphanumeric code.
- Description - Name for the journal entry.
- Search - Alphanumeric search value.
- Reverse - If checked, a reversing entry is created in the next fiscal period when the journal entry is posted.
- Status - Active recurring journal entries are available to generate journal entries.
- Multiple Per Period - If checked, you can generate this journal entry multiple times in a fiscal period.
- Responsible User - Person responsible for creating the journal entry.
- Click OK. The Edit Recurring Journal Entry screen for the newly created recurring journal entry opens.
Generate a Recurring Journal Entry
- Click the Recurring Journal Entries link from the Main Menu. The Recurring Journal Entries screen opens.
- Select the recurring journal entry you want to generate.
- Right-click and select Edit. The Edit Recurring Journal Entry screen opens.
- Verify the amounts for each journal entry line are correct. Make any updates if necessary. For recurring journal entries with the Reset check box checked, you must enter the amounts prior to generating the journal entry.
- Click the Tools button at the top of the Edit Recurring Journal Entry screen.
- Select Create. The Create Journal Entries screen opens.
- Enter the fiscal year period for the journal entry into the Create FYP field.
- Enter the date for the journal entry into the Transaction Date field.
- Click OK. The Results Summary screen displays with a success or failure message in the Result and Reason columns. You can view the approved journal entry on the Journal Entries screen from the Main Menu.
Recurring Journal Entry Security
Add/Change/Delete Recurring Entry
This privilege controls who can add, change and delete recurring journal entries. Roles/users assigned to the privilege are allowed to add, change and delete recurring journal entries. If no roles/users are assigned to the privilege, it is considered inactive and all roles/users can add, change and delete recurring journal entries.
Create Recurring Entry for Period
This privilege controls who can create a journal entry from a recurring journal entry. Roles/users assigned to the privilege are able to create a journal entry from a recurring journal entry. If no roles/users are assigned to the privilege, it is considered inactive and all roles/users can create a journal entry from a recurring journal entry.
Approve and Post Recurring Entry for Period
This privilege controls who can approve and post recurring journal entries. Roles/users assigned to the privilege are able to approve and post recurring journal entries. If no roles/users are assigned to the privilege, it is considered inactive and all roles/users can approve and post recurring journal entries.
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