. Journal Entry Detail appears.Use Journal Entry to enter miscellaneous financial transactions. You can enter one journal entry at a time or import a batch of journal entries using the Import button on the main toolbar. See Importing a Journal Entry Batch.
Journal entries exist with either a Pending status or a Posted status. Only Posted-status journal entries affect the ledger’s financial balances. Journal entries with the Pending status have not yet been “committed” to the ledger. You can still edit or delete their information. If a journal entry that is posted to the ledger is incorrect, it can be corrected by entering and posting a later journal entry or a reversing journal entry.
A journal entry must be balanced before you can post the journal entry. In other words, a journal entry's total debits must equal its total credits before you can post it to the ledger. In addition, the journal entry total must equal the total debits and total credits in order to post the journal entry.
You can also assign a Template status to a journal entry. These journal entries are treated different from journal entries assigned either a Pending status or a Posted status.
Journal entries created outside of the Journal Entry screen can only be viewed in Journal Entry. You cannot change them or delete them. Only those journal entries created by using Journal Entry can be changed or deleted in this screen.
Select Financials | General Ledger | Journal Entry. The Main tab appears.
The default in Module is General Ledger. Module is display only.
Number is set to a unique identifier when the user saves the journal entry the first time.
The default in Type is JR for Journal Entry. Type is display only.
Note: When entries are posted from another module, this field displays the applicable journal entry type: AD = Adjustment, IN = Invoice, PA = Payment, and RI = Recurring Invoice.
The default in Status is Pending. Select a different value if you want. The valid choices are as follows:
Pending – Pending status journal entries are entries that are being entered and are not yet saved and committed to the database.
Posted – Posted status journal entries update the database and related general ledger accounts when they are saved.
Template - Template status journal entries let you reduce the data entry required for similar journal entries. You can create an unlimited number of template journal entries.
Journal entries with a status of Template are not assigned a value in Number. If you load a journal entry with a status of Template and you change the status to either Pending or Posted, a new journal entry is created and assigned a unique number. The template journal entry is not overwritten or changed in any way.
If you load a journal entry with a status of Template and make any changes other than changing the status, you receive the following warning when you save: Your changes will be made to the Template. A new journal entry will not be created. Proceed? If you answer Yes, the template journal entry is changed. If you answer No, focus is returned Status and you can change the status to Pending or Posted or you can cancel the changes.
In Period, select the period to which you want to post these entries. The default in Period is the Current Period for the General Ledger module in Period Closing.
Specify the transaction date in Journal Date.
Specify a description of the transaction in Description.
Note: For recurring journal entries, you can insert a relative date anchor tag into the description text. Each time the recurring entry is posted, the system makes a substitution for the anchor tag, derived from the tag used and the date specified in the Journal Date field.
The following tags can be used. To be recognized within a text description, tags must have at least one space on each side.
[CalendarQuarter]
[CalendarQuarter,+/-##]
[CalendarYear]
[MonthName]
[MonthName,+/-##]
[MonthNumber]
[MonthNumber,+/-##]
[RecurrenceNumber]
For example, if you have a recurring journal entry that is to be posted once each calendar quarter for the life of the entry, you could use the [CalendarQuarter] tag. In the Description field, you could enter “Journal entry for quarter [CalendarQuarter]”. If the transaction date specified in the Journal Date field for the first entry is 3/15/2022, then when it is posted, the description would be updated to say, “Journal entry for quarter 01 2022”. The second entry in the series would be generated when the first entry is posted. The Journal Date field on the second entry must be changed to a date in the second quarter, maybe 6/15/2022. When it is posted, the description would be updated to say, “Journal entry for quarter 02 2022”.
Specify user information in Session Reference if you want.
Note: The session reference allows for the unique identification of a batch of journal entries during a particular session. For example, the Session Reference value “ABC060610” could be assigned to all journal entries entered by team member ABC on June 6, 2010. You can use session reference values to select journal entries for posting in Journal Posting and for filtering report content on reports such as the Journals Report.
Specify user information in Journal Reference if you want. This data is not used for processing.
Click to select the Reversing Journal check box if the journal entry is to be reversed.
Note: A reversing journal entry is always posted to the calendar period following the period assigned to the original journal entry. The journal date assigned to a reversing journal entry is the first date found in the period assigned to the reversing journal entry.
Journal Total contains a sum of all entries.
Note: In order to post a journal entry, the journal total must equal the debit total and the credit total. The journal entry total can be entered manually or can be calculated automatically. If the Auto-Calculate Journal Total option is selected in General Ledger Policies, the Journal Total is automatically calculated for the journal entry.
Debit Total contains a sum of all debit entries. Debit Total is display only.
Credit Total contains a sum of all credit entries. Credit Total is display only.
Difference contains the difference between the total of the debit entries and the total of the credit entries. Difference is display only.
To add detail information, click Add Line . Journal Entry Detail appears.
To specify the Account Group, select the account in Acct, the department in Dept, the territory in Ter, and the product line in Prd. You can also create new account group segments by using the Quick Add feature. For more information, see Quick Add.
Specify the amount of this detail line in Debit Amount. Or, specify the amount of this detail line in Credit Amount.
In Description, specify a description for this detail line. The default description is the value that you specified in step 8.
Optionally, in Payment Method, specify the payment method for this line.
Optionally, in Payment Reference, specify the reference number for the payment. For example, if the payment method is Check, the payment reference would be the check number.
Specify the project ID associated with this transaction in Project ID. You can also create new project IDs by using the Quick Add feature.
Specify the task associated with this transaction in Task. You can also create new tasks by using the Quick Add feature.
Note: The first Task Component, set up in the Task tab of Project, defaults into Task.
22. In Resource ID, select the ID of the resource with which the transaction is associated. The resource ID that you specify must be set up in Administration Contacts. You can also create new resource IDs by using the Quick Add feature.
23. In Resource Name, the default is the name of the resource that is associated with the ID that you specified in step 22. If you change this value, the resource ID will change to match. You can also create new resources by using the Quick Add feature.
24. Specify the labor category that is associated with this transaction in Labor Category. You can also create new labor categories by using the Quick Add feature.
25. Specify the amount of the transaction in Quantity.
26. Click Save and New, or click Save and then click New, to save the current detail line and start adding the next.
Recurring journal entries can be entered in Journal Entry on the Recurring tab. Recurring journal entries make the processing of journal entries that occur regularly easier. Recurring journal entries remain active until the next journal entry in the series is deleted, the end date has passed, or the journal entry was generated the designated number of times.
For more information about how the journal posting process creates recurring journal entries, see Journal Posting.
Select Financials | General Ledger | Journal Entry. Click the Recurring tab.
Click to select the Recurring Journal check box if this entry is a recurring journal entry.
Select the kind of journal entry from Type. The following kinds of recurring journal entries are available:
Fixed – The amount of the journal entry is the same every time that it recurs. For example, a monthly rent payment that is a fixed amount.
Variable – The amount of the journal entry varies every time that it recurs. For example, a utility bill that varies based on usage.
Specify the number of times the journal entry should be generated in Frequency. The following frequencies are available:
Annual – a new journal entry will be automatically created one year from the date specified on the Main tab, for the life of the recurring journal entry
End of Month – a new journal entry will be automatically created at the end of the month during the life of the recurring journal entry
End of Period – a new journal entry will be automatically created at the end of the period when the period is closed for the life of the recurring journal entry
End of Quarter – a new journal entry will be automatically created at the end of the quarter for the life of the recurring journal entry
Every X Days – a new journal entry will be automatically created based on the number of days that you specify in Days. Days is enabled for this selection.
First of Month – a new journal entry will be automatically created the first day of the month during the life of the recurring journal entry
First of Period – a new journal entry will be automatically created the first day of the period during the life of the recurring entry
First of Quarter – a new journal entry will be automatically created the first day of the quarter during the life of the recurring entry
X Day of the Month – a new journal entry will be automatically created on the day of the month you enter in Days. Days is enabled for this selection.
Note: If you selected Every X Days in Frequency, specify the number of days between occurrences in Days. If you selected X Day of the Month in Frequency, specify the day of the month the recurrence should occur in Days.
Specify the date of the first recurrence of the journal entry in Start Date.
Specify the date of the last recurrence of the journal entry in End Date.
Specify the number of times the journal entry should recur in Times.
Last Updated is automatically updated when a change is made to a recurring journal entry.
Click History to view the journal entries that exist for this recurring journal entry. Journal Entry History appears, displaying the number of times the recurring journal entry was posted, the period in which each entry was posted, the journal date of each entry, the date each entry was last updated, the number (recurring counter) in the series of recurring entries, and the journal total of each entry. History becomes enabled when the current journal entry is a recurring journal entry.
10. Click Save and New, or click Save and then click New, to save the current journal entry and start adding the next.
A: The Post Journal Entry individual permission has not been assigned to any of the roles that are currently assigned to your user name. Please see your system administrator for help.
A: A reversing journal entry is always posted to the calendar period following the period assigned to the original journal entry. The journal date assigned to a reversing journal entry is the first date found in the period assigned to the reversing journal entry.
A: The Post to a Closed Period individual permission has not been assigned to any of the roles that are currently assigned to your user name. Please see your system administrator for help.
A: No. The Journal Date is used for reference only.
A: When entering a recurring journal entry, you can enter either an end date or the number of times the entry should recur. If you cannot enter a value in Times, it is because you have entered a value in End Date.
A: When entering a recurring journal entry, you can enter either an end date or the number of times the entry should recur. If you cannot enter a value in End Date it is because you have entered a value in Times.
A: Yes. You can use Journal Entry to enter inter-company financial transactions.