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RECURRING JOURNALS

RECURRING JOURNALS are the entries which are posted every period like monthly rent, utility bills etc..

RECURRING JOURNALS – 3 TYPES OF JOURNAL ENTRIES

–Skeleton Journal Entries: Skeleton entries affect the same accounts each period, but have different posting amounts. After you generate skeleton journal entries, you can edit the un-posted journal batch using the Enter Journals form and enter the journal line amounts. Skeleton journal entries are useful with statistical information whenever you want to record journals for actual transactions based on statistical amounts, such as headcount, units sold, inflation rates, or other growth factors. For example, if you want to enter headcount for each cost center every period, you can define a skeleton entry with your headcount accounts. After you generate the skeleton entries, enter the actual headcount amounts before posting the batch.

–Standard Recurring Journal Entries: Standard recurring journal entries use the same accounts and amounts each period.

–Recurring Journal Formula Entries: Formula entries use formulas to calculate journal amounts that vary from period to period.

•CREATING RECURRING JOURNAL FORMULA BATCHES –

–1. Navigate to the Define Recurring Journal Formula window.

–2. Enter a Name and optional Description for the recurring journal batch.

–3. If you want to copy entries from an existing recurring journal batch to your new batch, choose Auto Copy Batch.

–4. Create recurring journal entries for the batch. If you copied entries, modify them, if necessary.

–5. Save your work.

–6. Generate recurring journals.

–7. Review and post your generated recurring journal batches

•To enter a formula:

–1. Enter a Step number to specify the order in which you want to process the steps in your formula. Each formula can contain an unlimited number of steps.

–2. Enter a factor for the formula step. There are two types of factors you can use:

•Enter a fixed Amount.

•Specify an Account to use a balance in the formula calculation.

–You can use standard, end–of–day, or average balances in your formula lines.

–3. Specify the type of calculation you want to perform by entering a mathematical Operator for the formula step. The valid operators are based on Easy Calc – a General Ledger mathematical notation feature.

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