Journal entries are typically defined for adjusting entries. These entries may be due to a timing issue, for example they are required for reporting but have not yet been integrated from the general ledger data, or they may be entries that are kept only for reporting that will not be included in the general ledger.
A journal entry consists of a header and detail lines. The header contains contextual information about the entry. The lines contain the detail (GL account and amount). Lines have a debit side and a credit side, where each line contains either a debit amount or a credit amount. Debit and credit amounts must balance.
The Journal Entries List is the main page for managing journal entries. You can:
- Create journal entries manually
- Copy and delete journal entries
- Import or export journal entries
- Export the list of journal entries to an Excel spreadsheet
Navigation: Consolidation > Journal Entries
Permission Required: Access Consolidation
Find Journal Entries
Use the filters at the top to sort through a large number of journal entries and find the one you want. You can filter on:
- Journal Entry Version
- Description contains
- Journal entry number contains
- Amount greater than
- Amount less than
Steps to Manage Journal Entry Adjustments
The following are the high-level steps for managing journal entries:
- Create a journal entry version.
- Create a journal entry manually or import a batch of journal entries.
- Create a sub-journal entry.
Reversing Journal Entries
Occasionally, journal entries posted at the end of the accounting period, after the source system books have already been closed for the period, are posted back in the source system in the next period. In this case, the timing of this posting results in a duplicate entry being created.
To negate the effects of this duplication, you have the following options:
- Post a reversing entry in Consolidation to offset the duplicate.
- Set up the original journal entry to automatically reverse. The auto-reversal setting placed on a journal entry results in an automatic reversal of the original journal entry in the subsequent period.
Journal Entry Information in Adaptive Planning
Journal entry information appears in the Cell Explorer when you are viewing a journal entry version, enabling you to drill down into the journal entry.
Journal Entries are also fully audit-enabled, so administrators can see who created, edited, or deleted an entry. The audit trail captures changes to both the journal entry header and lines.
Whether or not a user can view or edit journal entries is set in the user’s role permissions. In the Rule Period section, choose whether the rule should apply to entire versions or only between certain months.
Accounts used in journal entries cannot be deleted.
When managing the originating journal entry (or parent) that was reversed, the journal entry page includes a link to the reversed journal. The reversed journal entry includes a link back to the parent journal.