You can create journal entries using the following methods:
Create journal entries one at a time.
Batch import multiple journals all at once using the import template.
Journal entries reside in the Journal Entries sub-tab under the Consolidation tab. This sub-tab opens Journal Entries List page, which can be filtered to show specific entries.
If automatic numbering is enabled, this field displays the entry number of the next journal entry created in that version. It cannot be edited.
Important! Once set, manual journal entry numbers cannot be changed. Check these entries before saving.
When defining a journal entry in Consolidation, keep the following guidelines in mind:
- Debit and credit amounts must balance
- A journal entry version is required
- Journal entries are posted in the active currency for the level selected
- If required, a recurring through period option is available
- Modifying a journal entry is possible:
- If the period in which the journal is posted is not locked (closed)
- If the journal entry version is not locked
- Reversing a journal entry is possible in the following period if the initiating period is not the last period of the version
Create a Journal Entry
Prerequisite: A journal entry version must exist before you can create a journal entry.
Navigate to Consolidation > Journal Entries.
Click New from the list page.
The Create Journal Entry page appears.
Fill in the fields for the Journal Header:
Journal Entry Version: If there are multiple journal entry versions, select the one where you want this journal entry to be entered.
Date: The date when the journal entry goes into effect.
Level: The level the journal entry affects. This determines the currency of the journal entry and its lines.
Occurrence: This drop-down affects the Recurs through and Auto-reverse functions. You can choose a higher level timespan (e.g. Month) than your root time strata (e.g. Week). Select the timespan in which the Recurs through automatically triggers journal entries. If Auto-reverse is enabled, the timespan will drive when the reversing entry will be posted.
Auto-reverse: Select this option to indicate that the journal entry will auto-reverse in the next period.
If the subsequent period is locked for data entry, the system posts the reversal when the period is unlocked.
Journal number: If manual numbering is enabled for the selected journal entry version, set the journal entry number. The journal number on Auto-reverse entries is appended with an -R. If the selected journal entry version is set to NO journal entry numbering, reversals are simply indicated with a -R.
Note: If someone else is working on journal entries in the same version, your entries and their entries are automatically numbered in the order in which they are saved, not the order in which they are created. The number displayed in the Journal number field may not be the number assigned to the journal entry when you save it.
Prefix: If manual numbering is enabled for the selected journal entry version, this displays the journal number prefix. The prefix cannot be edited.
Recurs through: Automatically-numbered journal entries only. If you want the journal entry to automatically recur every period, select an end period for its recurrence.
Description: Enter a description for the journal entry. This appears on the Journal Entries List page.
- In the Journal Lines area, click a row in the Account column to view a drop-down list of all accounts.
- Find the account this line affects, and click it.
Use the search box to speed up this process.
- Click in either the Debit or Credit column to enter the amount to be credited or debited.
- Continue creating journal line until the journal entry is complete.
- To remove a line, click to delete.
- Click Save.
Edit a Journal Entry
Navigation: Consolidation > Journal Entries
To edit a journal entry, find the journal entry in the list and click the description link. The Manage Journal Entry page appears. It is the same user interface used to create journal entries.
Note: A journal entry cannot be edited if it falls in a locked period or version.