Recurring Journal Entry

This module allows the user to create recurring journal entry. A recurring journal entry is a journal entry that is recorded in every accounting period.

Some recurring journal entries will involve the same accounts and amounts each month. Other recurring entries will involve the same accounts, but with differing amounts.

Examples of Recurring Journal Entries

A company that prepares monthly financial statements uses recurring journal entries to record the same monthly amount of depreciation. The entry debits Depreciation Expense for $3,000 and credits Accumulated Depreciation for $3,000 each and every month.

Reference: The user must enter a reference number for this recurring journal entry. This field is 20 digits and it is alpha-numerical.

Description: The user must enter a description for this recurring journal entry. This field is 40 digit and it is alpha-numerical.

Authorized by: The user must choose their user for this journal entry by using the scroll-down list.

Starting date: The user must enter the start date for this recurring entry.

Nb Months: The user must choose the number of months for this recurring journal entry to be posted automatically at End of Month.

Header example:

The user must press the Add button to start entering the recurring journal entry.

GL Account: The user can enter the account number and press enter to move on to the next field. If not, they can perform a search by pressing the F1 key.

If the user presses F1 to search, the following window will pop-up:

The user can type in some information to search and press enter twice and the system will search for accounts with that specific information and will display the accounts.

The user must select the account either by double clicking on the account or the user can highlight the account by using the arrows up and down and once highlighted, the user must press enter and this will bring the account in the posting screen of the journal entry as shown below.

The system will display the description of the account but the user can change this description with a slight explanation of the journal entry so make it more specific and this description will be on the account inquiry and certain reports such as GL details. The description field is 40 digits and it is alpha-numerical.

For this example, we will leave it as is and will just press enter to go to the next field.

Warehouse: The use must choose the warehouse to be affected by this journal entry by using the scroll-down list or can just press enter to accept the warehouse displayed.

Debit: If it is a debit, the user must enter the amount or press enter if it is a credit.

Credit: The user must enter the amount.

Examples of Recurring Journal Entries

Once your recurring journal entry is completed, the user must enter a reason for this journal entry:

Once the reason entered, the user must press the Save button to save this recurring entry and the system will ask you the user the following question and the user must say Yes if he wants to save this recurring journal entry.

How to recall a recurring journal entry:

Reference:

1st Choice: The user can type in the reference number to recall the recurring journal entry and press the enter key such as shown below:

2nd Choice: The user can perform a search by pressing F1 and type in the information to help finding the proper recurring journal entry such as computer or depreciation as shown below:

First search: COMP

Second search: DEPR

The user must select the account either by double clicking on the reference or the user can highlight the reference by using the arrows up and down and once highlighted, the user must press enter and this will bring the recurring journal entry on the screen to be viewed:

The user can see that the number of months is now at 11 and the user can also see the updated entries on the top right hand side which shows a (1), and adjustment number and a period which means that the first journal entry was updated by the system for the current period.

How to stop a recurring journal entry:

If the user wants to stop the recurring journal entry, the user must recall the journal entry in the recurring journal entry and change the Number of Months to match the updatedd entries.

For example:

The user must make sure to change the number of months to match the number of updated entries. In this example, the number of months was changed to 1 match the number of updated entries which is 1.

The user must press the Save button once the month matches.