|Description:||I’ve encountered many GP users who use only the General Journal Entry window without realizing there are two additional journal types that make life easier. Some have tried recurring, reversing, and quick journals without success. The following list of attributes can assist you with choosing the best type of entry.|
- Receive all Subsidiary Ledger entries
- Debits always equal credits for financial accounts
- Can post a debit or credit to a non-financial account
- When attached to a batch header, the Journal Entry can recur on a scheduled or miscellaneous basis. For example, if set at monthly, the date will roll 1 month every time the batch is posted
- Recurring journals will retain their dollar line item amounts after each posting
- The Batch can be posted from either Series or Master Posting
- Allows for correction of posted Journal Entries, including those created by Quick and Clearing Journals and, if allowed in setup, Journal Entries which originated in Subsidiary Ledgers. Correction can back out a posted Journal Entry or correction can back out and re-create the Journal Entry. The re-created Journal Entry is when the correction is made.
- Good example for use: monthly depreciation entries provided by your CPA. They are set to post monthly and the amount doesn't change month-to-month.
Once created, the Quick Journal Setup (a Template) can be re-used an unlimited number of timesBy virtue of the Template always being available, the Journal is by nature recurringZero line items are allowed. The account “holds its place” in the journal, but doesn’t post a zero transactionCan post a debit or credit to a non-financial account; these entries are excluded from the Control BalanceThe dollar amounts clear from the Template after each postingThere is no Batch Header; therefore, these entries can’t be posted from Series or Master Posting WindowsGood example for use: Payroll journal entries if you're using a service and aren't already importing with Payroll Connect or Integration Manager.
- Clears year-to-date or Trx Period balance from one account to another
- Can be used for either financial or non-financial accounts, but account types must be consistent on each line, i.e., a financial account must be cleared to a financial account, a non-financial account must be cleared to a non-financial account
- Attached to a batch header, a Clearing Journal can recur on a scheduled basis
- No amount is entered; a Clearing Journal line entry simply reduces the balance to zero in one account and creates the balance in another account
- Batch headers can be posted from Series and Master Posting
- Good example for use: allocation entries each month. See my post on February 27, 2009 on this site about allocation entries
If it will assist you to have this listing in a matrix, please email your request to me at firstname.lastname@example.org.