Accounting > Financial > Manage Recurring General Journal Entry


Use this page to create and manage Recurring General Journal Entries. A Recurring General Journal Entry is any general journal entry that needs to be run on a periodic basis, such as; Insurance amortization, depreciation of fixed assets or bad debt allowance.



Add a Recurring General Journal Entry


Recurring General Journal Entry(s) can be added manually by entering in the general ledger account number and amount. Alternatively, the recurring journal entries can also be imported from Excel CLICK HERE for more information. 


Step 1. Navigate to Accounting > Financial > Manage Recurring General Journal Entry.


Step 2.  Select Add Entry from the Page Actions drop down menu to open the Add/Edit General Journal Entry page. 


Step 3. On the Overview tab, complete the fields in the General Journal Batch section.


  • Association - Select/confirm the association in the dropdown.


  • Date - Enter the date the journal entry will post to the ledger. 


NOTE- The date must be in an open period. If the date is in a closed period, it will show in red and will not allow the JE to save. CLICK HERE for more information. 


  • Auto Reverse Next Month - Check this box to automatically create a one-time reversal for the journal entry on the first day of the next month.


  • Memo - Enter a short description of the reason for this journal entry. This memo will display on the general ledger.


  • Description - This field is optional.  Enter a long description for the journal entry. This description will not display on the general ledger.

Step 4. In the Journal Entry section enter the following information.


  • GL Account - Choose general ledger account from dropdown.  Also, search by entering information, i.e. GL number or GL name.


  • Memo - Enter a short description of the reason for this journal entry.  Enter a short description of the reason for this journal entry.  Note - This memo will display on the general ledger.


  • Debit - Enter the debit amount of the journal entry.


  • Credit - Enter the credit amount of the journal entry.



Step 5. Click the Recurring Tab and complete the following fields to set up the dates and frequency of the recurring entry. 


  • Enable Recurring - Click to enable Recurring General Journal Entry


  • Auto Post - Click to enable Auto Post for Recurring General Journal Entry.  


  • Daily - Recurring General Journal Entry will post daily, either every specified number of days or every weekday.


  • Weekly - Recurring General Journal Entry will recur weekly, with the ability to specify on which day it runs.


  • Monthly - Recurring General Journal Entry will recur weekly, with the ability to specify on which day it runs.


  • Yearly - Recurring General Journal Entry will recur weekly, with the ability to specify on which day it runs.

 

  • Start Date - Choose start and end dates, if applicable.



Step 6. Use the Files tab to upload files related to the Journal Entry.


  


Step 7. Click Save or Save and Post when completed. Save will retain the work completed so far but allow further edits if necessary. Save and Post saves the entry and posts it to the General Ledger. 


When the Recurring General Journal Entry is set up correctly, a date will appear in Next Run Date on the Manage Recurring General Journal Entry page.