If you need to enter the same journal every month, you should set it up as a standing journal. A Standing Journal can automatically create a series of general journals that repeat over time on a regular basis. For example to record monthly depreciation on a motor vehicle.
Standing Journal Transaction Type = 'GLSTAN'
Setting up a Standing General Ledger Journal
- From the Navigation panel click Financials, click on General Ledger and then click on Standing Journals
- 'Click on 'New'
- Enter a date
- Enter a Description in the 'Description' field to best describe the Journal
- Enter the 'Manual Value' of the Journal
- If the Journal is to be reversed at some point in time click on 'Auto Reversing' if not leave it Blank
On the Line level, commence selecting the general ledger accounts that make up this Journal
- You can enter a different description or leave the default description
- Enter the value being either a debit or credit
- Continue entering all the general ledger accounts and values
The Computed Debit Value must equal the computed Credit Value and this must equal the Manual Value.
Click on the Save action button
You can now do one of two things.
Leave this Standing Journal Open and Manually Click on Generate Journal when you need to OR set up the required recurrance rule on a Standing Journal and allow the system to create the Journal.
Generating the Standing Journal Manually
- Highlight the standing journal that has been entered
Click on 'Generate Journal' action button from the top ribbon
Now enter a date to stand for the journal that is about to be created and click on OK
The system will create a General Journal for you with a transaction type of 'GLJSTD' and with the date you entered and a Status = Posted
You can manuall generate as many General Journals from this Standing Journal as you like.
Creating Recurrence General Journals from a Standing Journal
- Highlight the standing journal that has been entered
- Click on the General Tab
You will see a Recurrence Table that needs setting up:
| Recurrence | Every Week | Every Month | Day of Week | Day of Month | Until |
|---|---|---|---|---|---|
| Every Week | True | Select Day Of Week eg Monday | Enter the last date/month/year for the auto generation | ||
| Every Month | True | Select Day of the Month eg 5th | Enter the last date/month/year for the auto generation |
Save will save the transaction and leave it outstanding
- Save and Close will save the transaction and close out and leave it outstanding
- Save and Finalise will save the transaction and Finalise it.
- Finalise and New will finalise the transaction and take you to a new window to commence another manual general ledger journal.