Entering Journals

Journal Batches
You can organize journal entries with common attributes into batches. For example, you might group your journal entries by type or date. You can have multiple journals in one batch, or you can have a separate batch for each journal entry.

All journal entries in a batch must share the same period. You can create a journal batch for any Open or Future Enterable accounting period, but you can only post batches in Open accounting periods. If you do not want to enter batch information, you can enter a journal directly. General Ledger will create a batch for the entry automatically, using the source (Manual) combined with a unique batch ID and the system date.

Multiple Reporting Currencies
If you use Multiple Reporting Currencies, General Ledger automatically generates converted journal batches in your reporting
sets of books when you post the original journals in your primary set of books
. You may occasionally want to modify an unposted converted journal batch in a reporting set of books to override the journal’s reporting currency conversion rate or amount.

If you do find it necessary to change a journal batch in your reporting set of books, use the Enter Journals window to make your changes. You must log in to General Ledger using the reporting set of books’ responsibility.

Entering Journals
To manually enter a journal navigate to the Enter Journals window. we can enter journal with an existing batch, or create a new batch or can can enter journal without batch.
1. To enter journals for a new batch, choose New Batch from the Find Journals window and create a new batch.'

2.1. In the Journals window, enter a unique Journal name for the entry. If you do not enter a journal name, General Ledger automatically assigns a name using the following format: Source Journal ID Date. If you did not enter a batch name before entering journals, General Ledger uses the name of the first journal in the batch to create a default batch name.

2.2. Enter the Period for the journal entry. If you entered a period at the batch level, you must use the same period for each journal entry in the batch. If you did not enter a period at the batch level, chooseany Open or Future Enterable period for your journal entry. Note that you can only post journals in Open periods.
Note: If you enter a period prior to the current accounting period and the user profile option Journals: Enable Prior Period Notification is set to Yes, General Ledger displays a message indicating that you are entering a prior period journal. You must confirm that this is what you want to do.

3.1. Enter a Category to describe the purpose of your journal entry, such as accrual, payments, or receipts. All lines in a journal entry share the same journal category.

3.2. Balance Type is a display–only field. It displays Actual when you are entering actual journals, Budget when you are entering budget journals, and Encumbrance when you are entering encumbrance journals.
Functional Actuals to create actual journal entries using the functional currency for your selected set of books.
Foreign Actuals to create actual journal entries using a foreign currency. A foreign currency is one which is different from the functional currency for your selected set of books.
Budgets to create journal entries that are to be posted against a budget.
Encumbrances to create journal entries to update encumbrance balances.

4.1. If you use manual numbering, enter a unique Document Number. This field is only available if the Sequential Numbering profile option is set to Always Used or Partially Used. If you set your profile options to Always Used or Partially Used sequential numbering, and use a defined Automatic document numbering sequence, General Ledger enters a document number automatically when you save your work.
Attention: If sequential numbering is always or partially used, you cannot change the journal category or document number after you save your journal entry.

4.2. Enter a Control Total if you want to verify the total debits for the journal lines against the journal control total.

5. In the Conversion region, accept the default Currency (the functional currency for your set of books), or change the journal currency to enter a foreign currency or statistical journal.

6. In the Status region, the Posting field displays whether a journal batch is posted. The Funds field displays the status of the funds for a journal batch and the Approval field displays whether the journal batch is approved for posting.

7. In the Reverse region, enter a reverse Date, Method, and Period. You can then generate a reversing journal entry to that effective period and date. You can also reverse a journal entry without assigning a reversal period. Reverse Method can be either:
Switch Dr/Cr: General Ledger creates your reversing journal by switching the debit and credit amounts of the original journal
entry. This method is often used when reversing accruals.
Change Sign: General Ledger creates your reversing journal by changing the sign of your original journal amounts from positive to negative. This reversal method is often used when reversing journals to correct data entry mistakes.


 
Entering Taxable Journal Entries
Generally, you enter journals for taxable amounts as usual, and enter additional taxation information, then calculate taxes before you post the journal. However, there are specific restrictions about when you can enter or modify tax information.
After you calculate tax for a journal, the system does not recalculate tax if you revise any line in that journal. If you need to revise a taxable amount or alter its tax information after you have calculated tax, you should either reverse and re–enter the journal (if it is already posted), or delete the unposted journal and re–enter it correctly. After you calculate tax, the resulting new tax journal lines can be edited just like any other journal lines. For example, if you need to change the
tax liability account for a specific calculate tax line, you can edit the account after you calculate tax.

Submitting Journal Batches for Approval
If Journal Approval is enabled for your set of books, journal batches whose journal source requires approval must be approved by a manager whose authorization limit is high enough to allow approval. You will not be able to post your batch to the general ledger until you receive this approval.

When the journal batch is submitted for approval, it will move through  your organization’s approval hierarchy, based on the approver method specified by the Journals: Find Approver Method profile option. Each approver will receive a notification when their approval is required. For more information about checking and viewing your notifications

Entering Journals for a Prior Period

You can post journal entries to a prior accounting period, as well as to a prior fiscal year, as long as the prior period is open. When you post to a prior period, General Ledger automatically updates the beginning balances of all subsequent periods. In addition, if you post a journal entry into a prior year, General Ledger adjusts your retained earnings balance for the effect on your income and expense accounts.

Enter and post prior period journal entries just like any other journal entry. To ensure complete control over prior period adjustments, you can only post journal entries to an open period. When you finalize your activity for an accounting period, simply close the period to prevent the entry or posting of additional journal entries.
Suggestion: To ensure that you don’t accidentally enter a journal for a prior period, choose to have General Ledger
display a message whenever you try to enter a prior period journal. To use this feature, have your system administrator set the user profile option Journals: Enable Prior Period Notification to Yes.

Note that if there are many open accounting periods following the period to which you are posting, General Ledger must update many beginning balances. Therefore, to speed up the posting process, keep a minimum number of accounting periods open.

Suggestion: We recommend that you run a Trial Balance Report whenever you post to a previous fiscal year to ensure that your Retained Earnings account is properly reconciled. General Ledger automatically updates this account whenever you open the first period of a new fiscal year.


Entering Journals for a Future Period

You can enter journal entries for as many future periods as you want. For example, you might want to enter journal entries for the following month while you are closing the books for the current month. You control the number of future accounting periods for which you want to allow journal entry when you define your set of books. General Ledger automatically assigns a status of ”Future–Entry” to the appropriate number of accounting periods following the latest open accounting period in your calendar.

Although you can enter journal transactions to any accounting period with the status of Future–Entry, you cannot post journals into a period until you open the period.

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