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<< Click to Display Table of Contents >> Recurring Journal Entry Setup |
  
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<< Click to Display Table of Contents >> Recurring Journal Entry Setup |
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You can create templates for recurring journal entry batches. Recurring journal entries refer to entries that need to be entered repeatedly at regular intervals such as amortization and depreciation expenses. These are entries posted to the same accounts in the same amount on definite periods.
The templates hold the information and amounts you want to include in your recurring journal entry. This will save you time because you do not have to manually input all information each time you need to enter a recurring journal entry.
To create a recurring journal entry template, perform the following steps:
1.Access the Recurring JE Setup function from the Recurring Entry group under the Transactions menu of the General Ledger module.
2.Click the New button to set up a new recurring journal entry template.
3.Set up the general information of the recurring journal entry by selecting and entering values on the following fields and options:
3.1 Enter in the Recurring Journal Entry ID field the journal entry ID you want to assign to the recurring journal entry template. You can enter up to 10 alphanumeric characters in this field.
3.2 In the Description field, enter a narrative description that would help you identify the recurring journal entry template you are creating. You can enter a maximum of 100 characters in this field.
3.3 Click the List box button in the Status field and assign either an "Active" or "Inactive" status to the recurring journal entry template.
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3.4 In the Recurring Frequency field, assign the frequency with which the recurring journal entries are to be posted. The default frequency is Weekly. You can accept the default frequency or click the List box button to select the desired frequency.
3.5 In the Number of Cycles field, enter the number of times you allow users to create journal entries from this recurring JE template.
3.6 Enter in the Next Recurring Date field the next date when you need to create journal entries form this template; otherwise, you cannot save the recurring JE template. The default value in this field is the current system date; however, you may change the default date.
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3.7 Enter in the Ending Recurring Date field the date when you want to stop creating journal entries from this recurring JE template. The end recurring date must be greater than or equal to the next recurring date. AccountMate automatically updates this field when you update the Number of Cycles field.
3.8 The read-only Last Recurring Date field displays the date when you last created journal entries from this recurring JE template. This field is blank until a journal entry batch is created from this template.
3.9 In the Default Description field, enter a brief description for the recurring journal entry template you are creating. You may enter the purpose or nature of the recurring journal entry template in this field.
3.10 Enter a reference for the recurring journal entry template in the Default Reference field. The reference may contain the number of source documents for the transaction to establish audit trail.
4.Set up the journal entries that will be created for the recurring journal entry template in the Journal Entry page. For a detailed discussion, refer to the Journal Entry Page section.
5.In the Remarks page, enter a narrative description about the recurring journal entry template. Refer to the Remarks Page section for a more detailed discussion.
6.To save the recurring journal entry template, click the Save button in the Transactions toolbar. AccountMate will then display a message informing you that a new recurring journal entry has been created. Click the OK button.
7.If you want to discard your changes, click the Cancel button and exit from the function.
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