Summary

The Recurring Journal Entry window is used to create and maintain recurring journal entries. After the recurring journal entries have been created, they can be used to create journal entries using the Journal Entries process (GL> Journal Entries).

Recurring journal entries can be either percentage or flat amounts. A flat amount recurring journal entry is used to create journal entries that are the same amount each month. For example, you can create a flat amount recurring journal entry to record rent.

A percentage amount recurring journal entry distributes the amount of the journal entry to GL accounts based on specific percentages. The amount of the journal entry will be distributed to each recurring journal entry line item based on the percentage amount attached to each line item. For example, you can create a recurring journal entry that credits 45% of the journal entry amount to one GL account and credits the rest to another GL account. When the journal entry is created in the Journal Entries process (GL> Journal Entries), you will enter the journal entry amount and that amount will be distributed to the GL accounts based on the percentage set up on the recurring journal entry.

Step by Step

1      View the recurring journal entries.

• Open the Recurring Journal Entries window (GL> Maintenance> Recurring Journal Entries).
• The Recurring Journal Entries window will display all of the recurring journal entries that have been created in the General Ledger module.
• Select a recurring journal entry and click DELETE to delete the selected journal entry.
• Select a journal entry and click EDIT to open an existing journal entry.
• Click ADD to create a new recurring journal entry. This will open the Recurring JE Maintenance screen.

2      Create a recurring journal entry.

• Enter a recurring journal entry code in the Recurring Code field. The recurring journal entry code can be up to eight alphanumeric characters long.
• The Type drop-down menu is used to select the type of recurring journal entry you would like to create. The selection in this field will modify the functionality of the columns in the Recurring Journal Entry window.
  • Select Flat Amount if the amount of the recurring journal entry does not vary from month to month.
  • Select Percentage if the recurring journal entry should be distributed on a fixed percentage between general ledger accounts. When a journal entry is created from the recurring journal entry (GL> Journal Entries), you will enter a journal entry amount. The journal amount will be distributed to the journal entry line items entered on the recurring journal entries based on the percentage amounts entered on the recurring journal entry.
• Enter a Description for the recurring journal entry.
• Click CREATE in the Line Items data grid header to add a journal entry line item to the recurring journal entry.
  • Enter an Account Number or click the field search button   to select a GL account from a list.
  • Enter the Debit Amount or Credit Amount of the journal entry line item.
    • For flat amount recurring journal entries the amount field is the dollar amount of the recurring journal entry.
    • For percentage recurring journal entries the Debit Amount and Credit Amount fields are labeled Debit Percent and Credit Percent. When a journal entry is created using a percentage recurring journal entry, an amount is entered. The amount of the journal entry is distributed to each recurring journal entry line item based on the percentage entered on the line item. For example, enter 50 in the Credit Amount field to credit the line item 50% of the journal entry amount. The debit and credit sides of the recurring journal entry need to total 100% before you can save the recurring journal entry.
  • Enter a Description of the journal entry line item in the Description field.
    • The line item description can be up to 30 characters long.
• Click the Save button to save the recurring journal entry.