Journal Entry Overview

Use the Journal Entry subsystem to manually enter and correct any entries to the GL journal file. This includes both manual entries and system entries that have been posted automatically from other modules.

You can access the following programs from the Journal Entry menu:

The Journal Entry program, which allows entries and corrections to be made in the current or next GL period.

The Prior Period Journal Entry program, which allows entries to any closed period within the last 10 periods, (assuming a 12 period year) (# of periods as set in the company control record) or two periods less than the number of periods per year.

The Prior Period Update program, which updates all accounts from the prior period through the current GL period from the entries that were made manually in the Prior Period Journal Entry program. It is important that the user runs the Journal Print program to print all prior period journal entries that will be updated before running the update. The printed entries are the audit trail for this update.

Operating Tips and Suggestions

Journals, which are set up in Journal F/M, can be divided into subjournals. For example, in addition to assigning journal number 1000 to Sales in SO to GL Posting F/M, you could also expense payables to post to journal number 2000 and disburse payables to post to 2500 through AP Static Control F/M and assign receivables to post to journal number 3000 in AR Static Control F/M.

As the system runs, it posts the proper entries to the appropriate journals. All the GL account entries are then divided into the categories specified. In this case, when you post the entries to the GL account number; for example, cash on hand is broken down by receivables and sales (instead of the one lump sum from all aspects of the business). This lends to increased accuracy in the audit trail for each GL account number.

All journal entries must be balanced, in other words debits = credits. If an entry is out of balance, you cannot exit the program until the entry does balance. You can correct entries in the Journal Entry program and the Prior Period Journal Entry program.

Ü You can set the system so it will not allow journal entry corrections. To do so, deselect the Allow Journal Correction flag in GL Static Control F/M (in character, set the flag to N).