Use the Recurring/Reversing Journal Entry program to enter and maintain recurring and reversing journal entries that post to the journal file on a monthly basis.
You can set up standard monthly journal entries such as depreciation. This relieves the burden of making the same entry each period. You cannot end journal entry processing until debits and credits balance. Therefore, out-of-balance entries are not permitted.
After recurring and reversing entries are entered, you can change the amounts for the current period through the Current PD Recur/Reverse Changes program.
You print a list of recurring and reversing journal entries at any time through the Recur/Reverse/Allocating Print program. The journal entries post to the journal file when you run the Post Recur/Reverse/Allocating entry program. These journal entries are then treated like any other journal entry in the journal file.
Recurring entries post each period. Reversing entries are posted in the order they were entered into the recurring/reversing entry file with the offsetting reversing entry posted the following period.
For both recurring and reversing entries, once the entry is made, it posts every period the Post Recurring/Reversing/Allocating Entries program is run until the entry is deleted.
Access this program by choosing General Ledger-->Recurring/Reversing/Allocating --> Recurring/Reversing Journal Entry.
1. Journal
Enter a journal number. The entry must be a valid journal number and displays the number and description. Press Enter (CR) to default to the journal number used in the previous entry.
2. Entry #
Enter a number from 800-899 for a recurring entry and an even entry number from 900-998 for a reversing entry. If you enter 900 then the next month the offsetting reversing entry is 901. Entering a valid entry displays the type of entry (recurring or reversing).
3. Header Memo
Enter an optional descriptive memo (up to 40 characters).
This concludes the header portion of the program. After the header record is created, only the header field #3 is accessible through the change header routine. Fields #1-2 can only be changed by deleting and re-entering the journal entry.
Line numbers
The line item portion of the program allows entry of up to 999 line items.
4. Account number
Enter a GL account number. The entry must be a valid GL account number and displays the number and account description.
-OR-
Press F4 to end the entry process.
5. Detail Memo
Enter an optional descriptive memo of this account’s involvement in the transaction (up to 30 characters).
6. debit
Enter a positive amount (automatically debit) or negative amount (automatically credit), or press Enter (CR) to proceed to the Credit field. Press F2 to automatically balance the entry.
7. Credit
Enter an amount and it is automatically a credit amount.
Each time you complete (add or change) a line, the system updates and displays running totals for both debit and credit amounts. Also displayed in the header portion of the screen is the undistributed amount (the difference between the debit and credit running totals). Before you can end the entry, the entry must be balanced, i.e., the undistributed amount must equal zero.
8. Save the new information.
Once new information has been added, that journal line displays in the lower half of the screen.
To modify header information, press the Header button. The system displays Header Detail dialog box where you can modify the entry date or header memo for the journal.
9. Select the Done button when you are ready to exit the program.
How to enter and maintain recurring and reversing journal entries