Journal Entry (GL40.1)
Use Journal Entry (GL40.1) to define and release journal entries. Each journal entry must have at least one transaction line.
There are two types of journal entries: Normal and Intercompany. A Normal journal entry lets you manually define the debits and credits for one company while an Intercompany journal entry lets you create a journal entry between different companies. You can also use an intercompany journal entry to define one transaction line.
Processing Effect
When you release an entry, the system automatically logs your user ID and creates balancing entries according to the relationship defined in Intercompany Relationships (GL25.1).
The entire journal entry process consists of defining the journal entry, editing, releasing, posting, and if necessary, closing the period.
Troubleshooting
BUDGET EDIT ERRORS You may receive an unexpected budget edit error, even after setting the Budget Edit field to No for the accounting unit, account combination on Account Options (GL20.3). If you have a Budget Edit Group defined on FB11, the system ignores the Budget Edit field on GL20.3. If you do not want one of your accounting unit, account combinations to edit, you must remove the accounting unit, account from the budget edit group on FB11.
More Information
SPLIT DISTRIBUTIONS You can also create a split distribution to distribute a transaction line amount over several periods. For example, if you pay rent or services in advance for one year, you can use the split distribution feature to post part of the prepaid amount from your prepaid expense account to the actual expense account for each period. When you define a split distribution, the system distributes the transaction line amount evenly to each period you select in GL38.1. You can then adjust the scheduled amounts. To define a recurring entry, click the More button and then the Recurring button; or use Recurring Journal (GL70.1).
AUTOMATIC REPORT CURRENCY BALANCING For automatic report currency balancing to take place the Auto Reverse field must be set to Yes on Additional Information (GL40.4) and on Define Journal (GL40.2).
VERIFYING JOURNAL ENTRIES BEFORE POSTING After you release a journal entry, there are several programs available to verify information is correct before posting. Use Journal Analysis (GL41.1) or Journal Control (GL45.1) to view journal entries, Journal Entry Log (GL42.1) to view errors, or Transaction Analysis (GL90.1) to view transaction totals. If you include user analysis values, use Error Transaction Edit (SL40.1) to view errors and Strategic Ledger Transaction Analysis (SL90.1) to view user analysis totals.
QUICK POSTING You can also Quick Post a Normal journal entry to simulate posting a journal entry using GL45.1. This updates account balances. The changes only appear in General Ledger and Report Writer reports. If needed, you can back out and change the quick-posted journal entry to correct errors before posting or just run GL190 to post the journal entry.
BACKPOSTING You can backpost a journal entry to create additional entries in a prior period. This lets you correct past entries, reclassify a previous entry, or correct a financial statement. To allow backposting, the period must be closed with a Limited Close status and then reopened.
ATTACHMENTS Use the Attachment feature to define additional comments or URL to link the journal entry to a document (for example, Word) or E-mail the file.
USER ANALYSIS Use the Define (F6) feature in the User Analysis field to open the User Analysis Entry subform. Use this subform to select the user analysis values you want to include in the transaction.