Defining a recurring journal entry

When you define a recurring journal entry, you select the periods the journal entry recurs in and define the range of dates to start and stop creating the recurring journal entry. This procedure describes the process for defining a recurring journal entry.

Procedure flowchart: Defining a recurring journal entry

Define a recurring journal entry

  1. Access Ledger Recurring Journal (ML70.1).
  2. Click the New Entry button to open Define Recurring Journal (ML70.2). Use the subform to define recurring journal entry header information.
  3. Specify this information:
    Type

    Select the type of journal entry you want to create. The default is Normal, which lets you create a journal entry within one company. You can also select Intercompany, which lets you create a journal entry between different companies.

    Note: You are limited to 9,999 intercompany journal entries per fiscal year per company.
    Recurring

    You must specify a number for the recurring journal. Recurring journal entry numbers are not automatically assigned for a company, even if the company has Yes selected in the Auto Journal Numbering field on Company (GL10.1).

  4. Use the Main tab to define key information for the recurring journal entry, including information that defaults on transaction lines.
  5. Specify this information:
    Journal Book

    You can select a journal book for the transaction to group transactions. If you selected Yes in the Journal Book Required field on Company (GL10.1), this field is required.

    Note: Multi-Book Ledger currently does not provide the capability to generate journal book reports on ledger companies.
    Source Code

    Specify or select the source code to identify where transactions are created within a system. If you leave this field blank, Multi-Book Ledger Entry (ME) defaults.

    Description Default

    Select the description you want to default on each transaction line. If you leave this field blank, the journal header description defaults. As an alternative, you can select Prior Transaction line, which copies the description from the last transaction line to the new one.

    Auto Reverse

    If you select Yes in this field, the Multi-Book Ledger closing program creates an opposite entry for this transaction.

    Auto Zero

    To clear the amount and units values each time the recurring journal entry is processed, select Yes in the Auto Zero field. Use this feature to create a recurring entry for a transaction that will have different amounts every period. Adding amounts to auto-zeroing, recurring entries

    Note: You can limit the valid periods as a way to force yourself to manage recurring entries. An invalid period causes an out of range status and forces you to maintain the entry.
  6. Use the Valid Periods tab to define the date range and periods in which the recurring journal entry happens.
  7. Specify this information:
    Beginning Period, Year

    Specify the beginning period and year in which you want to process the recurring journal entry.

    Ending Period, Year

    Specify the ending period and year in which you want to process the recurring journal entry.

    Posting Day

    You can specify or select the day you want to post transactions to the ledger. The application adds this number to the preceding period's ending date to determine the posting date. If you leave this field blank, the system uses the processed period ending date.

    Select Periods

    Select the accounting periods for which the recurring entry is valid. You must select a minimum of one period and the periods must be within the beginning and ending date range. For example, select periods 3, 6, 9, and 12 for a quarterly payroll tax entry.

    Note: The transaction attributes for which you can define values are tied to the source code.

    Defining a transaction attribute

  8. If you use the transaction attribute feature, use the Attributes tab to define attribute values.
  9. Use Ledger Recurring Journal (ML70.1) to create recurring journal entry transaction lines. You can assign amount and unit values, and a description.
  10. To define additional information for a transaction line, override information that defaults from the recurring journal entry header, or calculate the amount based on volume and rate information, click the More button to open Additional Information (ML70.4).
  11. Specify this information:
    Compute Amount Volume and Rate

    You can type a volume amount and rate to create a computed recurring journal entry. The volume is multiplied by the rate to automatically calculate the transaction amount.

  12. To display totals for the journal entry, click the Totals button to open Ledger Journal Totals (ML70.7) . Use the subform to determine whether you need to make transaction line adjustments to eliminate differences between transaction currency and base currency amounts or between debit amounts and credit amounts.

Related reports and inquiries

Using pre-defined reports

To Use
Create a detailed listing of each recurring journal entry transaction defined in Ledger Recurring Journal (ML70.1), or to list specific journal entries (up to ten) to review for accuracy Ledger Recurring Journal Edit Listing (ML270)
Create a summary listing of recurring journal entry header information Ledger Recurring Journal Control Report (ML275)
View the operator code assigned to a recurring journal entry

Ledger Recurring Edit Listing (ML270)

Ledger Recurring Journal Control Report (ML275)

Ledger Recurring Journal Interface (ML170)

Ledger Recurring Journal (ML70.1)*

Ledger Recurring Journal Control (ML75.1)*

Note: For ML70.1 and ML75.1, drill around on Recurring field and select Recurring Detail
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