Ledger Recurring Journal (ML70.1)
Use Ledger Recurring Journal (ML70.1) to define and release recurring journal entries. A recurring journal is a journal entry that occurs more than once, such as a journal entry for a monthly rent payment, quarterly payroll tax, or semiannual real estate tax.
There are two different types of recurring journal entries. 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. The entire journal entry process consists of defining the journal entry, editing, releasing, posting, and if necessary, closing the period.
Process at a Glance
-
(This step) Enter new entries or edit existing entries, using Ledger Recurring Journal (ML70.1).
- For new entries, define the entry header, using Define Recurring Journal (ML70.2).
-
Release the journal entry using ML70.1.
-
Run Ledger Recurring Jrnl Edit List (ML270) to print a detailed listing of each recurring journal entry for accuracy.
-
Run Ledger Recurring Journal Interface (ML170) to transfer all recurring journal entries for posting in the Multi-Book Ledger system OR use Ledger Recurring Journal Control (ML75.1) to transfer specific recurring journal entries.
-
Post the journal entry using Ledger Journal Posting (ML190).
Processing Effect
When you release a journal entry, the journal entry becomes available for posting to the Multi-Book Ledger.