Adding Journal Entries

1. When you first enter the Journal Entry option a Select An Option window will appear; select ADD Journal Entry.

2. A Select An Option window will appear; select ADD Journal Entry.or scroll and select one of the Standard Journal Entry templates previously created.

To add a standard journal entry see Adding Standard Journal Entries.

3. Note that the word NEW is assigned to the new journal entry. A serialized reference number will automatically be assigned by the system when the journal entry is finished and updated.

4. Enter a description to be associated with the new journal entry. This is a required field.

Note: You must enter a description to be associated with the new journal entry. If you do not enter a description, the message “Invalid Description !!! Press Space Bar" will appear.

5. Today's date will then appear in the Date field. You may modify the date within this field, if desired. Press Enter when finished.

6. In the Period field, enter in the accounting period the journal entry should post to or accept the system default, the current accounting period, by pressing Enter.

Note: Prior period and future period adjustments are allowed. Journal entries can be made to a prior period as far back as 22 periods and up to 11 periods ahead for future periods. Future period batches will not post until the system is in the correct period to post.

7. In the Year field, enter the correct year to post this transaction or accept the system default by pressing Enter.

7. Do you want the entry to be a reversing journal entryA reversing journal entry is a journal entry that automatically posts a reversal of that entry into the following period.? In the Reversing field, enter Y (Y=yes), to have the system automatically reverse journal entries at month end. Enter N (N=no) in this field and the system will not reverse your journal entries at month end.

8. At the Acct (account) field, enter the account number associated with this journal entry.

If you are uncertain of the account number, see Navigating Net Yield - Selecting an Account.

If there is only one cost center, or if you have set a cost center as a default, the cost center will automatically display.

Note: To change the cost center associated with the account entered in the Acct field, press F3. A Select A Cost Center window will appear with a list of all cost centers defined within the system. Select the cost center you would like to enter in the CC (cost center) field.

9. In the Debit and Credit fields, enter the correct debit or credit amount and press Enter.

Note: If the same account is referenced as a debit and a credit, both lines will be posted to the general ledger.

Note: If the credits and debits in the journal entry are not equal the following message will display: "Credits and debits not equal!! Save as in process? No/Yes." Select no to return to the command options.

10. In the Description field, type in a description to be associated with the credit/debit or press Enter to have the description you entered earlier default into the Description field.

As each Journal Entry line is added, the Total Debit balance and Total Credit balance for the journal entry will appear in the header of the Journal Entry. The word "Short" and amount out of balance will balance for the difference between the Total Debit and Total Credit in the appropriate column.

11. When you have finished entering the lines of a journal entry, press Enter in the Acct field. Command options will appear:

• Add – Select Add to add a line to the journal entry.
• Change – Select Change to change a line in the journal entry.
• Delete – Select Delete to delete a line in the journal entry.
• Update – Select Update to save the journal entry.
• Exit – Select Exit to exit. The following message will appear: "Exit without Updating?
  • Select no to return to the command options.
  • Select yes to exit without saving the journal entry.

Once you are ready to add the new journal entry, select Update from the command options.

12. You will then be asked whether you would like to print the journal entry.

• Select yes to print the journal entry.
• Select no if you do not want to print the journal entry.

Important: Your work is not saved unless you select Update.

What if the journal entry is out of balance?

If the journal entry is not in balance, the balance will be displayed as "short" in either the total debit and credit columns to indicate which part of the entry is out of balance. You may make changes to the journal entry by selecting Change from the command options and make the necessary changes to bring the entry into balance.

 

If you wish to update the journal entry even though it is out of balance, select Update. You will receive an error message: "Credits and Debits not equal!! Save as in process?" No/Yes. Selecting yes allows you to save the journal entry as "in process". You may come back to the "in process" journal entry at a later time by selecting the "in process" journal entry from the Select An Option window.

 

To return to the "in process" journal entry, select Journal Entries from the Ledger menu. From the Select An Option window, select ADD new Journal Entry. Select the "in process" journal entry from the Select An Option window. You may now add journal entries, make changes to a journal entry (to bring it into balance), or delete a journal entry. 

For more information on the Journal Entries option, see Journal Entries.

Security Required : Ledger - Journal Entries