Recurring Journal Entries

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Recurring Journal Entries

If a particular journal entry is made on a consistent basis, it can be created as a “recurring” entry. Recurring entries can be created on any recurring schedule needed. Recurring entries can also be scheduled to automatically post.

To Create a Recurring Journal Entry

On the Primary menu, click ORGANIZATION.
Select the accounting tab.
Select the transactions tab.
Click the journal entry tab.
Click [Add New].

Journal Entry ID: This number will be automatically assigned once the entry is made.
Posted: Checkbox will populate once entry is posted.
Date Booked: Displays the date entry was booked. Enter the date manually or click the calendar icon to select a date.

Date Created: Displays the date entry was created.
Created By: User that created the entry.

Select the Recurring option.
Click Set Properties.

Note: If not selected, previous recurring journal entries will apply and the entry will be available through [Add Recurring] on the Journal Entry screen.

Select the Recurring Schedule:

Daily

Daily Recurrence Schedule

Every number of days will create journal entry on that number of days.
Every weekday will create journal entry Monday to Friday.

Recurrence Range

Start date – defaults from Journal Entry screen and determines the first occurrence.
Continuous – journal entry will be created until end is defined.
Continue for number of occurrences – journal entry will be created for set number of occurrences.
End by specific date – journal entry will be created until date is reached.
- If end by date = the prescribed occurrence of a journal entry, the entry will be created. For example, end by date = July 21, 2006 the journal entry will occur on July 21. If end by date = July 23, 2006 then the last journal entry will also occur on July 21 since July 23 is not a weekday.

Automatically Post

If checked, journal entry will post during a night process automatically (12:40 AM).
If unchecked, journal entry will be created but will not post.

Monthly

Monthly Recurrence Schedule

Day ## of every # month(s) – specific date the number of months designated.
- Example – Day 15 of every 1 month will create the journal entry on the 15th of each month beginning in August.
- Example – Day 15 of every 3 months will create the journal entry on the 15th of every 3rd month. In this example, with 7/21/2005 as start date, the first entry will be August with subsequent entries occurring in November, February 2006, May 2006, August 2006 and so on.
- To effect a different month, “Start” could be changed to later month to begin the series in that month.

Recurrence Range

Start date – defaults from Journal Entry screen and determines the first occurrence.
Continuous – journal entry will be created until end is defined.
Continue for number of occurrences – journal entry will be created for set number of occurrences.
End by specific date – journal entry will be created until date is reached.

Automatically Post

If checked, journal entry will post during a night process automatically (12:40 AM).
If unchecked, journal entry will be created but will not post.

Weekly

Weekly Recurrence Schedule

Every # of week(s) on a specific day (or days) will create journal entry on that day every designated number of weeks.
- Example – every 1 week on Tuesday will create the journal entry every Tuesday.
- Example – every 2 weeks on Tuesday will create the journal entry every other Tuesday.

Recurrence Range

Start date – defaults from Journal Entry screen and determines the first occurrence.
Continuous – journal entry will be created until end is defined.
Continue for number of occurrences – journal entry will be created for set number of occurrences.
- Example – 24 occurrences will result in 24 weeks of Tuesday journal entry.
End by specific date – journal entry will be created until date is reached.

Automatically Post

If checked, journal entry will post during a night process automatically(12:40 AM).
If unchecked, journal entry will be created but will not post.

Yearly

Yearly Recurrence Schedule

Only option is “Occurs” with the specific day designated.

Recurrence Range

Start date – defaults from Journal Entry screen and determines the first occurrence.
- Defaults from “Date Booked” but may be changed based on rules for using “Date Booked” in a journal entry.

Today’s date is the default.

Date may not be in a closed or locked period

Continuous – journal entry will be created until end is defined.
Continue for number of occurrences – journal entry will be created for set number of occurrences.
End by specific date – journal entry will be created until date is reached.

Automatically Post

If checked, journal entry will post during a night process automatically (12:40 AM).
If unchecked, journal entry will be created but will not post.

Click OK.

Journal Entry Summary: Saves the entry and returns to Journal Entry transaction list view. Recurring entries must be in balance, clicking Transaction Summary while not in balance will prompt a message notifying you to balance the journal entry.
Print: Prints journal entry line items.

Note: Post is not available for a recurring entry.

Abort: Deletes the entry.
Save: Saves the entry, remaining in the journal entry screen.
Add Allocation: Displays available allocations for entry, see Using Allocations.
Add Row: Adds general ledger line items.

Note: In the example above, items cannot be selected since they are recurring journal entries and are not posted. Only Journal Entries created from recurring journal entries that are unposted or single journal entries created and unposted can be selected for the Post Selected process.