Basic Overview of Journals

PPT by Manoj K Email: manojpushpa@gmail.com

Topics That I Will Cover • Balance – Primarily requires the user to validate that the journals that are posted are balanced. . Total Debit should add to up Total Credit for the given time period. • Reopen in Next Period – This allows the user to reopen the journal entry for the next time period. • Auto Reverse – This allows the user reverse the values for Debit and credit in the next period.

I will be using Consolidation and Sales Revenue model for the 3 examples. • Once you have selected the right model. • Its important that you are working correct model for the Journal entry (located on the top right part of the screen). Click on New for Journal Entry. . Reopen in the next period. and Autoreverse.Journal Screen Interface • Most of the steps will start from this screen to illustrate Balance.

– Account Revenue will be primarily Accounts Recievable and Accounts Payable. Entity. – Entity will be India – Interco will be India as well • Once we provided the Dimension data. and Interco Dimensions. • We need provide data for Account revenue. we need to input Debit or Credit value for the Journal Entry. .Balance • For the Balance example I will be using the Sales Revenue Model.

. you will have to verify the post and click on “OK”. then the Total bar will be highlighted red and you will not be able to post it. • In the next screen. If the values don’t equal.Balance (cont’d) • This is a typical scenario for Balanced feature as illustrated below: • It’s Important that the user checks off Balanced and the values for Debit and Credit should be equal.

– Unpost the journal entry (similar to Undo and allows the user the edit the values). . • In this instance. Journal entry screen will be locked so that the user will be able to change the values. dimensions used.Balance (cont’d) • Once the user posted the journal. the user has 3 options: – Close the journal entry screen (to accept the entry). etc. model that is effected. the values that are inserted. – Next slide illustrates the report. – Report (allows the user to view Journal Entry properties like who created the journal. Status.

Balance (cont’d) .

because the business groups wants the bookkeeping accurate on monthly basis. – Location of ‘Enforced Balanced Journals’ is illustrated in the next slide. – This situation is useful for consolidation purposes. • Other option forces users to Balance the entry at a global level.Balance (cont’d) • In this example. we are balancing the entry case by case. . it makes the user balance all the journal entries posted for the model. – The Disadvantage when using this feature is that once you have set ‘Enforced Balanced Journals’.

Balance (cont’d) .

. • This is useful for monthly bills that are relatively constant like rent. Compare the values we posted to the values that were used for the AutoReverse feature. but the Autoreverse will take place for Febuary 2011 time period to see if AutoReverse took place once the user has posted the entry. • I will be using the Sales Revenue model for this example. utility bills.AutoReverse • This feature allows the user to switch the values for debit and credit the next period. Difference between the time periods can be viewed between slides 11 and 12. etc. • Slide 12 illustrates where the AutoReverse took place. Important point to notice is that the values for Debit and Credit have been switched. • In the next slide (slide 11) I will illustrate the basic fields that will be filled and make sure that AutoReverse feature is checked off. • I will be using January 2011 time period for inserting the journal entry.

AutoReverse (cont’d) .

AutoReverse (cont’d) .

• The Administrator has to do 2 things before he is allowed to use that feature: – Enabling the feature (which is illustrated in Slide 14) – Setting up the Reopen Rules (Slide 15 illustrates the parameters I used for the Reopen Rules).Reopen in Next Period • This feature allows the user to reopen in the next period (usually the following year). • I will be using Consolidation Model to illustrate this feature. .

Reopen in Next Period .

Reopen in Next Period It’s important that I am using Rate Type as way of filtering and I keeping Source Info same as my Destination Info (this allows me to reopen this entry in the following year). .

we need to check off Reopen in Next Period Box. we have to match in the journal entry form. we can start entering values journal entry form. we need check February 2012 to see if Reopen in Next Period took place. • Slide 17 illustrates the parameters that the user filled in for the Journal Entry. • Also. .Reopen in Next Period • Once we have taken care of those 2 conditions. • Since we are specifying for February 2011 time period for Journal Entry. • Whatever conditions that we have specified in the Reopen Rules.

Reopen in Next Period .