To create a template for recurring journal entries:Use the Recurring Journal Entry screen to create or modify a template for a recurring journal entry and set up your system to automatically post payables that are made at regular intervals. For example, you can create recurring journal entries for payables such as rent, or expenses such as the depreciation of company vehicles.
To create a template for recurring journal entries:From the G/L > Recurring Journal Entry menu, select Recurring Journal Entry to display the Recurring Journal Entry screen.
In the Recurring ID field, press F10, select New, and press Enter.
The message "New Item" displays in the upper right corner of the screen.
In the Description field, type a short description of this recurring journal entry template and press Enter. The description can be up to 40 alphanumeric characters long and spaces are allowed.
In the Next Posting Date field, enter the date in MM/DD/YYYY format on which you want the first recurring journal entry to post. This is the date on which the next posting date occurs. After the posting occurs, the system uses this date and the number of days in the Post every field to calculate the next posting date.
You can enter a date in the past, as the system posts pre-dated journal entries. However, if a posting date is in a closed period for a G/L account, the system posts the journal entry on the first available date in the open accounting period, along with a note explaining the source of the transaction.
In the Post every field, enter a number in the parentheses next to either Days, Months, or Years to indicate the frequency of the recurring journal entry. For example, you can have the journal entry occur every 25 days, every 2 months, or every year. You cannot set more than one frequency.
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To... |
Do this... |
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Make a weekly journal entry |
Enter (7) Day(s) |
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Make a monthly journal entry |
Enter (1) Month(s) |
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Make a quarterly journal entry |
enter (3) Month(s) |
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Make a yearly journal entry |
enter (1) Year(s) |
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Set up an end-of-month posting |
Do all of the following:
Each subsequent posting date is the last day of the designated month, rather than a designated date. |
In the Total Postings field, the number of postings that have been made to date display.
In the Total Posted $ field, the total dollar amount that has been posted to date displays.
In the Remaining Postings field, the number of postings remaining displays. If the system cannot determine the remaining postings, or if the recurring journal entry is set up not to expire, the system displays three asterisks (***).
In the Expire After field, if you want this recurring journal entry never to expire, leave all information for this field blank. If you want this recurring journal entry to expire after a number of postings have occurred, after a dollar amount has been reached, or after a date, enter that information in one of the following fields:
# of Postings – Enter a number of postings after which the recurring journal entry stops.
Dollar Amount – Enter a dollar amount after which the recurring journal entry stops.
Date – Enter a date after which the recurring journal entry stops.
Use the Journal Entry hot key to display the Journal Entry screen.
Enter the journal entry accounts and amounts to post every period. Press Esc to return to the Recurring Journal Entry screen.
Use the G/L Accounts hot key to display the G/L Accounts screen. Use this screen to designate which G/L accounts the system should track when calculating the amount for the Total Posted $ field.
You can select either debit or credit postings, but not both. If you select both debit and credit postings, the postings cancel each other out.
Press Esc to save the recurring journal entry template.