Entering a Journal Entry Copied!
Purpose: Once an ERP instance has been created and the journal entry fields have been configured, users can prepare a journal entry for posting. This article covers creating, reversing, and cloning journal entries.
Creating a Journal Entry Copied!
To create a journal entry, click Create in the top right corner of the Journal Entry Management home page. Users will have the option to either:
- Manually enter a journal entry
- Import a journal entry using an Excel template.
On the Create Journal entry screen, a user can key in all fields as they would in a normal journal entry in their ERP.
Depending on the settings applied, certain fields must be filled out in order to submit or post a journal entry. You can also choose to post a journal entry either through the approval process or independently, depending on your settings.
Journal entries can be saved without being fully finalized. Any journal entry that is saved will be stored with an In Progress status, and no one aside from the original preparer will be able to update or submit the journal entry. The Entity, Memo, and Transaction Date are required to save progress on a journal entry.
Once submitted for approval, a journal entry will appear in the listing of all entries on the Journal Entry Management home page.
Note: A user cannot approve their own journal entry.
Note: The journal entry line limit is 3,000 lines.
Automated Journal Entry Reversals Copied!
The automated reversal process is consistent across all entries regardless of your ERP integration.
- Schedule the Reversal: When you create a journal entry, you can check the option to Schedule reversal for this entry on the entry form.
- Specify Reversal Date: You can set a reversal date, which determines the reversing entry transaction date. This is often set to the beginning of the next accounting period.
Automatic Creation: Upon posting the original journal entry, JEM automatically creates a new journal entry that reverses the original entry’s debits and credits. JEM populates the new entry with the same amounts but in opposite directions.
Status Tracking: The auto-reversed entry will be recorded in JEM, allowing users to track both the original and the reversing entry. Depending on your ERP connection, this may or may not also be tracked as a reversal in your ERP.
Ad Hoc Journal Entry Reversals Copied!
The ad hoc reversal process is consistent across all entries regardless of your ERP integration.
From the Journal Entry Management home page, navigate to the Search tab, then locate and open the journal entry you wish to reverse.
Once you open the journal entry, click on the menu icon at the top of the screen. From the dropdown menu, select Reverse.
Automatic Creation: JEM will automatically create a new journal entry that reverses the original entry’s debits and credits. JEM populates the new entry with the same amounts but in opposite directions.
You can review the newly created reversing entry. Make any necessary adjustments, then save it. If you have an approval workflow enabled, the new reversal journal entry will follow the approval settings that are in place.
Tracking: The original and the reversing entries are linked, making it easy to track changes in your financial records.
Journal Entry Cloning Copied!
Any journal entry can be cloned, regardless of status or preparer. Clicking Clone will copy over certain fields from an existing journal entry to a new journal entry form. The form will only be partially filled out and cannot be saved or submitted until all required fields are filled out manually.
The following fields will not be copied from the target journal entry:
- Journal Entry ID
- Journal Entry No./Display ID
- Transaction Date
- Reversal Date
- Debit/Credit Amounts
- Documents
Note: Cloning does not create a journal entry in the database. It only partially completes a journal entry form. If cloning a journal entry fails, a notification will appear at the bottom of the screen to inform you.