This feature enables you to create templates for recurring GL Entries that you wish to create on a periodic (e.g., monthly, quarterly, yearly, etc.) basis. For example, this feature can be used to automate end of month transactions and depreciation scheduling.
The system validates that each Company referenced is balanced when Intercompany is enabled.
Entries made in the Recurring GL Journal will simply be static records until they are used to generate actual GL Entries by running the Start Release Recurring GL Journal function.
Recurring GL Journal entries are inactivated by setting the Last Effective Date to earlier than today. The Last Effective Date range filter is preset to exclude entries with a Last Effective Date less than the current system date from the active list. To view both active and inactive entries, clear the range or click the All filter button to display all entries.
Registry Recurring GL Journal .
Main
Recurring Journal Id:
This field will be completed by the system when you save a new record.
Earliest Effective Date: Latest Effective Date:
These fields define the range of effective dates for which this recurring entry is valid. The Release Recurring GL Journals function checks this range against the Effective Date that you enter.
Cycle Code:
This text field defines the cycle for which this recurring entry would be generated. For example, M (monthly), Q (quarterly), W (weekly), and so on. The Release Recurring GL Journals function checks this field against the Cycle Code that you enter. A Cycle Code should always be specified when running this function.
Transaction Description:
This field specifies the transaction description for the generated entry. This field is displayed during the release process to help you confirm that the correct entries are being auto-generated.
Auto Reversing
If this box is checked, and you elect to Include Auto Reversing entries in the Release function, it will be used to generate the entry to the first day of the selected reversal accounting period.
To implement the reversal, you would create a 'regular' recurring entry and then check the box marked "AUTO REVERSING". The reversing entry will automatically be created and posted to GL HISTORY using the first day of the next accounting period. The reversing entries will print on the Account History & Trial Balance reports for the next accounting period or selected reversal accounting period.
After running the Start Release GL Recurring Entries to post the recurring and reversing entries, the GL Journal Viewer (for an Auto Reversing transaction) will now contain a Period Id in the "Reversing Entries box". To view the actual reversing entries, the GL History Viewer must be used.
Recurring Lines
GL Account:
The GL account to be debited or credited.
GL Entity:
The Id of the GL Entity to be affected by this transaction.
Debit Amount: Credit Amount:
Enter a debit in the Debit Amount field or a credit in the Credit Amount field.
Description:
This optional field briefly describes this line.
Account Name:
This display only field is filled in from the GL Account record.
GL Entity Name:
This display only field is filled in from the GL Entity record.
Trx History
This tab shows GL Journal activity posted for a recurring transaction. It may be consulted before running the Release function so that it is not rerun for the same period.
See Also
Release Recurring GL Journal