How to Process a Recurring Journal Entry

You can process a Recurring Journal when all the entries in the journal are accurate and ready to be posted frequently for specific periods. Furthermore, you can process one or more Recurring Journals at a time. Once a Recurring Journal is posted, it converts into a Standard Journal entry and becomes available in the Standard Journal tab. Additionally, you can post a Recurring Journal with create, overwrite, or post Standard Journal actions based on your requirements.

Let’s understand this with an example:

In the Recurring Journal tab, select the Bonus UK journal. Click on the process action, the Process Recurring Journals dialog box pops up.

This journal can be processed for multiple periods, for example, Jan-23 to March-23. Along with multiple period processing, it is possible to select the Create Standard Journals, Overwrite Standard Journals, and Post Standard Journals processing options, or select all.

This process will create relevant standard journals, post those standard journals, and overwrite the standard journals in case they have already been processed but not posted.

How to Process a Recurring Journal?

Perform the below steps to process recurring journals:

1. Navigate to the Consolidation > Consolidation Control Panel > Processes tab.

2. Select Scenario, Period, and Entity.

3. Click Recurring Journals under Processes. The Recurring Journals grid appears.

4. Select one or all Recurring Journals and click Process.

   

5. In the Process Recurring Journals dialog box, select From and To period.

6. Select either one or a combination of these processing options:

   • Create Standard Journals: This option processes recurring journals for a selected period and creates respective Standard Journals.

   • Overwrite Standard Journals: This option processes recurring journals for a selected period and overwrites the standard journals with status not posted.

   • Post Standard Journals: This option posts the standard journals created while processing the recurring journals.

     

7. Click Process.

8. The Automated Data Collection (ADC) task is triggered and the user will receive a notification once the processing is complete.

In the Standard Journals screen, standard journals created and posted for the respective period can be seen.

Note:

Only users having full access to Standard Journals can select the Post Standard Journals processing option.