Entry Actions

Select the checkbox next to entries to perform an Entry Action. These actions are available based on where you are within the Consolidation Process and your security privileges. Entry Actions allow you to control the lifecycle of a journal.

Entry Actions are available based on your selections. For example, if you want to post an Elimination Set, select the checkbox next to the Elimination Set and click the Post Entry Action.

Type of Entry Actions:

• Forward - submit an entry for review. Select a journal entry that is in process and click Forward to move the entry to pending review.
• Send Back - return a journal entry to an In Process status to make required changes. This option is only available when the journal is in the Pending Review or Approved state.
• Approve - approve a pending journal entry that confirms the entry for posting.
• Reject - refuse a journal entry. You can edit a rejected journal, select it, and click the In Process entry action.
• Process - calculate the value of a selected journal entry and post it to the database.
• Clear Data - delete previously processed Elimination data.
• Post - post the entry to the application.
• Inactive - disable an entry (such as a Dynamic Journal Entry, an Elimination Set, or Non Controlling Interest). Disabled/Inactive entries are not posted.
• Active - make an Inactive entry Active. Only active entries are posted.

Perform Entry Actions

You can select multiple journal entries and perform a common entry action, such as forward or reject, when the selected entries have the same status. However, if you select entries that have a different status (one is “in process” when the other is “pending review”, for example) then only the common action available for both entries is enabled.

This functionality is available for Standard, Recurring, and Dynamic Journals as well as Reclassifications and Validations.

In the example below, the Standard Journal entry is pending review while the Standard Journals entry is in process. The only common entry action is Reject.

Select an entry to see all actions available for the single entry. In the example below, only one entry is selected and an additional action (Forward) is available.

When you select multiple entries, some buttons will not be displayed.

 Forward a Standard Journal

Perform the below steps to forward a standard journal:

1. Navigate to the Consolidation Control Panel, and click Standard Journals. 
2. Select the journal with an In Process status.
3. Under Entry Actions, click Forward.
   
   
   
4.  The journal enters the Pending Review status. You will receive a notification about the review action for the assigned journal entry.
   
   

Approve a Standard Journal

Approve journal entries that are correct and complete. This action is available for journals with a Pending Review status only. An approved journal entry is ready for posting.

Perform the below steps to approve a standard journal:

1. In the Consolidation Control Panel, under Processes, click Standard Journals. The Standard Journals grid appears.
2. Select the journal with a Pending Review status.
3. Under Entry Actions, click Approve. The journal enters the Approved status.
   
   

Reject a Standard Journal

You can reject standard journals and skip posting them before they are approved.

Perform the below steps to reject a standard journal:

1. Navigate to the Consolidation Control Panel, and click Standard Journals. 
2. Select the journal with a Pending Review status.
3. Under Entry Actions, click Reject. The journal entry enters the Rejected status.
   
   
   

Return a Rejected Journal to an In Process State

A rejected Standard Journal may need to complete the full lifecycle to ensure audit ability. You can edit rejected journals, return them to an In Process state, and have them approved.

Follow the steps below to return a rejected Standard Journal to the In Process state.

1. Navigate to the Consolidation Control Panel.
2. Select the Standard Journals under Processes.
3. Select the Rejected Standard Journal you want to return to an In Process state.
4. Click the In Process action.

Post a Standard Journal

Once you post all the journal entries successfully, the Entry Actions pane will no longer have any available actions.

Perform the below steps to post a journal:

1. In the Consolidation Control Panel, under Processes, click Standard Journals. The Standard Journals grid appears.
   
   
2. Select the approved Standard Journal entry that you want to Post.
3.  Under the Entry Actions, click Post. The Post Status dialog box appears. The Status column displays Success if the journal entry is posted successfully. Otherwise, the Status column displays Failure.
   
   
   
4. Click OK to exit the Post Status dialog. The Standard Journal status will be changed to Posted.

What Happens When I Post an Auto-Reversing Journal?

When adding a Standard Journal, if you select the Auto-Reversing option for an originating entry, the Post process creates an Auto-Reversing entry in the Approved state.

If the posting of an originating entry fails, the Auto-Reversion entry will not be created in the subsequent period.

When posting a journal with the Auto-Reversing option, the Post Status dialog indicates whether the Auto-Reversing entry is successfully created.

If the originating entry is posted for the last period, you can not create the Auto-Reversing entry until you extend all your application periods. This is done by accessing the Configuration Tasks ( Maintenance > Admin > Configuration Tasks ) page.

If you post the originating entry for the last fiscal period of a year, you will receive an alert indicating that you are about to create an auto-reversing entry in the next fiscal year.

If an Auto-Reversing Journal entry fails to post properly, it remains in an Approved state until you resolve the issue and perform the Post action again.

Unpost a Standard Journal

Posted journals with a current period or prior period can be unposted. When a journal entry is unposted, a message appears indicating whether the unpost was successful. If a journal entry unpost fails, hover over the Failure Status to determine the reason for the error. A journal entry that has been unposted successfully will enter the Unposted status, and the In Process action is available inside the Entry Action pane. You can rework on the unposted journal entries by clicking the In process action and forwarding them after making the necessary changes.

In Practice

1. In the Consolidation Control Panel, under Processes, click Standard Journals. The Standard Journals grid appears.

2. Select the posted Standard Journal, under Entry Actions, and click Unpost.

   

3. The Unpost Status dialog appears. The Status column displays the unpost result for the Standard Journal. The Success status is shown if the journal entry is unposted successfully.

Unpost an Auto-Reversing Journal

Posted originating Auto-Reversing Standard Journals can be unposted. When unposting a journal with the Auto-Reversing option, the Auto-Reversing entry is unposted and deleted. The procedure to unpost an Auto-Reversing entry is the same as an originating entry.

Schedule a Standard Journal

You can schedule to post the Standard Journals on a specific day or time using the Cloud Scheduler feature for Standard Journal. Unlike before, scheduling and automating the Standard Journals posting process avoids delays caused by manual posting.

The application will automatically post the journals based on the scheduled time, adding convenience and consistency to the existing posting process.