How to Add a Recurring Journal

Important

Data posted using Recurring Journals is posted as a standalone data. Ability to post data at the group or the parent levels will be available in future.

Create Recurring Journals to repeat the same entry every accounting period. For example, if a user has an annual expense (such as rent), the expense can be accrued in twelve equal payments every month with a Recurring Journal entry. The user can accrue rent for the current period, which will be paid in the following period.

• Rent Expense: $100,000

• Rent Payable: $100,000

In this case, a debit and credit to the appropriate segment intersections will be created every month. Another example is a trucking organization that depreciates the value of their trucks every period by 10 percent. Or, accruals for utilities, telephone, property taxes, interest, or commissions.

Perform the below steps to add a recurring journal:

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

2. Select Scenario, Period, Entity.

3. Click the Recurring Journals Process.

4. In the center pane, click Add to launch the Add Journal page.

   

5. Enter a Code and Name of choice.

   

6. Select the Period for the journal entry.

7. Select Posting Type. By default, for the Posting Type, YTD (year to date) is displayed.

   Note:

   MTD evaluates entries based on the month’s activity whereas YTD evaluates the entries based on the cumulative balance for the line items.

8. Select a common currency or local currency for reporting purposes (Adjustments CC or Adjustments LC).

   Note:

   A local currency is often used by a company's subsidiaries and then converted to a common currency for consolidated reporting purposes.

9. Click Add Row to add a line item.

   

   Note:

   Segment columns displayed are based on application configuration and user security. The Total field displays the Total Debit/Total Credit amount for the entire column as well as the running variance column. Validations exist to ensure that the entry is balanced before saving.

10. Select the relevant dimension values for the recurring journal entry.

11. To move several rows of journals, drag and drop each row to the correct place on the grid.

12. Click the Duplicate Row icon to duplicate a current line, including; the description, segment selections, and debit/credit values. When a line is duplicated the new line is placed, in edit mode, directly below the line selected for duplication.

13. Copy and paste line items from an Excel spreadsheet into the journal entry grid. Copy/paste all values including; description, segments, and debit/credit. Use shortcut keys (Ctrl+C, Ctrl+V).

    

    Note:

    Use the auto-complete feature to select segment members quickly. Start typing a code if known, and the list of available members will be automatically filtered based on the letter or number entered.

14. Click Save.