Standard Journals

Standard Journal Entries are entries created to process one-time journal entries. You can add Standard Journals as an add-on data apart from uploading data via Data Load Rules. 

Below are the functionalities available for standard journals.

Add a Standard Journal

Add a Standard Journal when you have to post a journal entry only once.

1. Navigate to the Consolidation Control Panel. Click Standard Journals under Processes. 
2. Click Add. The Add Standard Journal dialog appears.
   
   
3. Enter a code of your choice in the Code field.
4. Enter a name for the Standard Journal in the Name field.
   
   
5. Select the month and year range in the Period field. During the selected time period, the journal is active.
6. YTD displays for the journal Posting Type.
   Note:

   MTD (month to date) evaluates entries based on the month’s activity; whereas YTD (year to date) evaluates the entries based on the cumulative balance for the line items.
7. Select Adjustments (CC) or Adjustments (LC) in the Reporting drop-downlist. A journal can be in common currency or local currency.
   Note:

   A local currency is often used by a company's subsidiaries and then converted to a common currency for consolidated reporting purposes.
8. Select the Auto-Reversingcheckbox to create a Standard Journal Entry with an Auto-Reversing entry in the subsequent period. The originating entry is the base entry in the current period to configure the Auto-Reverse option.
   Note:

   This is not a mandatory step. 
   
   The Auto-Reversing entry is a replica of the originating entry, but applicable for the subsequent period. For example, you can use this feature to close books for a given month (accrue vacation liability), which will be reversed in the subsequent month once more relevant information is known about the actual cost associated with the entry.
   When the originating entry is posted, the Auto-Reversing entry is created. For example, if you post the originating entry in Jan-2019, the Auto-Reversing entry will be posted in Feb-2019.
9. In the grid that displays segment columns based on the application configuration and user's security, set up a journal entry by performing the following steps:
   1. Click Add Row. A new row is added.
      
      
   2. Do one of the following to set up the values for each column:
      1. Complete the values in the UI directly, by either typing the values or selecting the value.
      2. Paste copied line items from an Excel spreadsheet to the journal entry grid. You can copy/paste all values, including descriptions, segments, and debit/credit values. Use shortcut keys (Ctrl+C and Ctrl+V).
         Note:

         You can copy a journal entry by using the Copy icon.
         
         
         
      3. The Total displays the Debit or Credit amount for the entire column as well as the running variance column.

10. Click Save. The journal entry is added.
    
    

After the standard journal is added, you need to post that journal in order to process consolidation. Click the Entry Actions topic to learn more about the process.

Upload Standard Journals

Upload Standard Journals in .xlsx format directly to the Consolidation module. Use the sample template (that you can download) for ease of use when performing the upload.

Perform the below steps to download the sample template:

1. Select the Standard Journals process.
2. Click the Upload icon shown below. The Standard Journals Upload dialog appears. Click Download sample Excel template.
   

Perform the below steps to upload the standard journals:

1. Click the Standard Journals process. 
2. Click the Standard JournalsUpload icon shown below.
   
   
3. The Standard Journals Upload dialog appears. It is best practice to use the sample Excel template as it instructs you exactly how to organize your journal data to load it successfully. Click Download sample Excel template.
   
   
   
4. The template is downloaded to your computer. Open the template.
   
   
   
5. The template displays and indicates the required fields. It also provides information to ensure the correct data is entered where needed. Copy and paste the template into a new file.
   
   
   
   Note:

   You must leave the offsetting debit or credit field blank instead of entering a zero as shown below in the sample Excel file.

   

   
   
6. Enter a journal code, the period for which you want to load the journals, and the posting type as shown below.
7. Enter Adjustments (CC) or Adjustments (LC) for reporting, Yes, or No for auto-reversing, and enter notes as needed.
   Note:

   Now, you can copy and paste journals into the spreadsheet. Notice how the grid names in the Excel template match the names within the application Journal Add page. Before copying and pasting data to the Excel file, ensure to delete all the tips located in the sample file.

8. Save the .xlsx file to your computer.
9. Click Choose File.
   
   
   
10. Select the file you just saved to your computer.
11. Click Submit to perform the upload. A message will appear once submitted (as well as once the upload is complete) where you can click through to the Detail View to view the status of the upload. Additionally, clicking Submit will create a Job Manager process called Standard Journals Upload.
    
    
12. If the upload failed, click the Status field link (Click Here ) to download an Excel file with information on why the failure occurred. Fix the errors and upload the file again.
    
    
    
13. Once journals are uploaded successfully, the Detail View will display Success in the Status field and the uploaded Standard Journal will display in the Consolidation Control Panel.
    
    

After the journal is uploaded, you need to post that journal in order to process consolidation. Click the  Entry Actions topic to learn more about the process.

Edit Standard Journals

You can edit a Standard Journal to add, edit, or delete existing entries, before posting entries. You may be unable to edit a journal based on the status. For example, you can't edit a journal that is Approved. You can edit a journal that is In Process.

Edit option is available because the journal is In Process:

Edit option is not available because the journal is Posted:

Perform the below steps to edit a standard journal:

1. Navigate to the Consolidation Control Panel, and click Standard Journals under Processes. 
2. Select the Standard Journal you want to edit.
   
   
3. Click Edit. The Edit Standard Journal dialog appears. Edit as necessary.
4. Click Save to save the changes and exit the Edit Standard Journal dialog.
   
   

After you have edited the standard journal, you need to post that journal in order to process consolidation. Click the Entry Actions tab to learn more about the process.

Copy Standard Journals

You can use an existing Standard Journal to create a copy with new criteria for posting entries. 

1. Navigate to the Consolidation Control Panel, and click Standard Journals under Processes. 
2. Select the journal you want to copy.
3. Click Copy and select Copy Single.
   
   
   Note:

   You can also copy a standard journal from one scenario to another. Perform the below steps to do so:

   1. Click the Copy icon. Select Copy Multiple. 
   2. Select the Target Scenario and Period.
   3. Click OK.
      
      
      
   4. The standard journal will be submitted for copying and will appear in the scenario and period you selected.
      
      The journals are added.
      
4. Enter Code and Name. You can modify the journal properties and click Save.
   

Best Practice when Copying Standard Journals

Limit the number of journals and journal lines you copy to a combined total of 30,000 (journals + lines). For example, 1000 journals with no more than 30 lines. Or, 60 journals; each of which has no more than 500 lines.

You can delete unused or inactive Standard Journal lines. When you delete a Standard Journal line, all the associated journal entries are also deleted. You can select many Standard Journal lines at once and delete them. To do so, click the checkbox in the column header to select all Standard Journal Entries.

After the standard journal is copied, you need to post that journal in order to process consolidation. Click the Entry Actions tab to learn more about the process.

Delete Standard Journals

Perform the below steps to delete a standard journal:

1. Navigate to the Consolidation Control Panel, and click Standard Journals. 
2. Select the Standard Journal line you want to delete. Or select the checkbox beside Code to select all the lines and delete them.
3. Click Delete.
   
   
4. In the confirmation dialog that appears, click OK.
   
   

Entry Actions

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

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

In the example below, one of the selected standard journal entries is in Pending Review while the other one is In Process. Here the only common entry action is Reject.

Select an entry to see all actions available for the single entry. In the example below, an entry is selected and the 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. Click OK.
   
   
5.  The journal enters the Pending Review status. You will receive a notification about the review action for the assigned journal entry.
   
   

Send Back a Standard Journal

Perform the below steps to send a standard journal back to In Process status:

1. In the Consolidation Control Panel, under Processes, click Standard Journals. 
2. Select the journal with a Pending Review status.
3. Under Entry Actions, click Send Back.
   
   
4. Click OK.
   
   The standard journal is back to the In Process state.
   

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. 
2. Select the journal with a Pending Review status.
3. Under Entry Actions, click Approve.
   
   
4. Click OK.
   
   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 or In Process status.
3. Under Entry Actions, click Reject.
   
   
4. Click OK.
   
   

   The journal entry enters the Rejected status.

   
   

Return 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. To learn how to edit a standard journal, click on the Edit tab. 

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 under Entry Actions.
   
   
5. Click OK.
   
   The journal enters In Process status.
   
   

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 standard journal:

1. Navigate to the Consolidation Control Panel, and click Standard Journals. 
2. Select a journal with a status other than Posted.
3. Under Entry Actions, click Post.
   
   
4. The Status column displays Success if the journal entry is posted successfully. Otherwise, the Status column displays Failure. Click OK.
   
   The journal will be 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 will be available inside the Entry Actions pane. You can rework on the unposted journal entries by clicking the In Process action and forwarding them after making the necessary changes.

Perform the below steps to unpost a standard journal:

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.
   
   The journal is Unposted.
   
   

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.