Journals

Types of Journal Entries

There are 3 types of journals; Standard, Recurring and Dynamic. Standard Journal Entries are entries created for processing one-time journal entries. Recurring Journal Entries do not vary across time.

Recurring Journal Entries can be automated and consistently applied for each period within your process. For example, if you have an annual expense (such as rent) you can accrue the expense in twelve equal payments every month with a Recurring Journal Entry. A debit and credit to the appropriate segment intersections will be created every month. Dynamic Journal Entries are used when entry balances fluctuate from period to period. For example, as a financing strategy you may take out a loan with a variable interest rate. This means that the principal and interest payment may fluctuate from period to period based on the loaded rate for the period.

See Also:

How to Create a Dynamic Journal

How to Create a Recurring Journal

How to Create a Standard Journal