Post Journal Entries

Introduction

The purpose of this process is to create manual transactions for a client not automatically created within within one of the other accounting modules (A/R, A/P, P/R, T/R). These transactions are kept manually on a special "Journal Entry Maintenance" form (see form at end of this chapter). A separate form is kept for each Client you have. This is a monthly form and is reviewed and approved by the Accounting Manager each month.

Entries are made for unusual transactions such as interest earned, bank service charges, allocation of earnings to reserves, depreciation, etc.

You can decide if you wish to post to the current or the next financial period. This is very useful if you wish to update next months transactions while the general ledger system is still processing the previous months financial data. This usually occurs during the first 10 days of a month. However, the normal procedure is to update the G/L in the monthly period it is open.

You can also decide if a cash transaction would normally be posted to the bank accounts should not be posted to the bank accounts but should only be posted to the Client's set of books. This occurs if, for some reason, the bank account gets out of balance with the general ledger. However, the normal procedure is to update the bank account while making journal entries.

You cannot file the entry unless 'debits' and 'credits' are equal! You may ignore this safeguard if you're a System Administrator. You can enter a maximum of 100 lines on a single page. When entering transactions for G/L account numbers associated with a bank account, the user will enter the bank account number you want this entry posted to. Enter a valid Bank Account number or enter '?' to view the list of available account numbers. However, if you press 'enter' no bank account will be updated. This is only true if you're a system administrator, otherwise you will be prompted again to input the appropriate bank account to update.

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