Journal Entries

Journal entries can be made manually by entering a new journal entry number, filling in detail line information, and posting. Detail line information includes date, period, account number, debit amount, credit amount, document for example the invoice number(optional), control example the vendor or customer (optional) and description for example the order number, also optional.

Journal entries can be entered then saved to be posted later.

Entries must balance before they will be accepted for posting, unless they are purposely a one-sided journal entry. This instance requires a special password to ensure it is not done by accident.

Journal entries made either manually or through posting a journal are available for viewing on the Journal Entry screen. Up to 800 detail lines can be viewed for one journal entry. Any Journal entry can be pulled up on the Journal Entry screen and viewed and-or printed.

Existing Journal entries can be pulled up, modified and posted under a new Journal entry number. It can be modified manually, or it can be modified with several utilities available on the screen including
  Replace period with another period,
  Replace date with another date,
  Replace account number with another account,
  Reverse the debits and credits for all detail lines.

The modified journal entry can then be given a new number and be posted. This makes modifications, reversals and corrections very easy to manage.

A reversing journal entry can be made simultaneously when entering a new journal entry, if desired.

Recurring Journal entries can be saved to the Recurring Entry screen together with a description, then called up and reposted with new dates and periods. The last four times the recurring entry was posted are shown on the list including the journal entry number used, and the date. Recurring Journal entries can be deleted, printed, and printed with data.

Journals
Journals from Inventory and Accounting include:

• AP Purchases Journal Generated by AP Invoice Entry
• AP Cash Disbursements Generated by AP Check Preparation
• AR Sales Journal - Accounting Generated by Summary AR Invoice or Billings Entry if Inventory Sales Order is not used
• AR Sales Journal - Inventory Generated by Sales Order
• AR Cash Receipts Journal Generated by AR Cash Receipts
• Inventory Adjustments Journal Generated by Inventory Physical Adjustments Also generated by Transfer Orders in Fastener system
• AP Uninvoiced Receivers Journal Generated by Inventory Purchase Orders received but not yet invoiced

Periods on Hold
Periods are entered on the various order or invoice entry screens. In most instances, the date is entered or the default date displays and is entered or modified, and the system looks at the Company Master to determine the accounting period that matches that date, and supplies the period, visible on the screen. If the user wants to change that period, to another valid period, they can.

That period will be used in the transaction that goes into the respective journal. If at the time of order processing or invoice entry, the period shown or specified is On Hold, a message will appear before the transaction is accepted and will require the user to change the period to a period thats not on hold, or the user can ask the Accounting Department to take that period off hold.

Journal Posting Screens
Posting screens are grouped into Weekly and Monthly Maintenance Screens for easy access. They are similar to each other in appearance. On the left side of the screen the print options are shown and the user is urged to print and keep hard copies of the journals. They can be previewed to quickly check to make sure the balances equal. They can be printed by account, which is most often used, and can also be printed by transaction.
On the right side appear the option to post detail or summary. Detail is the default. The last journal entry number displays for your reference, and the user enters the new journal number. When the post button is clicked, the system will print a summary of the journal. The journal itself is cleared out as it posts. The journal entry can be pulled up and viewed or printed later from the General Ledger Journal Entry program.

Sometimes during startup, and as a matter of preference in other cases, journals are cleared without posting. When starting up this will allow the user to enter beginning balances, then enter open invoices and clear the journal without affecting the balances. Some customers also prefer to enter Inventory Adjustments Journal entries manually instead of posting the journal. For these cases, a button is provided on the Journal post screens marked Clear Journal Without Posting - for Startup Only.

Year End Maintenance
At the end of the third year, a menu is available to walk the user through the process of clearing first year data. This includes deleting closed invoices, checks and orders that were closed three years before, and also removing General Ledger detail from the first year. The last step is to have the system add the new year into the Company Master so the new periods can be tracked.
In a new year the previous year does not have to be closed out before new year processing can be done, although it is a good idea to put previous year January and February periods on hold so users don't accidently enter transactions into a previous year accidently, from habit.

Reports include

• List of Accounts including number, name and type of account.
• Summary and Detail Trial Balance For a single account: by month or year Or all accounts for a single month.
• Display Single Account This is a very helpful screen which shows the 36 periods on file for an account with a net dollar figure for each period. It shows yearly totals for the three years. This helps the user quickly match the account balance with the aging reports.
• List Journal Entries   This helps the user track down the Journal Entry used to post a particular invoice, if detail posting was used.