General Journal Entries
There are two major types of journals:
- Internal - where the journal is generated from within the General Ledger module
i.e. General Journals; and
- External
- where the journal set is
created from transactions in external modules e.g. creditor invoice from
the Creditor module, stock transfer from Inventory
Within these major categories there are
several types of journals:
Internal
- Normal
journal - to post day to day journal sets
- Template
or recurring - journal set created as a template for regular journal transactions
with repeating instructions set to control the posting of sets created
from the template. The journal created from the template is posted
when an Automatic Journals transaction is created for the relevant
posting date
- Pending
- a journal set with no posting date so that it can be held until required or completed at when all the information is known
- Reversal
- a normal journal that is being reversed at a predetermined date
External
- Normal
- where the journal set is valid and has been posted to the ledger
with the Description field referencing the originating transaction
e.g. Receive Inventory
- Errored- where the journal set by the General
Ledger - e.g. set not balanced, incorrect dates, missing account number(s)
For a General Journal to be posted and update the General Ledger, the following must apply
- debits and credits are equal
- line dates must all be in the same General Ledger period as the header
- all lines must have a valdi ledger account; and
- the ledger period must NOT be Externally Locked
Saving a Normal journal entry updates the ledger immediately. Corrections
to the journal can only be made by reversing
the journal and creating a new correct journal.
The exception to that is BAS codes can be changed
on a posted journal where:
- System Configuration > Ledger > AllowBASCodeChange is ticked
- The ledger period the journal is posted to is
not globally locked
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2012 Jiwa Financials. All rights reserved.
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