basic overview of journals

7/28/2019 Basic Overview of Journals

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Basic Overview of Journals

PPT by Manoj K

Email: [email protected]


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Topics That I Will Cover

Balance Primarily requires the user to validate that the

journals that are posted are balanced. Total Debitshould add to up Total Credit for the given time

period. Auto Reverse

This allows the user reverse the values for Debit andcredit in the next period.

Reopen in Next Period This allows the user to reopen the journal entry for

the next time period.


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Journal Screen Interface

Most of the steps will start from this screen to illustrate Balance, Reopen

in the next period, and Autoreverse.

Its important that you are working correct model for the Journal entry

(located on the top right part of the screen). I will be using Consolidation

and Sales Revenue model for the 3 examples.

Once you have selected the right model, Click on New for Journal Entry.


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Balance

For the Balance example I will be using the Sales Revenue Model.

We need provide data for Account revenue, Entity, and Interco

Dimensions.

Account Revenue will be primarily Accounts Recievable and Accounts Payable.

Entity will be India

Interco will be India as well

Once we provided the Dimension data, we need to input Debit or Credit

value for the Journal Entry.


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Balance (contd)

This is a typical scenario for Balanced feature as illustrated below:

Its Important that the user checks off Balanced and the values for Debit

and Credit should be equal. If the values dont equal, then the Total bar

will be highlighted red and you will not be able to post it.

In the next screen, you will have to verify the post and click on OK.


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Balance (contd)

Once the user posted the journal, Journal entryscreen will be locked so that the user will be ableto change the values.

In this instance, the user has 3 options: Close the journal entry screen (to accept the entry).

Unpost the journal entry (similar to Undo and allowsthe user the edit the values).

Report (allows the user to view Journal Entry

properties like who created the journal, Status, modelthat is effected, dimensions used, the values that areinserted, etc.

Next slide illustrates the report.


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Balance (contd)


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Balance (contd)

In this example, we are balancing the entry case bycase.

Other option forces users to Balance the entry at aglobal level.

This situation is useful for consolidation purposes, becausethe business groups wants the bookkeeping accurate onmonthly basis.

The Disadvantage when using this feature is that once you

have set Enforced Balanced Journals, it makes the userbalance all the journal entries posted for the model.

Location of Enforced Balanced Journals is illustrated inthe next slide.


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Balance (contd)


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AutoReverse

This feature allows the user to switch the values for debit and credit thenext period.

This is useful for monthly bills that are relatively constant like rent, utilitybills, etc.

In the next slide (slide 11) I will illustrate the basic fields that will be filled

and make sure that AutoReverse feature is checked off.

I will be using the Sales Revenue model for this example.

I will be using January 2011 time period for inserting the journal entry, butthe Autoreverse will take place for Febuary 2011 time period to see ifAutoReverse took place once the user has posted the entry. Difference

between the time periods can be viewed between slides 11 and 12. Slide 12 illustrates where the AutoReverse took place. Important point to

notice is that the values for Debit and Credit have been switched.Compare the values we posted to the values that were used for theAutoReverse feature.


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AutoReverse (contd)


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AutoReverse (contd)


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Reopen in Next Period

This feature allows the user to reopen in the next

period (usually the following year).

The Administrator has to do 2 things before he is

allowed to use that feature:

Enabling the feature (which is illustrated in Slide 14)

Setting up the Reopen Rules (Slide 15 illustrates the

parameters I used for the Reopen Rules). I will be using Consolidation Model to illustrate

this feature.


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Its important that I am using Rate Type as way of filtering and I keeping Source Info

same as my Destination Info (this allows me to reopen this entry in the following

year).


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Once we have taken care of those 2 conditions, we canstart entering values journal entry form.

Whatever conditions that we have specified in theReopen Rules, we have to match in the journal entryform.

Also, we need to check off Reopen in Next Period Box.

Since we are specifying for February 2011 time periodfor Journal Entry, we need check February 2012 to seeif Reopen in Next Period took place.

Slide 17 illustrates the parameters that the user filled infor the Journal Entry.


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