Creating Templates for Recurring Journal Entries

Use the Recurring Journal Entry window to create or modify a template for a recurring journal entry and set up your system to automatically post payables that are made at regular intervals. For example, you can create recurring journal entries for payables such as rent, or expenses such as the depreciation of company vehicles.

To create a template for recurring journal entries:

From the G/L > Recurring Journal Entry menu, select Recurring Journal Entry to display the Recurring Journal Entry window.

From the File menu, select New.

In the Description field, type a short description for the recurring journal entry template The description can be up to 40 alphanumeric characters long and spaces are allowed.

In the Next Posting Date field, enter the date in MM/DD/YYYY format on which you want the first recurring journal entry to post. This is the date on which the next posting date occurs. After the posting occurs, the system uses this date and the number of days in the Post Every area to calculate the next posting date.

You can enter a date in the past, as the system posts pre-dated journal entries. However, if a posting date is in a closed period for a G/L account, the system posts the journal entry on the first available date in the open accounting period, along with a note explaining the source of the transaction.

In the Post Every area, enter a number in the field next to either Days, Months, or Years to indicate the frequency of the recurring journal entry. For example, you can have the journal entry occur every 25 days, every 2 months, or every year. You cannot set more than one frequency.

To...

Do this...

make a weekly journal entry

enter 7 in the Day(s) field.

make a monthly journal entry

enter 1 in the Month(s) field.

make a quarterly journal entry

enter 3 in the Month(s) field.

make a yearly journal entry

enter 1 in the Year(s) field.

set up an end-of-month posting

Do all of the following:

In the Next Posting Date field, enter a month-end date.
In the Post Every area, enter a number in the Months field.
Select the At The End of The Month check box.

Each subsequent posting date is the last day of the designated month, rather than a designated date.

In the Expire After area, if you want this recurring journal entry never to expire, leave all information for this field blank. If you want this recurring journal entry to expire after a number of postings have occurred, after a dollar amount has been reached, or after a date, enter that information in one of the following fields:

Expire After Number of Postings - Enter a number of postings after which the recurring journal entry stops.

Dollar Amount - Enter a dollar amount after which the recurring journal entry stops.

Date - Enter a date after which the recurring journal entry stops.

Field	Description
Total Postings	The number of postings that have been made to date display.
Total Posted Dollars	The total dollar amount that has been posted to date displays.
Remaining Postings	The number of postings remaining displays. If the system cannot determine the remaining postings, or if the recurring journal entry is set up not to expire, the system displays three asterisks (***).

From the Options menu, select Journal Entry to display the Journal Entry window.

From the Options menu, select G/L Accounts to display the Recurring Journal Entry G/L Accounts window. Use this window to designate which G/L accounts the system should track when calculating the amount for the Total Posted Dollars field.

You can select either debit or credit postings, but not both. If you select both debit and credit postings, the postings cancel each other out.

Save your changes and return to the Recurring Journal Entry window.

Save the recurring journal entry and close the window.