Creating and Posting Journal Entries

Screen ID: 

Screen Title: 

Panel Number:

UGLTRS1C

Work With Journal Entries

2141

Click here to magnify

Option

Description

Change

Use this option to modify a batch which has been suspended or is waiting to be posted.

·     Only unposted journal entries can be changed. Once you post an entry, you cannot alter the exisitng entries without first unposting it.  You can, however, append to the posted batch.  Refer to this Answer Book item.

Copy

This option will make an exact duplicate of the entire batch, giving the new batch a unique name. For example, the copy can be set up to post on a different date. This feature is commonly used to create a template of entries that can be used again to save typing the same entries over and over. You may use this option on more than one entry to make copies of more than one batch at the same time.

Delete

Use this option to delete an entire batch. One confirmation screen will appear.

·     HINT: It is a good idea to use the Change option to view the details on the batch before deleting it, to be sure you are using the right batch.

Rename

This option is used to change the name of the J/E batch, including the Corp ID, J/E Date, ID, and ID # fields. You may use this option on more than one entry to make copies of more than one batch at the same time.

·     One very valuable reason to use this option is to change the date on which journal entries will post to the G/L.

Post

Use this option to post one or more batches. For example, if several batches are ready to be posted today, select the item and select Post. One confirmation message will appear so that you can cancel the operation if necessary. Using Enter again will post all entries at once.

·     This option can save time when multiple batches are being posted during the day. Instead of posting each batch after it is created, use F6-New J/E Batch on the detail screen as each batch is completed, then post them all at the same time using this option.

Field Name

Description

Corp ID

The corporation number which identifies your credit union.

Effective Date

The date to which the journal entry batch will be posted in the G/L—in other words, the date the entries will appear on the books. (Also referred to as the J/E Date.) This can be a different date from the day the entries are actually created or posted.

ID

A two-character identifier used to separate batches posted on the same date. This is generally the initials of the person entering the data, or some other code determined by credit union policy.

·     The following codes should not be used when manually entering journal entries:

BA Building Assets subsidiary processing

CD Check disbursement*

CV Check void*

FA Fixed Assets subsidiary processing

IN Investment processing

LA Land Assets subsidiary processing

LI Leased Assets subsidiary processing

PE Prepaid Expenses subsidiary processing

AE Accrued Expense subsidiary processing

TR Primary system-generated transactions (summary transactions generated from end-of-day processing)

ZZ Year-end closing entries generated from year-end processing (can be used when creating reversing/recurring entries, however)

*These journal entries are generated from either check disbursement or reconciliation activity processing.

ID #

A six-character identifier, also referred to as Batch ID, used to further identify the batch. Although any system can be used, it is generally used to record the date (yymmdd) when the batch was actually typed.

·     Using this field to record the date that data was entered can be extremely valuable later when searching for specific journal entries or performing other research or analysis. Be sure to use the yymmdd format, so that sorting is performed properly.

Reversal Date

For reversing batches, this column shows the date on which this batch will be reversed. When this entry is posted, the system automatically creates an “opposite” entry with this date as the Effective Post Date.

SEE ALSO: Reversing Journal Entries

Recurring Date

For recurring batches, this column shows the date on which this batch is due to be repeated. When this entry is posted, the system automatically creates a new duplicate batch with this date as the Effective Post Date.

SEE ALSO: Recurring Journal Entries

Year End Y/N

This column indicates whether or not the batch is used for year-end entries (Y=Yes, N=No).

SEE ALSO: Monthly and Yearly G/L Processing - "Closing the Books"

Status

This column shows the status of the batch.

A Active - This code indicates the batch is ready to be posted—it is in balance, and has not been suspended.

S Suspended - This code indicates the batch has been suspended—it may or may not be in balance, but is not ready for posting.

·     IMPORTANT: In order to post a suspended batch, it must be taken out of suspense and made ready to post. This can be done on the J/E detail screen2122g.

Description

A description of the batch. This is taken either from the first individual entry in the batch, or it can be a specific name given to the batch using the F1=Special feature.

Command Key

Description

F3=Exit

This will exit the screen and return to the menu.

F12=Bypass

Use this to cancel this operation and return to the menu.

F14=Unpost Batch

This is used to unpost a journal entry which has already been posted.

F17=Position to J/E

This is used to reorganize the batches to bring a specific batch to the top of the list. Using the fields in just beneath the column headings, enter at least the Corp ID and the Effective Date (the J/E Date) and use F17 to bring that entry to the top.