How do I set up repetitive journals?

Summary

This article explains how to setup repetitive journals.

More Information

Repetitive or frequent transactions can be set up in the Nominal Ledger which are posted automatically for you. These transactions need to be of a fixed value.

Go to " Nominal Ledger Maintenance Options Regular Postings". You will see a list of your existing repetitive journals.

• Create a "Posting code" for the posting. This is simply unique code that you use to differentiate between journals. e.g. 'A00001' etc.
• Create a description for the posting.
• In the "Posting dates" section, choose how often you want the transactions to be posted. If you select 'Months', you will be required to also choose a "day of the month" on which the transactions will be posted.
• Set the 'Last posted' date. This defaults to the system date but should be set differently depending on whether you chose 'Days' or 'Months' in "Post every".
  • If you chose 'Days', you should set the "Last posted" date to the same number of days before the date you want to start posting as how often you want the transactions to post, i.e. if you want to start posting on 15th January and continue posting every 7 days, then enter 8th January here.
  • If you chose 'Months', you should set the "Last posted" date to be last day of the Month before you want the posting to start, i.e. if you want the posting to start in January, enter 31st December.

Once you have set up the posting with the correct dates, the system will then start to post any outstanding journals automatically from the day after you have set up the journal. Check your "Last posted" date very carefully to prevent any unnecessary postings being made. To avoid confusion, you should post any old, "out of date" journals manually, and set the "Last posted" date no earlier than the previous month.

• Enter the Expiry Date of the posting if there is one. For example, if the posting is for an HP agreement, then it will expire at the end of the term, which might be three years or more. If it is a depreciation posting, then it may well expire every year if you are working on a reducing balance method.

This option can be used for HP postings, Depreciation, Accruals,Prepayments and any other fixed value items.

See also

• Why can't I Set up a Regular Journal to Profit & Loss Centres?

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Keywords AND Misspellings

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