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Recurring journal entries

  • 1.  Recurring journal entries

    Posted 12 days ago
    ​What is the best method to enter a handful of journal entries every month that stay the same for most of the year?  Should I create a Batch with a number of recurring periods?  If so, will I be able to change the amounts fairly easily?  I'm brand new to GP.
    thanks
    Heidi

    ------------------------------
    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
    ------------------------------


  • 2.  RE: Recurring journal entries

    GOLD CONTRIBUTOR
    Posted 12 days ago
    @Heidi Love

    Hi Heidi,
    I will share with you what we have done to create Recurring Journal Entries.

    We created a batch called "RECURRING".  (From the Transactions pane of Financial Module, create a new batch and name it RECURRING.)
    Batch ID Recurring - Options
    You have the option for how frequently the batch will be posted.  (Ours shown above is posted Monthly.)​  You also have the choice of whether to carry over the recurring amounts, or whether to clear them each time the batch posts.  In one company, we carry the amounts forward.  (If this is what you want, leave the box labelled "Clear Recurring Amounts" unchecked.)  In another company, we have checked this box, and then the account numbers carry forward each month with zero dollar amounts.  Both work very well, just a matter of whether your amounts are more likely to change, or more likely to stay the same each posting.

    Then, in the example above, you will see that we actually have 7 different journal entries in this batch.  Each separate entry is just like a regular entry, except that you assign it to the "RECURRING" batch.  Each month, we review the amounts for each entry within the batch, updating if needed, and when all amounts are verified, we post the whole batch.

    Good luck - let us know if you have questions.

    Maureen

    ------------------------------
    Maureen Martin
    Finance Manager
    Home Repair Services
    Grand Rapids MI
    ------------------------------



  • 3.  RE: Recurring journal entries

    Posted 12 days ago
    ​Thank you ladies!  I will try it out!

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    Heidi Love
    Industrial Metal Supply Co
    Sun Valley CA
    ------------------------------



  • 4.  RE: Recurring journal entries

    GOLD CONTRIBUTOR
    Posted 12 days ago
    As previously indicated, setting up recurring batches is quite possible.  I used this feature all of the time for my month end accruals.

    One thing of note is that if you use the recurring batches, the journal entry number will remain the same each month.  This can get quite confusing if you are looking at reports for a specific JE number.

    ------------------------------
    Leah Nolan
    Great Plains Administrator
    XO Group, Inc
    Austin TX
    ------------------------------



  • 5.  RE: Recurring journal entries

    TOP CONTRIBUTOR
    Posted 11 days ago
    To expand on Leah's comment, each recurring post will have an incrementing suffix (-001, -002...) appended to the journal number to show the number of times posted.  This will make each journal number unique (which is required).

    One other option to keep in mind is quick journals.  They are useful for entries that you post often with the same accounts but different amounts, and that may not be a good fit in a recurring batch.  Quick journals post as single transactions, not in a batch.  A common use for quick journal entry is prepaid expense recognition.

    In the quick journal setup window, you create a template with all the account numbers that are included in the entry.  One account is designated as the Offset Account and is the balancing account for the  transaction.  The template is saved with a unique ID that you assign.

    In the quick journal entry window, you enter the quick journal template ID which populates the accounts that you entered in setup.  Then you enter the amounts for the accounts in the template except for the offset account, which automatically balances the entry.  You can tell that you have entered the amounts correctly when the offset account amount equals the expected amount for that account.  You post directly from the quick journal entry window.  The entry cannot be saved without posting.


    ------------------------------
    Lou Spevack
    Systems Accountant | Dynamics Credentialed Professional
    American Council on Education
    Washington DC
    ------------------------------



  • 6.  RE: Recurring journal entries

    Posted 11 days ago
      |   view attached
    ​If you use excel spreadsheets to calculate your re-occurring journal entries there is an easy way to Copy/Paste from Excel to  Dynamics GP Journal Entry.



    ------------------------------
    Natalie Quigley
    Controller
    Lakeshore Community Services
    Erie PA
    ------------------------------

    Attachment(s)

    pdf
    je.pdf   101K 1 version


  • 7.  RE: Recurring journal entries

    TOP CONTRIBUTOR
    Posted 11 days ago
    Hi @Natalie Quigley

    It depends on what version of GP you are in, but most likely you have the functionality.

    Just make sure that your JE's are formatted in exactly this format:


    Then, enter the header piece of the JE entry - if it's recurring it should already be there (Date, Reference, Etc)

    Then pop down into the first Account Number Field and click on the Excel Icon to copy in the JE.




    ------------------------------
    Kindest Regards,
    Jo deRuiter , MCP, DCP
    "That GP Red Head"
    AISLING DYNAMICS CONSULTING, LLC
    Advanced Credentialed Professional-Dynamics GP
    GPUG Academy Instructor
    Co-Chair: GPUG GP Credentialing Exam Council
    Chairman, GPUG Partner Advisory Board
    Principal Financial Systems Consultant
    Milwaukee, WI
    770-906-4504 (Cell)
    ------------------------------



  • 8.  RE: Recurring journal entries

    TOP CONTRIBUTOR
    Posted 11 days ago
    A clarification to my comment.... It's the batch ID that gets the incrementing suffix and not the JE number.  Each recurring post of the batch generates a new set of journal entries.

    ------------------------------
    Lou Spevack
    Systems Accountant | Dynamics Credentialed Professional
    American Council on Education
    Washington DC
    ------------------------------



  • 9.  RE: Recurring journal entries

    TOP CONTRIBUTOR
    Posted 8 days ago
    I'm a big fan of quick journal entries over recurring entries for month-end entries with amounts that change.


    ------------------------------
    Kathy Kim
    Director of Finance
    Donor Network of Arizona
    Phoenix AZ
    ------------------------------