Journals which are repeating each and
every accounting period is called recurring journals.
There are three type of
recurring journals.
(1) Standard
(2) Skelton
(3) Formula
(1)Standard:-If we know the amount and account code combination we can use
standard Recurring feature.
Ex: Rent.
Step 1:-Create Standard Recurring Journal
Navigation:-Journal >Define>Recurring
Enter the Batch Name and Description
Enter the Journal Name
Select the Category
Click on the “Lines”
Click on the “OK”
Enter the Line Description
Enter the amount.
Save and close the form.
Click on The Lines Button.
Next Click on the + .It will allow creating new record.
Click on the “ok”
Enter the amount in Negative; it will
display the amount Credit side.
Save and close the form.
Step 2:-Generate the Journal
Navigation:-Journals>Generate>Recurring
Select the Batch
Enter the period name and click on the
Tab.
Click on the “Generate”
Note:-After click on the Generate button, system will run the concurrent
program. After complete the concurrent program query the recurring journal.
Step 3:-Query the Recurring Journal.
Navigation:-Journal >Enter
Enter the Source Name is “Recurring” and click on the “Find”
Click on the Review Journals Button.
(2) Skelton :-If we know the Account code combination and if don’t know the amount
we can use Skelton recurring journal. For example Telephone Bills.
Step 1:-Create the Skelton Recurring Journal
Navigation:-Journal >Define>Recurring
Enter the Batch Name and Description
Enter the Journal Name
Select the Category
Click on the “Lines”
Telephone Bills amount we don’t know
until we received the bill. That is the reason amount is empty.
Save and close this form.
Click
on the Lines Button.
Next
click on the +
Save and close the form.
Step 2:-Generate the Recurring Journal.
Navigation:-Journal>Generate>Recurring
Select the “Telephone Bills” Recurring Batch and entered the period “Oct-13”
Click on the “Generate”
Note:-After click on the Generate button, system will run the concurrent
program. After complete the concurrent program query the recurring journal.
Step 3:-Query the Recurring Journal
Navigation:-Journal >Enter
Entered the Source Name “Recurring” and click on the “Find”
Click on The Review Journals
You can see Blank amount .Enter the amounts and post the journal.
Click on the “Post”
(3)Formula:-Formula Recurring Journal will be created based on the formula. For
example Loans.
Step 1:-Create the formula recurring journal.
Navigation:-Journal>Define>Recurring
Enter the above details and click on the
“Lines”
Enter the above details
As per formula the amount has to be
calculated is 14,400/-
Save
and close the form
Next Click on the Lines Button. And click on the +
Note:-If we entered “9999” as a
line. System will create set-off automatically.
Save and close the form.
Step 2:-Generate the Recurring Journal
Navigation:-Journal>Generate>Recurring
Click on the “Generate”
Step 3: Query the Recurring Journal
Navigation:-Journal>Enter
Enter the Source Name
Click on the “Find”
Click
on the Review Journal
Verify the Journal and post it.
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