What are the different types of journals in general ledger?

·         Functional Currency JLàThe Journals will enter in Local Currency.

·         Foreign Currency JLàThe JL’s will enter other than local currency, for transactional purpose.

·         Suspense JL à this Journals’ whenever the Debit is not equal to credit that time, will enable in SOB window suspense account button, then it will work, otherwise it will not work and the diff amount will create line with Suspense account.

·         TAX JLàThis JL, calculate the taxation of purchased item.

·         Reverse JLà This JL’s, whenever we enter recurring JL’s at the time of using, we have two methods, one is debit or credit and another one is Sign (+ or -).

·         Recurring JLà this one will define one template and we use periodically.

                                                                                                              i.      Standard

                                                                                                             ii.      Skeleton

                                                                                                           iii.      Formula

·         Mass Allocations JLà Set of Expenses or Set of Revenue allocate different parts using Formula A*B/C A is Total Cost Pool...B is Usage Factor...C is Total Usage Factor...

The basic concept of mass allocation is dividing the cost on some factors.

·         Batch JLàGroup of Journals we enter at a time. We have control amount.

·         Start JLàThis JL’s we have one side amount either credit or debit.