Journal Entry

Accounting activity that is not generated through regular system transactions such as purchasing, shipping, invoicing, and production activity can be recorded in a General Journal Entry. Adjusting entries can also be handled by using General Journal Entries. Journal entries in Deacom must contain the appropriate Account Numbers, a Description, the Currency in which the posting will be made, and Debit and Credit amounts that equal, thereby ensuring accounting equation is maintained. As described in the Journal Type field description below, four types of journal entries are allowed in the system to cover all Accounting needs. Additionally, User Fields with a "File" of "Chart of Accounts" are now available to this grid.

Manual journal entries are added exactly as entered instead of being consolidated. For example, assume a debit line is added to an account for $100.00, a credit line is added to a different account for $150.00, and then a debit line is added to the same account used in the first step for $50.00. Once the entry is posted, viewing the entry in the Accounting Reporting Journal Entries report will show that the entry appears as three separate lines.

Manual journal entries are used to record transactions such as depreciation, payroll, interest expense, transfers between cash accounts, etc. and to complete the Month End and Year End Closes processes.

System Navigation

Accounting > Journal Entry
Accounting > Journal Entry Reporting > New (Beginning in version 17.02.003)

Journal Entry Buttons

Field/Flag	Description
Add Line	Opens the Edit Journal Entry form and allows the user to enter details for a new Journal Entry.
Modify Line	Opens the Edit Journal Entry form populated with the details of the selected line and allows the user to modify those details. Beginning in version 17.02.018, record locking has been added to temporary journal entries and the "Accounting -- override record locks" security gives permission to override another users changes to a temp journal entry, when modifying an entry locked by another user.
Delete Line	Deletes the highlighted Journal Entry.
Reverse Entry	Swaps the Debit and Credit amounts.
Closing Entry	Opens the Closing Entry form used for the year end close process. On this form: The "Start Date" and "End Date" fields are automatically populated based on the previous Fiscal Year. If these dates are not correct, review the Fiscal Year setup. The "Position Filter" may be used to filter the accounts that will be included in the Closing Entry by an Account Position. When filtering by Account Position via the "Position Filter" field above, the "Equals" field defines the one position value that is being selected. Upon clicking "Save", the "Date" on the New Journal Entry form will populate as the first day of the new Fiscal Year and the "Description" of the Journal Entry line will populate as "Closing entry". This description should not be changed as the system uses it to identify the entry as the year's starting balance.
Import Excel	Allows users to import Journal Entries using a properly formatted Excel spreadsheet. When importing Journal Entries with a foreign currency (meaning a currency different than the default) the system will ensure that the debits and credits are set to the foreign currency specified on the imported Excel spreadsheet. In this case, the values in the gl_credits and gl_debits field on the spreadsheet will be imported into the gl_fccredits and gl_fcdebits fields on the journal entry form in the system. The system will then convert the gl_fccredits and gl_fcdebits values to the default currency and populate the gl_credits and gl_debits fields respectively.
Post Entry	Posts the Journal Entry, displays a GL posting Reference Number, and allows the user to print the entry. If a user attempts to post an entry but the debits and credits are not in balance, the system will display a prompt and not post the transaction. The printed output uses the "Toolbox" Report Layout, which may be modified to fit company needs and lists the current date rather than the GL date of the Journal Entry. Access to this button is controlled via the security setting "Accounting -- post journal entry". This setting allows one user to create and save a Journal Entry as a temporary/template entry (via the "Save To Temp" button) and a second user to review and post the entry as a permanent Journal Entry.
Save To Temp	Saves the Journal Entry as a template entry, which is NOT posted to the GL. Additional features and controls for temporary journal entries are available via the Accounting > Journal Entry Reporting area.
Delete Temp	Allows the user to delete a previously saved template Journal Entry. The security setting "Accounting -- delete temp journal entry" controls access to this function.

Journal Entry Form

General Tab

Field/Flag	Description
Date	Displays the posting date for the Journal Entry, defaulting to the current date.
Description	Displays the purpose of the Journal Entry, up to 60 characters, and populates the "Description" field of the Edit Journal Entry form used to add or modify entries. The user can set the way in which this description is applied to the lines in Accounting Options.
Currency	Search field used to define the Currency in which the entry will be posted. Deacom requires one default Currency.
Copy Entry	Search field used to select a previous entry to copy as a base for the new Journal Entry. This search will only yield previous manual entries, denoted by the "J-" naming convention.
Copy Temp	Search field used to select a previously created temporary/template entry to copy as a base for the new Journal Entry.
Journal Type	Pick list used to determine the kind of Journal Entry. Options are: Closing Entry - Used to post all Balance Sheet accounts (Assets, Cash, Inventory, Liabilities, and Capital) fiscal year-end totals on the first day of the new Fiscal Year. Populates the "Date" field with the first day of the new Fiscal Year and the "Description" field with "Closing entry". This description should not be changed as the system uses it to identify the entry as the year's starting balance. The security setting "Accounting -- create closing entries" controls access to this Journal Type. Normal - Used to record a one-time entry, such as payroll that varies month to month. Recurring - Used in conjunction with the "Occurs On Date" and "Occurrences" fields to record the same entry a pre-determined number of times, such as depreciation expenses that are the same every month. Reversing - Used in conjunction with the "Reversing Date" field to record an entry that will be reversed on the specified date, such as accrued commissions or accrued liabilities. This type is NOT the same as the "Reverse Entry" button. Creates two separate entries - one on the current date and another on the "Reversing Date" specified. Could skew year to date Financial Statements since the reversing transaction is booked when "Post Entry" is clicked.
Reversing Date/Occurs On	Only available when "Journal Type" is set to "Recurring" or "Reversing". Displays as "Occurs On" when "Journal Type" is set to "Recurring". Pick list used in conjunction with the "Occurrences" field to determine if the entry or entries will occur at the end of the fiscal period, end of the month, or on the same day. Displays as "Reversing Date" when "Journal Type" is set to "Reversing". Used to select the calendar date on which the posted entry will be reversed.
Occurrences	Only available when "Journal Type" is set to "Recurring". Used in conjunction with the "Occurs On" field to determine the number of times this entry will occur.
Debit Total	Displays the total Debit amount in the default Currency for the Journal Entry. Useful for entries containing a large number of lines.
Credit Total	Displays the total Credit amount in the default Currency for the Journal Entry. Useful for entries containing a large number of lines.

User Fields tab

Deacom allows the creation of user-defined fields that, once created are available in various master data records, such as Items, Vendors, Ship-To-Companies and many others. These fields allow companies to enter and store information outside of the fields provided in the system. User fields can also be used in connection with User Calculations and are available for printing on the majority of Part Forms and Report Layouts throughout the system.

Journal Entry User Fields are also available on the following reports and grids in the system: Journal Entries, Temp Entry Detail, Temp Entry Summary, Entry Summary, and Entry Detail.

Edit Journal Entry Form

Opened via the "Add Line" or "Modify Line" buttons on the New Journal Entry form.

Field	Description
Account	Search field used to select the appropriate Account.
Debit	Displays the Debit amount.
Credit	Displays the Credit amount.
Rate	Allows user to change the currency rate used when posting journal entries. The Rate field is disabled when the Currency field is set to the system's default currency.
Description	Displays the purpose of the Journal Entry, up to 60 characters, based on the "Description" field on the New Journal Entry form.
Currency	Search field used to select the Currency for the line.