[GL] How to setup and use GL Auto Journal Entry

The Auto Journal Entry feature lets you set up recurring journal entries to run automatically each month. You can choose fixed amounts or amounts calculated from percentages or ratios. These entries can run indefinitely or for a set time period. Once set up, the GL Auto Journal Entry program will handle posting them.

There are three types of allocations for auto journal entries:

1. Percent – Posts a fixed percentage of an account or total.

2. Ratio – Posts a percentage based on the ratio between two accounts or totals.

3. Fixed Amount – Posts a fixed amount.

You can use these types alone or together, depending on the complexity of the entry. You can base entries on fixed amounts, account balances, or previous totals.

Possible Uses:

• Prepaids: Automatically expense prepaids by debiting an expense account and crediting a prepaid account for a set amount over a specified time.

• Overhead Expenses: Auto allocate overhead costs based on percentages or calculations from other accounts (like sales or profits).

To use this feature:

1. Set up recurring journal entries in the GL Auto Journal Entries maintenance program.

2. Each month, run the program to post the entries.

Setup Instructions:

1. Choose the Journal and enter the Entry # (must balance to 0).

2. Enter the Sequence # (at least two sequences per Entry #).

3. Select the Fixed Amount allocation type.

4. Enter the amount for the sequence.

5. Select A-GL Account for Post To.

6. Enter the GL Company # and GL Account.

7. Set the frequency for the entry.

8. Add a Reference and Description.

9. Optionally, enter a Last Mth to Post.

TIP: The default system can post up to 2029. Enter 1/30 to pull a year like 1930 based on your computer settings.

Posting:

1. Run the GL Auto Journal Entry program.

2. Choose the Transaction Date and frequency.

3. Click Initialize to create a new batch of entries for posting.

CAUTION: Running the GL Auto Journal Entry multiple times for the same setup can cause duplicate entries.