Understanding Types of Journal Entries

When you enter a journal entry for a ledger type that is required to balance, the debit and credit amounts must balance.

You can use journal entries to enter these types of transactions:

• Basic journal entries.

  Use the Journal Entry (P0911) or the Journal Entries with Debit/Credit Format (P0911) program to enter basic journal entries. The Journal Entries with Debit/Credit Format program has separate columns for debit and credit amounts so that you do not have to enter the minus sign for credit amounts.

• Reversing journal entries.

  Reversing journal entries are used most often for periodic accruals.

• Percent journal entries.

  Allocate amounts to different accounts in your general ledger based on the percentage that is entered for each transaction item.

• Model journal entries.

  Reduce data entry time by creating a set of templates for frequently used journal entries.

You can enter journal entries for the various ledgers that you have set up for budgets, statistical information, units, and so on. The system uses ledger type codes to separate balance amounts and units for each ledger. These are some examples of ledger type codes and their corresponding ledgers:

• AA: Actual amounts

• BA: Budget amounts

• AU: Actual units

• BU: Budget units

You can also enter journal entries to record a taxable entry, such as value-added tax (VAT) or similar taxes, and journal entries with foreign currencies.

The system provides a processing option for a debit and credit format, as well as a separate menu selection for that format. The debit and credit format allows you to enter an amount into a debit or a credit field. In this format, you do not need to include the minus sign for credit amounts.

See also:

• "Entering and Revising Tax Information on Orders and Transactions and Entering Journal Entries with VAT" in the JD Edwards EnterpriseOne Applications Tax Processing Implementation Guide.