Working with Enterprise Journals in Account Reconciliation

Preparers can create a journal directly on a transaction and other users may view the journal. You can create a journal for any transaction that does not already have a journal associated with it. Each transaction can have only one journal associated with it, however each journal can have many transactions.

Preparers can create, delete and view journals in Reconciliation Compliance by accessing any of the following:

  • Reconciliation Actions
  • Transaction Actions
  • Transaction List - creating journals from the Transaction List allows you to create a journal for a maximum of 100 transactions. The Transaction List also allows you to see transactions across different reconciliations.

Note:

The examples in this topic show how to create and delete from Reconciliation Actions. However, the functionality is available from Transaction Actions and the Transaction List as well.

Creating Journals in Account Reconciliation

To create a journal:

  1. In Account Reconciliation, from Home, select Reconciliations.
  2. Click Select Columns and choose these columns for Enterprise Journals: Journal ID, Journal Name, Journal Workflow Status, Journal Posting Status, and Journal Posting Message

  3. On the Reconciliation Actions dialog, select one or more transactions that you want to create a journal for, and click Create Journal.
    Reconciliation Actions Creating Journal
  4. The Creating Enterprise Journals dialog displays and is the same as in EPM Enterprise Journals. A dialog for creating an Ad-Hoc Journal in EPM Enterprise Journals is displayed. For details about Ad-Hoc journals, see Creating Ad-Hoc Enterprise Journals in Working with Financial Consolidation and Close.
    Create Ad-Hoc Enterprise Journal
    1. Select a Journal Period.
    2. Select a Journal Template from the list of available templates for that period.
    3. If the selected template on EPM Enterprise Journals requires an approver, then select an Approver and click OK.

      A journal will be created on EPM Enterprise Journals. Fields on the journal will be auto-populated based on the mappings setup by the administrator.

      Here's an example of a journal. Line 1 corresponds to the Reconciliation Account while Line 2 corresponds to the Offset Account. The Journal Actions dialog allows you to perform many actions on this journal such as editing.
      Example of a Created Journal

    4. Once you have completed your work on this journal for this transaction, click Submit.

      You can now see the transaction in Account Reconciliation with the associated Journal ID and other journal attributes.

      You can also see the journal in the Journals dialog in EPM Enterprise Journals within Financial Consolidation and Close and can search for that journal based on the Journal ID.

Deleting Journals

You can delete one or more journals at a time from Account Reconciliation as well as from Enterprise Journals in Financial Consolidation and Close.

Ad-Hoc Journals can be deleted by Preparers as well as Service Administrators. However, Ad-Hoc journals will not be deleted:

  • if the Journal Posting Status is Post in Progress or Posted. Only ad-hoc journals with the Journal Posting Status as Not Posted can be deleted.
  • when the period associated with the Ad-Hoc journal is locked

To delete one or more journals in Account Reconciliation:

  1. From Reconciliation Actions, select a transaction that has a journal you want to delete and click Delete Enterprise Journal.
    Reconciliation Actions Dialog to Delete a Journal
  2. You are asked to confirm that you want to proceed with the deletion since deleting a journal may impact other transactions associated with that journal. Click Yes to confirm.
    Deletion warning message

Note:

If you delete a transaction, the journal associated with that transaction is not deleted.