About Consolidation Journals
During a financial period, you may need to adjust data after it is entered or loaded into base-level entities. Consolidation journals provide an audit trail of changes made in the application and indicate which users made adjustments and which accounts, entities, and time periods are affected.
Note:
The Consolidation Journals feature is only available if it was enabled during application configuration. An administrator can optionally enable a workflow for Consolidation journals.
The journal tasks that you can perform depend on the role assigned to you by the administrator. If a journal task is not available due to security, or the state of the data or journal status, it is either disabled or displayed with a message that you do not have the rights to perform the action.
With journals, you can:
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Create double-sided journal entries by using debits and credits
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Balance entries, or allow unbalanced entries. You may want to create unbalanced journals if you have data from varying systems, or if the journals are offset by other business processes, such as custom rules or data loads. To allow unbalanced journals, you must select the Unbalanced Journals option during the Enable Features process. If you select this option, all users who can create journals can create unbalanced journals, which are allowed for all Scenarios, Entities, Consolidation members, Entity currency and all input currencies. To enable, see Application Feature Descriptions.
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Create recurring journals that are repeated for a number of future periods
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Create auto-reversing journals that generate reversing entries in the next time period
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Use the journal approval process to provide accountability
Watch the following video for an introduction to journals:
