Types of Recurring Journals

You can use the following types of recurring journal entries to reduce data entry time and increase accuracy for journal entries that repeat each period.

• Skeleton: With no amounts

• Standard: With set amounts

• Formula: With variable amounts

Skeleton Journal Entries

Skeleton journal entries contain the same accounts each period, but have different amounts. After you generate skeleton journal entries, edit the unposted journal batch by entering the journal line amounts on the Edit Journals page.

Use skeleton journal entries to record statistical journals, such as headcount, units sold, barrels of oil, or other statistical factors. For example, to enter headcount for your cost centers each period:

1. Define a skeleton entry with your headcount accounts.

2. Generate the skeleton entries.

3. Enter the actual headcount amounts before posting the batch.

Note:

Set the journal entry to reverse automatically at the beginning of the next period if you enter the total headcount each period. Otherwise, if you only enter the change in the headcount each period, a reversing journal isn't required.

Best practices recommend that you create skeleton recurring journal entries in spreadsheets or copy existing journals.

To create journals in spreadsheets:

1. Navigator > Journals.

2. Select the Create Journal in Spreadsheet link to download the workbook template once.

3. Create and save the skeleton journal entry.

4. For each period open the template and enter the amount for the journal lines already in the template.

5. Upload the batch.

6. Open the journal on the Edit Journal page and add the amounts.

7. Once the updates are made, save, complete, and post the journal batch.

To copy journals:

1. Navigator > Journals > Manage Journals.

2. Search for the journal to copy.

3. Open the journal.

4. Click the Batch Actions Menu > Copy.

5. Make the wanted changes to the new journal.

6. Save, complete, and post the journal batch.

Standard Recurring Journal Entries

Standard recurring journal entries contain the same accounts and amounts each period. Just as with skeleton recurring journal entries, best practices recommend that you create standard recurring journals in spreadsheets.

1. Navigator > Journals.

2. Select the Create Journal in Spreadsheet link to download the workbook template once.

3. Create and save the standard journal entry.

4. For each period, upload, and submit the batch with posting selected. The recurring journal batch is created and posted.

Formula Recurring Journal Entries

Formula recurring journal entries contain formulas created using the formula component and allocation wizard in the Calculation Manager. These formulas calculate journal amounts that vary from period to period and are based on existing account balances or other criteria.

Use recurring journal entries to perform simple or complex allocations or eliminations. For example, you can allocate:

• A portion of your rent expense to another division.

• A pool of marketing costs to several departments based on the ratio of department revenues to total revenues.