Post Journal Entries

OBJECTIVE

The Post Journal Entries function is used to correct errors or conduct transfers between the various accounts in the trial balance. It can also be used to create adjusting entries at year end.

This option should be used carefully because it can create discrepancies between account balances and their respective backups. For example, if a journal entry affects a customer’s account, the A/R control list will no longer match the amount in the general ledger.

PREREQUISITE

Chart of Accounts

Steps

maestro* > Accounting > General Ledger > Processing > Post Journal Entries

Create a journal entry

Enter the required information in the Detail tab:

Field

Description

Regular

Used to show that the journal entry is a regular entry and will be transferred on the transaction date.

Adjustment

Allows user to make an entry in a closed year.

NOTE: Maestro* uses the date of the last day of the last closed year.

Accrual

Used to show that the journal entry is a reversible entry.

NOTE: The system automatically reverses the accounting entry the day after journal entries are transferred.

Reversal

For information purposes, shows that the journal entry is a reversal entry.

NOTE: This information is only displayed for transferred transactions.

Recurring

For information purposes, shows that the journal entry is a recurring entry.

Date

Used to identify the transaction date of the journal entry.

Comments

Used to enter a comment to make it easier to understand accounting entries when consulting journal entries or printing certain general ledger reports.

NOTE: The system automatically enters a comment for certain accounting entries generated by the system.

Status

Displays the status of the transaction. This can be Transferred or Not Transferred.

User

For information purposes, displays the user code of the person who created the transaction.

Breakdown section:

Field	Description
Regular	Used to show that the journal entry is a regular entry and will be transferred on the transaction date.
Adjustment	Allows user to make an entry in a closed year. NOTE: Maestro* uses the date of the last day of the last closed year.
Accrual	Used to show that the journal entry is a reversible entry. NOTE: The system automatically reverses the accounting entry the day after journal entries are transferred.
Reversal	For information purposes, shows that the journal entry is a reversal entry. NOTE: This information is only displayed for transferred transactions.
Recurring	For information purposes, shows that the journal entry is a recurring entry.
Date	Used to identify the transaction date of the journal entry.
Comments	Used to enter a comment to make it easier to understand accounting entries when consulting journal entries or printing certain general ledger reports. NOTE: The system automatically enters a comment for certain accounting entries generated by the system.
Status	Displays the status of the transaction. This can be Transferred or Not Transferred.
User	For information purposes, displays the user code of the person who created the transaction.

Fields followed by the * character are mandatory fields.

You can import transactions from a text file or from another system, such as Cognicase or Desjardins, by clicking the Import journal entries icon.

Field

Description

Account No.*

General ledger account to which the correction is allocated as a debit or credit.

Description

Description of the general ledger account.

Company

Company name.

NOTE: Available in multidimensional mode only.

Comment

Used to enter a comment to make it easier to understand accounting entries when consulting journal entries or printing certain general ledger reports.

Debit/Credit*

Amounts to be allocated.

Field	Description
Account No.*	General ledger account to which the correction is allocated as a debit or credit.
Description	Description of the general ledger account.
Company	Company name. NOTE: Available in multidimensional mode only.
Comment	Used to enter a comment to make it easier to understand accounting entries when consulting journal entries or printing certain general ledger reports.
Debit/Credit*	Amounts to be allocated.

You can create a new transaction by reversing the amounts (debit/credit) in an existing accounting entry (not transferred or transferred) by clicking the Reverse this Entry icon.

You can create recurring transactions by clicking the Recurring Transactions icon. These transactions are then converted to regular entries. To do this, select the recurring entry and click the Transfer to Regular Entries icon specifying the transfer date.

Click Save.
Click Transfer the Transaction.

Last modification: September 20, 2024