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.
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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
Steps
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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.
Confirmed
Transaction not transferred.
If the status if Confirmed, when saving the transaction the system applies the following validation rule:
- The debit and credit amounts must balance (Debit = Credit).
- If the debit and credit amounts balance, the system will accept to save the transaction which will change status from Entered to Confirmed.
- If the debit and credit amounts do not balance, the system will accept to save the transaction, but the status will remain Entered and a warning message will be displayed.
When the status is Confirmed, if a line is added, deleted or modified and if the debit and credit amounts no longer balance, when saving the transaction the status will change from Confirmed to Entered.
NOTES : This is the default status when creating or saving a transaction.
A transaction can only be transferred if the its status is Confirmed.
Transferred
Transaction transferred.
Status one the transaction transfer is completed. The transaction can no longer be modified.
User
For information purposes, displays the user code of the person who created the transaction.
Source
Identifies the transaction source.
Available values:
- Breakdown section:
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.
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.
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.