Journal Batches

Journal Batches

       

   A journal entry is the record of a financial transaction recorded (entered) in a journal. A journal details all the financial transactions of a business and which accounts these transactions affect.  

Structure of journals:

                Batches=> journals=>header => lines

Batch:

                Batch is a collection of journals. You can organize journal entries with common attributes into batches. For example, you might group your journal entries by type or date. You can have multiple journals in one batch, or you can have a separate batch for each journal entry.

                A batch can contain multiple journals, each of which can belong to a different ledger, but all of the ledgers within a batch must have the same calendar, period type, and chart of accounts.

                All journal entries in a batch must share the same period. You can create a journal batch for any Open or Future Enterable accounting period, but you can only post batches in open accounting periods.

If you do not want to enter batch information, you can enter a journal directly. General Ledger will create a batch for the entry automatically, using the source (Manual) combined with a unique batch ID and the system date.

Note: If budgetary control is enabled, all journals in a batch must be entered for the same ledger

To create new batch with multiple journal entries:

1.       Navigate to the enter journals window

Navigation:

                Journals=> entry

2.       Choose new batch.

3.       Enter batch name.

Note:  If you do not enter a batch name, General Ledger will create a default name from the source, combined with a unique batch ID and the system date. You cannot have duplicate batch names in the same accounting period.

4.       Enter the accounting Period for which you want to post the entries in your journal batch.

Note: General Ledger defaults to the latest Open period.

5.       Enter a description for the journal batch (optional).

6.       Select a Journal Type to indicate whether you want to enter Standard or Average journals.

7.       Enter a Control Total if you want to verify the total debits for your journal batch against the batch control total.

8.       Choose journals to add the journals to batch

Additional information:

        Balance type:

                        Balance Type is a display-only field. It displays Actual when you are entering actual journals and Budget when you are entering budget journals.

Note1:  if batch control amount and journals total amount not equal system will not allow for posting. But we can save action.

Note2:  if you post one journal in the batch system will automatically post all the journals in the batch.

Entering journals

To enter journal:

1.       Navigate to the Enter Journals window.

Navigation:

                Journals => entry

2.       Enter or query the batch for which you are entering journals. To enter a journal without entering batch information, choose New Journal from the Find Journals window.

3.       Choose Journals.

4.       Enter journal name.

Note: If you do not enter a journal name, General Ledger automatically assigns a name using the following format: Source Journal ID Date and time.

5.       Enter description (optional).

6.       Select ledger.

NOTE: Your data access set must provide read and write access to the ledger, or read and write access to one or more of the balancing segment values or management segment values to select the ledger from the list of values.

7.       Select currency.

NOTE: If you use reporting currencies, you can select a reporting currency.

8.       Enter category.

9.       Enter period.

NOTE:  If you entered a period at the batch level, you must use the same period for each journal entry in the batch. If you did not enter a period at the batch level, choose any Open or Future Enterable period for your journal entry. Note that you can only post journals in Open periods.

10.   Enter line numbers, debit and credit accounts.

11.   Enter debit and credit amount.

12.   Save and post it.

Additional information:

1.       You can have multiple journals in one batch, or you can have a separate batch for each journal entry.

2.       Journal should have at least two lines. One is credit line and another one is debit line.

3.       Journal can have two or more lines. But debit lines amount should be equal to credit lines amount.

Journal Source:  a source is used to determine origin of the journal entry.

Journal category: category is used to determine purpose of journal entry.

               

Ledger Sets

Ledger Sets

             

               Ledger set is collection of ledgers which are going to share the same chart of accounts and calendar. Once we define a ledger set system internally generate a data access set with the same name as ledger set, with full ledger data access set.

Steps required for defining ledger set:

                Step1:

                                Define ledger sets

Navigation:

                Setup => financials => ledger sets

1.       Navigate to ledger sets window.

2.       Enter ledger set name.

3.       Enter short name.

4.       Select chart of accounts.

5.       Select calendar.

6.       Select default ledger (optional).

7.       Select ledger/ledger set.

Step2:

        Assign ledger set to GL responsibility by using GL data access set profile option.

Security Rules

Security Rules

Security rules are used to restrict values of the segments of our chart of accounts to a particular responsibility. Security rules always restricted at responsibility level. Using security rules we can restrict all the segments.

Securities types:

1.       Hierarchical security

2.       Non hierarchical security

          In hierarchical security we secure a parent value it is going to automatically secure all the child values associated with a parent.

           In non-hierarchical security when we secure a parent value only parent value is secured but not the child values associated with the parent

        We are not allowed to create transactions on parent value. Parent values are useful while generating the formulas, preparing FSG (financial statement generator) reports and summary accounts.

Steps required defining security rules

Step1:

1.       Enable security enabled

2.       Select security type

Navigation:

            Setup => financials => flexfield => key => segments

·         Select structure

·         Disable freeze flexfield definition

·         Click on segments

·         Select segment which segment do you want secure

·         Click on open

·         Enable security enabled

·         Save your work

·         Click on value set

·         Select security type

·         Save your work

·         Enable freeze flexfield definition

·         Compile your structure

Step2:

                Define security rules

Navigation:

     Setup => financials => flexfields => key => security => Define

1.      Select segment

Note:  this window will show only the list of segments which we have enabled “security enabled” option

2.      Enter security rule name description and message

3.      Enter security rule elements

·         Include: select all segments

·         Exclude : select which segments do you want to restrict

4.      Save your work

NOTE: this security rule has to be assigned to responsibility

5.      Click on assign

6.      Select application, responsibility and rule name

7.      Save your work