The journal entry process has been designed to offer a high degree of flexibility while providing many labor-saving features. Journal entries can be entered online or in batch, accepted from other systems or generated automatically.
The account identification key on the journal voucher is user-defined. In fact, companies, even within the same corporation, can have different input identification keys. The 44-character identification area can be subdivided into as many as 10 fields. Individual fields such as account number or center number can be up to 15 positions long. Any space remaining on the account identification area can be used for descriptive information.
The system supports Diarized, Repeat and Automatic Offset journals. Diarized journals provide streamlined entry of items that reoccur, but whose amount varies from period to period. A diarized journal screen and report are provided to facilitate diarized journal entry. Repeat journals automatically generate entries that have fixed amounts to be posted at regular intervals. In addition, an annual amount can be automatically spread unevenly across a year using a company’s seasonal pattern controls. Automatic offset entries are used where the offsetting entry is always to the same account distribution.
Each journal voucher has a source code that identifies the originating individual or department.
Multiple journal lines can be entered on a single screen. A repeat feature is provided, which enables the duplication of information from the preceding line to speed journal entry. The plus sign (+) and minus sign (-) can be used for debit and credit entry, respectively, to permit the numeric keypad to be used for further efficiency.
Once a journal has been entered, it can be balanced online. All balancing is accomplished at the journal level. If a difference is detected, a correcting suspense entry can be generated, journal detail can be called back for correction or the journal can be held for correction at a later time.
Once a journal has been balanced, error-free, it can be posted online.