Difference between revisions of "How do I set up repetitive journals?"

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== Summary ==
 
== Summary ==
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Repetitive or memorised transactions can be set up in the Nominal Ledger which can then be posted by you as part of your end of month routine. These transactions need to be of a fixed value.  
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This article explains how to set up repetitive or recurring journals.
  
 
== More Information ==
 
== More Information ==
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Go to "Nominal Ledger" -> "Maintenance Options" -> "Regular Postings" -> "Amend Regular Journals".
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Repetitive or frequent transactions can be set up in the {{NL}}. They will be posted automatically for you based on the posting date and frequency.
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*Create a code for the posting.
 
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*Create a description for the posting. Press the right arrow key to move to the Last Posted Date.
 
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*Set the Last Posted Date to be the last of day of the month before the one that you want the posting to start, i.e. if you want the posting to start in January, enter 31st December here.
 
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*Enter {{DataValue|M}} for Monthly or {{DataValue|D}} for Daily to get the frequency of the posting.
 
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*Enter the day of the month and the monthly frequency (i.e. 1 means monthly, 3 means quarterly, 6 means every six months and so on) or the number of days between postings. Press the right arrow key to move to the Expiry Date.
 
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*Enter the Expiry Date of the posting if there is one. For example, if the posting is for an HP agreement, then it will expire at the end of the term, which might be three years or more. If it is a depreciation posting, then it may well expire every year if you are working on a reducing balance method.
 
  
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{{Tip|text=
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{{Information|text=Regular postings need to be of a fixed value. This option is particularly useful  for ''HP postings'', ''Depreciation'', ''Accruals'', ''Prepayments'' and any other fixed value items.}}
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This option can be used for ''HP postings'', ''Depreciation'', ''Accruals'', ''Prepayments'' and any other fixed value items. You must use the "Post Regular Journals" option actually for the system to post the journals, but this should be part of your month end process.}}
 
  
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{{FAQ}}{{KB_Tags| journals, regular, memorised, repetitive, month, expiry, hp, hire purchase, accruals, depreciation, fixed value, prepayments}}{{KB_NL}}{{ZN_Accounts}}
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Go to {{Menu|{{NL}}|Maintenance Options|Regular Postings}}.
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* Click {{Button|Add}} to add a new journal.
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=== Details ===
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* Enter a {{DataPrompt|Posting Code}}. This is simply a unique code that you use to differentiate between journals, e.g. {{DataValue|A00001}}.
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* Enter a brief description for the posting.
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* Enter the frequency of the posting.
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** {{DataPrompt|Posts every}} depends on whether you select {{DataValue|Months}} or {{DataValue|Days}} from the dropdown option.
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** If you choose {{DataValue|Months}} enter the {{DataValue|Day}} on which the posting should be made.
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* Enter the {{DataValue|Last posted}} date. This defaults to the system date but should be set differently depending on whether you chose {{DataValue|Days}} or {{DataValue|Months}} in {{DataPrompt|Post every}}.
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** If you chose {{DataValue|Days}}, you should set the {{DataPrompt|Last posted}} date to the same number of days before the date you want to start posting, i.e. if you want to start posting on 15th January and continue posting every 7 days, then enter 8th January here.
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** If you chose {{DataValue|Months}}, you should set the {{DataPrompt|Last posted}} date to be last day of the Month before you want the posting to start, i.e. if you want the posting to start in January, enter 31st December.
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{{Note|text=Once you have set up the posting with the correct dates, the system will then start to post any outstanding journals automatically from the day after you have set up the journal but only as far back as your current financial period. Check your {{DataPrompt|Last posted}} date very carefully to prevent any unnecessary postings being made. To avoid confusion, you should post any old, ''out of date'' journals manually, and set the {{DataPrompt|Last posted}} date no earlier than the previous month.}}
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* If applicable, enter the {{DataPrompt|Expiry Date}} for the posting. You may leave this blank if there is no fixed end date.
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** You may return to your posting at a later date and edit it to set the {{DataPrompt|Expiry Date}}.
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=== Amounts ===
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* Select the {{Tab|Amounts}} tab.
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* Enter the first nominal centre for the journal.
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** You may [[How do I Search for a Nominal Centre?|search]] for a centre by pressing {{KeyPress|C-F1}}.
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* Enter a brief comment which will appear in the [[What does nominal review show me?|nominal review]] and [[Reconciling your bank account|bank reconciliation]], if applicable.
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* Enter the {{DataValue|Amount}}. If this is the credit value, enter the amount as a minus.
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* If this part of the journal is vatable, press {{KeyPress|F7}}.
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** Select the {{DataPrompt|VAT indicator}} - {{DataValue|Input}} for Purchases or {{DataValue|Output}} for Sales.
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** Select the {{DataPrompt|VAT rate}} from the drop down menu. This ensures the transaction will appear in the correct box on your VAT return.
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** Click {{Button|OK}}.
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** VAT will be added to the amount. If the value you entered included VAT, press {{KeyPress|F4}} to calculate the VAT in the amount entered.
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* Click {{Button|Add}} to add the next part of the journal.
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* Enter the second nominal centre for the journal.
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* Enter a brief comment which will appear in the [[What does nominal review show me?|nominal review]] and [[Reconciling your bank account|bank reconciliation]], if applicable.
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* Enter the {{DataValue|Amount}}. If this is the credit value, enter the amount as a minus.
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* If this part of the journal is vatable follow the steps described previously.
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{{Warning|text=Typically only one part of the journal should be vatable, if at all. If you are unsure which part of the journal is subject to VAT, please check with your accountant.}}
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* Press {{KeyPress|ENTER}} to complete the line.
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* Repeat this for the individual lines of the journal.
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* The journal totals should balance to zero else you will be unable to save the posting.
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* Click {{Button|Done}} and {{Button|Accept}}.
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== See also ==
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* [[How do I set up a fixed asset register?]]
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* [[Why can't I Set up a Regular Journal to Profit & Loss Centres?]]
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* [[Reconciling your bank account]]
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* [[What does nominal review show me?]]
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* [[How do I Search for a Nominal Centre?]]
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{{KB_Tags|journals, regular, memorised, repetitive, month, expiry, hp, hire purchase, accruals, depreciation, fixed value, prepayments}}
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{{How}}{{Hint}}{{KB_NL}}{{ZN_Accounts}}

Latest revision as of 06:28, 24 December 2019

Summary

This article explains how to set up repetitive or recurring journals.

More Information

Repetitive or frequent transactions can be set up in the Nominal Ledger. They will be posted automatically for you based on the posting date and frequency.

Regular postings need to be of a fixed value. This option is particularly useful for HP postings, Depreciation, Accruals, Prepayments and any other fixed value items.

Go to " Nominal Ledger Maintenance Options Regular Postings".

  • Click [Add] to add a new journal.

Details

  • Enter a "Posting Code". This is simply a unique code that you use to differentiate between journals, e.g. 'A00001'.
  • Enter a brief description for the posting.
  • Enter the frequency of the posting.
    • "Posts every" depends on whether you select 'Months' or 'Days' from the dropdown option.
    • If you choose 'Months' enter the 'Day' on which the posting should be made.
  • Enter the 'Last posted' date. This defaults to the system date but should be set differently depending on whether you chose 'Days' or 'Months' in "Post every".
    • If you chose 'Days', you should set the "Last posted" date to the same number of days before the date you want to start posting, i.e. if you want to start posting on 15th January and continue posting every 7 days, then enter 8th January here.
    • If you chose 'Months', you should set the "Last posted" date to be last day of the Month before you want the posting to start, i.e. if you want the posting to start in January, enter 31st December.
Once you have set up the posting with the correct dates, the system will then start to post any outstanding journals automatically from the day after you have set up the journal but only as far back as your current financial period. Check your "Last posted" date very carefully to prevent any unnecessary postings being made. To avoid confusion, you should post any old, out of date journals manually, and set the "Last posted" date no earlier than the previous month.
  • If applicable, enter the "Expiry Date" for the posting. You may leave this blank if there is no fixed end date.
    • You may return to your posting at a later date and edit it to set the "Expiry Date".

Amounts

  • Select the [Amounts] tab.
  • Enter the first nominal centre for the journal.
    • You may search for a centre by pressing <Ctrl+F1>.
  • Enter a brief comment which will appear in the nominal review and bank reconciliation, if applicable.
  • Enter the 'Amount'. If this is the credit value, enter the amount as a minus.
  • If this part of the journal is vatable, press <F7>.
    • Select the "VAT indicator" - 'Input' for Purchases or 'Output' for Sales.
    • Select the "VAT rate" from the drop down menu. This ensures the transaction will appear in the correct box on your VAT return.
    • Click [OK].
    • VAT will be added to the amount. If the value you entered included VAT, press <F4> to calculate the VAT in the amount entered.
  • Click [Add] to add the next part of the journal.
  • Enter the second nominal centre for the journal.
  • Enter a brief comment which will appear in the nominal review and bank reconciliation, if applicable.
  • Enter the 'Amount'. If this is the credit value, enter the amount as a minus.
  • If this part of the journal is vatable follow the steps described previously.
Typically only one part of the journal should be vatable, if at all. If you are unsure which part of the journal is subject to VAT, please check with your accountant.
  • Press <Enter> to complete the line.
  • Repeat this for the individual lines of the journal.
  • The journal totals should balance to zero else you will be unable to save the posting.
  • Click [Done] and [Accept].

See also


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Keywords AND Misspellings
journals, regular, memorised, repetitive, month, expiry, hp, hire purchase, accruals, depreciation, fixed value, prepayments
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