How do I set up repetitive journals?

Summary

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.

More Information

Go to "Nominal Ledger" -> "Maintenance Options" -> "Regular Postings" -> "Amend Regular Journals".

• Create a code for the posting.
• Create a description for the posting. Press the right arrow key to move to the Last Posted Date.
• 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.
• Enter 'M' for Monthly or 'D' for Daily to get the frequency of the posting.
• 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.
• 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.

Accounting Tips

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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Keywords AND Misspellings

JOURNALS, REGULAR, MEMORISED, REPETITIVE, MONTH, EXPIRY, HP, HIRE PURCHASE, ACCRUALS, DEPRECIATION, FIXED VALUE, PREPAYMENTS