Setting Up Recurring Entries

You use the G/L Recurring Entries screen to set up journal entries for transactions that recur on a periodic basis.

Setting up a recurring entry is similar to recording a journal entry, except that the G/L Recurring Entry screen contains additional fields for identification and timing of the recurring transaction.

To set up recurring entries:

1. Open General Ledger > G/L Setup >  Recurring Entries.
2. In the Recurring Entry Code field, enter a unique code that represents the type of entry you are creating. Your code can be up to 16 characters long.

   Example: You are creating a recurring entry for semi-annual amortization. Your code might be AMORT.

3. Enter header information to use for the recurring entries as follows:
   1. In the Entry Description field, enter a description of the code, up to 60 characters long. Descriptions help to identify each code.
   2. In the Schedule Code field, attach a processing schedule for your recurring entry.

      Either click the Finder, and then select a schedule from the list, or click the Zoom button for the Schedule Code field, and then create a schedule for this recurring entry.

   3. In the Start Date field, enter the date that the recurring entry for this transaction begins. General Ledger checks the start date to determine if the recurring entry should be included in a batch.
   4. In the Expiration Type field, select No Expiration Date if you have no end date in mind for the recurring entry. Otherwise, select Specific Date and then enter an expiration date.
   5. To make this entry temporarily inactive, select the Inactive option.

      You can activate the recurring entry later. When you change the status, the start date is automatically updated to the current session date, but you can change the date.

   6. Enter a description for the entry (for example, "Monthly service charge").
   7. In the Source Code field, enter or select the source code to use with the recurring entries when they are generated (for example, GL-JE).
   8. If you need to reverse the transaction in the next fiscal period (for example, for some kinds of accruals), select Auto Reverse.
   9. Select Normal or Quick Entry as the entry mode. (Quick entry mode saves you some keystrokes if you are entering similar details. The program copies the reference and description for each detail line after the first.)
   10. If you have a multicurrency ledger, select the type of exchange rate to use for the recurring entries from the Exchange Rate list. More...
       • If you select Recurring Entry Rate, the program uses the same exchange rate (from the recurring entry record) each time you produce a batch for this recurring entry.
       • If you select Current Rate, the program uses the exchange rate in effect when you create a batch for the recurring entry.

         If you selected Current Rate, specify the rounding account to which to post any rounding differences that result when converting the exchange rate. (You cannot select an account to which posting is prohibited.)

4. Enter transaction details in the table, or click the Detail button, and then enter the details in the separate Recurring Entry screen that appears.

   The Optional Fields column (or the check box in the separate detail screen) indicates whether transaction optional fields are defined for the account used in a recurring entry detail. If optional fields are used, you can use the Recurring Entry Optional Fields screen to view or change the optional fields for the entry.

5. Click Save when you have finished adding recurring entries.

Last published: 4/8/2016