Enter Journal Entries

No, you cannot. However, entries made in this screen are useful for entering labor amounts from subsidiaries, etc.

The information entered will be posted to the Labor Summary table and will be available for reporting on Project Reports and any other reports generated from that table.

No, you will normally make labor corrections in Costpoint Labor using a correcting timesheet.

Yes; for more information about the Clone feature, refer to the Basic Functions documentation.

It is important to be careful about making journal entries in cases where there are other journals that post to the same account. In this case, making journal entries can cause problems in reconciling reports to the general ledger.

Some general rules follow:

Avoid making journal entries to any of the "control"accounts. These are accounts that are set up in the "settings" or "control" screens of each module. Some of examples of these accounts are:

• Cash - Accounts Payable, Cash Receipts

• Accounts Payable - Open A/P Report

• Accounts Receivable - Accounts Receivable Aging

• Accrued Salary & Wages - Payroll Journal, Labor Distribution Journal

• Revenue - Revenue Journal

• Unbilled Accounts Receivable - Revenue Journal, Billing Journal

• Each of these account types is posted from other journals, or has reports that provide supporting detail. When you make a journal entry, the journal entry is not reflected in the reports because it was not part of the module's normal posting process. As a result, the report will not agree with the account balance in the general ledger.

If you can make the entry through the Enter A/P Vouchers screen, make the correcting entry through that same screen. The Voucher History Inquiry screen stores transaction details and this info is available through other inquiry screens. As a result, entries made through transaction screens are easier to research and find.

When making journal entries, you must pay attention to the organization, the level of the organization, the project, and the level of the project - in addition to the account number. Even though the account information might be correct, if the project and org are not correct, this will cause problems in other areas.

Use the Account Entry Group feature to control which accounts can receive journal entries. If an account receives entries from other posting sources, you may want an account entry group that does not accept journal entries.

When entering journal entries, you can enter a transaction description in the description field.  If you leave the description field blank when saving the record, the description from the JE header will default into this field.

The description is written to the G/L detail and prints on: General Ledger Detail Report, Open Billing Detail Report, Non-Labor Support Schedule, and Project Non-Labor Detail.   

The JE password is established in the G/L Settings screen.  You should exercise caution before granting rights to the G/L Settings screen to everyone.

Yes, you can recreate it.

The Create Recurring Journal Entries program uses data from the Enter Journal Entries screen and the Journal Entry history tables for the creation process.

The process validates whether an entry already exists for the current Fiscal Year, Period,and Subpd; if an entry does not exist, the entry can be created.

The reversing journal entry is created when the original journal entry (with the Reversing checkbox selected) is posted.

You can find the information for an unposted journal entry by Querying the journal entry in the Enter Journal Entries screen and going into the Reversingsubtask. Once the record has been Queried onto the screen, the year, period, and subperiod are shown in the Period to Post group box.

However, for a journal entry that has already been posted, the information that was in the JE_RVRS table showing the selected reversal year, period, and subperiod has been deleted.

The six types of journal entries are adjusting, recurring, reversal adjusting, reversal recurring, project transfer, and multi-job allocations.

You can manually enter adjusting and recurring entries. To designate adjusting and recurring entries as reversing, select the Reversing checkbox. Note that you must post new "recurring" entries to the General Ledger before you can use them as templates to create future recurring entries in the Create Recurring Journal Entries screen.

The system automatically generates Reversals by the system. Reversals can be deleted but not changed. You cannot choose the "reversal" type when you are adding entries. The system checks the status of "REV" and "RRV" in the Reversing subtask for the reversal period. If the reversal period is marked unavailable for the specified FY/pd/subpd, the system will display a warning message. However, this does not stop the save process.

The system numbers project transfer and multi-job allocation journal entries sequentially in each accounting period. You cannot edit any information on the project transfer journal entry lines but, instead, have the option to delete the entire journal entry if it is incorrect.

You can edit the information on the multi-job allocations journal entry lines.

Note:  If you edit a multi-job allocation entry before posting, you must also reflect this change in the Multi-Job Allocation Cost History screen in the Configure menu of the Projects domain to ensure this table is up to date for subsequent calculations.

Enter the journal entry number in this ten-digit numeric field.

This number must be unique within each accounting period. Leave this field blank to have Costpoint automatically assign the next available journal entry number within the accounting period entered on this screen. When you save the transaction, the assigned journal entry number displays and cannot be changed.

If you allow the system to assign the journal entry number, it will add one to the number currently stored in the transaction control number table. As an alternative, you can manually assign journal entry numbers.

Note:  Costpoint assigns the journal entry number by fiscal year and period. Journal entry numbers automatically begin at "1" for each new accounting period. You can change the last system number in the Set System Assigned JE Number screen whenever the validation for duplicate numbers prevents you from saving a new transaction. You can also use the Set System Assigned JE Number screen to maintain the sequential ordering of numbers from one accounting period to the next.

Enter descriptive text explaining the reason for the entry. In the G/L Detail, the system will save this description for each line of the entry unless a specific description is saved for an individual line.

This editable field displays the fiscal year into which the entry will be (or was) posted. This information is brought in automatically from the default fiscal year of each user. (You can change the default for the user in the Options menu selection Preferences/Change Default Period.)

If you have not specified a fiscal year, you will receive an error message when you try to save the record.

If you need to change the default information, use Lookup to choose a fiscal year or enter the new information manually.

You can only assign Journal entries to open time periods. (The statuses of these time periods are maintained in the Fiscal Years, Accounting Periods, and Subperiods screens.) If you change the fiscal year, that will become the new default for new entries. After you save a journal entry, you cannot change the fiscal year.

To correct a wrong fiscal year for a previously-saved, unposted JE, access the journal entry using Query and Clone it. Change the incorrect fiscal year information on the new journal entry, and delete the incorrect entry.

This editable field displays the accounting period into which the entry will be (or was) posted. This information is brought in automatically from the default accounting period of each user. (You can change the default for the user in the Options menu selection Preferences/Change Default Period.)

If you have not specified an accounting period, you will receive an error message when you try to save the record.

If you need to change the default information, use Lookup to choose an accounting period or enter the new information manually.

You can only assign Journal entries to open time periods. (The statuses of these time periods are maintained in the Fiscal Years, Accounting Periods, and Subperiods screens.) If you change the accounting period, that will become the new default for new entries. After you save a journal entry, you cannot change the accounting period.

To change an incorrect accounting period for a previously-saved, unposted JE, access the journal entry using Query and Clone it. Change the incorrect accounting period information on the new journal entry, and delete the incorrect entry.

This editable field displays the subperiod into which the entry will be (or was) posted. This information is brought in automatically from the default subperiod of each user. (You can change the default for the user in the Options menu selection Preferences/Change Default Period.)

If you have not specified a subperiod, you will receive an error message when you try to save the record.

If you need to change the default information, use Lookup to choose a subperiod or enter the new information manually.

You can only assign Journal entries to open time periods. (The statuses of these time periods are maintained in the Fiscal Years, Accounting Periods, and Subperiods screens.) If you change the subperiod, that will become the new default for new entries. After you save a journal entry, you cannot change the subperiod.

To change an incorrect subperiod, access the journal entry using Query and Clone it. Change the incorrect fiscal year, period, or subperiod information on the new journal entry, and delete the incorrect entry.

The entry user ID of the person who last updated the entry automatically displays in this field. When you create recurring journal entries in the Create Recurring Journal Entries screen, you can select recurring journal entries to be created based on the user.

The date of the last update automatically displays in this field.

Select this checkbox to automatically create a reversal of your entry. The reversal will be created when the journal entry is posted, and the entry number will be the next occurring number in the REV sequence.

Using the Reversing subtask, you can indicate the period in which the reversal should be created. This information is required before you will be able to save the reversing JE.

This checkbox is used in conjunction with the Encumbrance Tracking feature.

Select this checkbox if the journal entry will exceed any project's budget. This flag is used to identify transactions, that if posted, will cause you to exceed the line item ceiling placed on the project. If any line on this transaction causes an overrun on a line item ceiling, the entire entry will be flagged as over budget, which will prevent it from being posted.

This checkbox can also be checked or unchecked by the Calculate Over-Budget Transactions screen in the Projects domain. Refer to the documentation on that screen for more information on how it affects this field.

Select this checkbox if you want the Post Journal Entries screen to copy this journal entry transaction to the Open Billing Detail table.

The Open Billing Detail table contains transactions from journal entries that eventually appear on a bill.

In Costpoint Billing, the corresponding flag, Update Open Billing Detail flag, is copied to the Journal Entry History tables and, for reversible entries, it is copied to the reversing journal entry.

This optional field has two purposes. First, it can provide a hash total for you, so you can ensure that the total debits entered equal the total debits on your input document.

Second, it can provide a total from which the system can calculate percentages. For example, you may want to set up a recurring depreciation entry where each line's percentage of the total is the same, but the total depreciation amount changes each period. Each period, you would only have to change the Total Debit amount, and the amount on each line would be recalculated by clicking on the Percentage or Trans Amt action button.

If you change the Total Debit amount after lines have been entered:

Select the Percentage action button to have the % column recalculated and Amount column remain the same.

Select the Trans Amt action button to have the Amount column recalculated and the % column remain the same.

Note: If you do not select either one of the action buttons, your entry will be out of balance and you will not be able to save.

This non-editable field displays the journal entry number from the Input File. This field is populated only for journal entries created by the Journal Entry Preprocessor.

This check box is selected if:

• Your firm is not using the JE Approval feature.

• The amount of the journal entry is below the approval cutoff amount.

• The journal entry has been approved.

This check box is clear if your firm uses JE Approval and the journal entry is not approved.

If you are authorized to approve journal entries, select this check box to approve the journal entry for posting, or leave it clear to reject the journal entry. If you lack authority to approve this journal entry, Costpoint prevents you from approving it.

Note: Once a journal entry is approved and you save your changes, this check box becomes non-editable. If you make additional changes requiring reapproval—for example, if you change the debit or credit amount of the journal entry to an amount exceeding the approval limit for that type of journal entry—you must use the Approve JEs screen for any further approvals relating to the journal entry..

 

This non-editable field identifies the approver of this journal entry. If you are not the approver identified in this field, Costpoint displays an error message if you try to change the Approved status of this journal entry.

Use this field to pinpoint the location of a document containing information that supports the data you are entering. The document could be an invoice, check, or credit card bill.

Note: You cannot use this subtask to extract data from the document in order to populate data fields in Costpoint.

Use the Browse (...) pushbutton to locate the file that you wish to view. Once you have found the desired file, use the Open file(!)pushbutton to open the file.

This field displays the transaction currency code.

During posting, this field displays the posting sequence number with which the journal entry is being posted.

You will rarely see a value in this field, because it will have a value only during posting. This information is used when it is necessary to recover from a "crashed" posting.

Enter the correct password in order to save the out-of-balance entry. (You originally set up and maintained the password in the G/L Settings screen. You may need to either review this screen before entering the out-of-balance journal entry, or have someone with rights to G/L Settings save the out-of-balance entry for you.)

One-sided or Non-Balancing Journal Entries: In order to make a one-sided or an out-of-balance journal entry in Costpoint, you must use an adjusting journal entry that is not set to reverse in the next accounting period. ("One-sided" and "non-balancing" journal entries refer to journal entries for which the debit amount is not equal to the credit amount.)

The procedure for entering the out of balance journal entry is the same as for regular adjusting entries, except that upon saving you will see the following error message: "The running balance debit must equal the total credit."

Selecting this action button will recalculate each line item in the % column as a percentage of the Total Debit field but will leave the Trans Amount column unchanged.

Selecting this action button will recalculate the Trans Amount column but will leave the % column unchanged.

If the Trans currency of the JE is not equal to the functional currency (of the login company) then you are required to go to the Exchange Rate subtask.

In that subtask, you can select the currency of the JE, the rate group, and exchange rate between the JE transcurrency and the company functional currency. After you have made these selections, close the subtask.

If you have already entered the JE lines, you must launch the Exchange Rateaction button. The Trans amount of each JE line will be recalculated based on the new exchange rate.

This field displays the total running debit balance expressed in terms of the JE's transaction currency.  The Running Balance - Debit and the Running Balance - Credit should be equal before you can save the journal entry.

This field displays the total running credit balance expressed in terms of the JE's transaction currency.  The Running Balance - Credit and the Running Balance -Debit should be equal before you can save the journal entry.

This field displays the total running debit balance expressed in terms of the login company's functional currency.  The Running Balance - Debit and the Running Balance - Credit should be equal before you can save the journal entry.

This field displays the total running credit balance expressed in terms of the login company's functional currency.  The Running Balance - Credit and the Running Balance -Debit should be equal before you can save the journal entry.

To enter a new line into the table window, place your cursor anywhere within the box surrounding the table window and click. Once the border of the box is highlighted, click on the New Record icon in the upper left-hand corner of the toolbar. If lines already exist when you tab from the Total Debit field, your cursor is positioned at the last field used within the table window.

The line number automatically increments.

You can change the order of the lines by editing the line number. However, upon saving, all the lines will appear in sequential order (from lowest at the top to highest at the bottom).

To delete a line, select the line using the arrow key or mouse and click on the Delete icon in the toolbar.

To bring back a line that you marked as deleted, select the Reset Record icon in the toolbar.

Enter, or use Lookup to select, the account. The following edits are applied for validating the account:

• The account must be a "Detail" account.

• The account must be active.

• The accounting period into which you are charging the journal entry must be the same as or later than the account's beginning fiscal year/period/subperiod and the same as or earlier than the account's ending fiscal year/period/subperiod. (However, if the account's beginning or ending fiscal year/period/subperiod are blank, the beginning or ending fiscal year/period/subperiod is considered valid for all periods.)

• The account entry group to which the account belongs must be valid for the journal entry screen.

Hint: When you use Lookup, all accounts will display. However, not all accounts may be valid when combined with the Organization and Project.

If you set up project account abbreviation codes in the Project Account Groups screen, you should move the Project and Proj Acct Abbrev fields before Account and save the new table order in your User Setup.

Entering the project number and project account abbreviation code first automatically defaults the account number assigned to the project account abbreviation in the Project Account Groups screen.

Note: All projects are assigned to project account groups when they are set up in the Project User Flow screen. When you enter the project number and Project Acct Abbrev code in this screen, the system finds the project account group to which the project belongs and then searches for the project abbreviation code and the account assigned to it, within that project account group. The system defaults in the account number for you. This allows you to assign accounts from different account groups to the same project account abbreviation code. For instance, you could set up a project account group called "GOV" and one called "WIP." Both of these groups could contain the same project account abbreviation code ("DL" (Direct Labor), for example), but duplicate project account abbreviations cannot exist within the same project account group. Therefore, you can create a DL code in the GOV group and in the WIP group, but the GOV group cannot contain two DL project abbreviation codes. The same project account abbreviation may in turn be mapped to different accounts in each group. (For example, the DL code in the GOV group may be mapped to Account 0100.01.1, but the DL code in the WIP group may be mapped to Account 0900.01.1.) Thus, if Project 4000 is assigned to the GOV project account group, entering "DL" in the Proj Acct Abbrev field automatically brings in the account designated as "DL" in the GOV group, rather than the account-designated "DL" in the WIP group.

Enter the organization, or use Lookup to select one. If you have assigned organization abbreviations, it may be quicker to enter the Org Abbrev that causes this field to populate.

The following edits are applied for validating organizations:

• The organization must be active.

• The accounting period into which you are charging the journal entry must be the same as or later then the organization's beginning fiscal year/period/subperiod and the same as or earlier than the organization's ending fiscal year/period/subperiod. However, if the organization's beginning or ending fiscal year/period/subperiod is blank, the beginning or ending fiscal year/period/subperiod is considered valid for all periods.

Hint: When you use Lookup, all organizations will display. However, not all organizations may be valid when combined with the Account and Project.

If you selected the Default to Owning Organization checkbox in the Project User Flow screen, you should move the Project field before this field and save the new table order in your User Setup.

Entering the project number automatically fills the Organization field with the number of the organization that "owns" the project. (This is the organization to which all the project's revenues and profits go. The Owning Org is also set up in the Project User Flow screen.) You can edit this organization as necessary.

Enter, or use Lookup to select, the project. If you have assigned project abbreviations, it might be quicker to enter the Proj Abbrev that causes this field to be filled. The following edits are used to validate projects:

• The project must be active.

• A warning is provided if the end date of the subperiod is later than the Project End Date (see the Enter Project Modifications screen in the Transactions menu of the Projects domain).

Hint: When you use Lookup, all projects will display. However, not all projects may be valid when combined with the Account and Organization.

If you plan to use project account abbreviation codes or if you want the Owning Org of the project to default into the Organization field, you should move the Project and Project Acct Abbrev fields before the Account and Organization fields.

After you rearrange the table order, save the new order in your User Setup. If you checked the Default to Owning Organization checkbox in the Project User Flow screen in the Projects domain, the number of the organization that "owns" this project will default into the Organization field. This is the organization to which all the project's revenues and profits go. (The Owning Org is also set up in the Project User Flow screen.)

Enter the amount for this line of the journal entry expressed in terms of your company's transaction currency. If the amount should be negative, enter a dash "-" either before or after the number.

Based on this amount, the percentage of the Total Debit field is calculated and displayed in the % column of the table window. If you change the total debit amount, either the amount or the% are updated to reflect the change (changing the total debit provides this choice; see the documentation for the Total Debit field.)

If you enter a percent, the percent of the total debit is automatically calculated and overwrites any amount already in this field.

This non-editable field displays the journal entry amount in terms of your company's functional currency.

The system automatically calculates the percent of the total debit when you enter the amount. If you want to enter the percent and have the amount automatically calculated, enter a Total Debit amount and only the percent of the total on each entry line.

If you change the Total Debit amount, either the amount or the percentage will update to reflect the change (changing the Total Debit field provides this choice)

If you want a description other than the "header" description to be posted to G/L Detail, enter that description here.  If you leave this blank, the "header" description will write to each JE line in the G/L transaction detail.

Enter, or use Lookup to select, the project account abbreviation code of up to six digits.

Project account abbreviations are set up in the Project Account Groups screen. Every project-required account is assigned to a particular project account group in this screen, such as "GOV" for government projects or "INV" for inventory projects. When you set up projects in the Project User Flow screen, they are also assigned to these account groups.

After you enter the project number and the project account abbreviation here, the system finds the account group linked to the project and looks for the account number designated by the project account abbreviation code. When it finds the account, it defaults the account number into the Account field.

If the project account abbreviation does not exist in the project account group to which the project is assigned, you will not be able to save.

If you have set up the organization abbreviation in the Organization Structures or in Organization Elements screens, you can enter that abbreviation in this column. It then automatically brings in the organization to which it is mapped. The Org Abbrev must be unique database-wide.

If you have set up a project abbreviation in the Project User Flow screen in the Projects domain, you can enter the project abbreviation in this column to automatically import the project ID into the Project column of the table window. The Proj Abbrev must be unique database-wide.

These two columns will display the labels set up in G/L Settings screen for Ref 1 and Ref 2.

For a reference number to be accepted, the following must be true for the reference number's top level: you must select the Use in Data Entry checkbox in the Define Ref Structures screen, and the Reference Heading in that same screen must be the appropriate heading, i.e., the label for Reference 1 or Reference 2, whichever column is being validated.

Any reference number can be valid only for one of the two possible data entry columns.

Use this field to record brief notes about this JE line.  You can enter up to 254 characters.

The account name automatically displays in this field for the account that you entered in this table window.

The organization name automatically displays in this field for the organization that you entered in this table window.

The project name automatically displays in this field for the project that you entered in this table window.