Costpoint Online Help

Using the Help Search
Using the Help Search
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Post Journal Entries

Use this screen to generate the Journal Entries report and to post journal entries to the general ledger.

Since the Journal Entries report provides supporting detail for the journal entries, you should generate and retain it as part of your Costpoint audit trail.

Be aware of the following considerations:

  • You cannot post journal entries without first generating the Approved Journal Entries report in the same session.
  • You must keep your posting selection criteria consistent with the selections you made to generate the Approved Journal Entries report. If you leave the screen, or if your selections change, you must generate the Approved Journal Entries report again before posting.
  • Before you can post journal entries, you must select the Billable option on the Manage Journal Entries screen to copy transactions to the Open Billing Detail table. To ensure that Costpoint copies transactions to the Open Billing Detail table, verify that one of the project account group's functions is Labor or Non-Labor.
  • You can generate the Approved Journal Entries report without posting, so that you can review the journal entries and make corrections before posting.
  • When you use the Post Journal Entries screen, Costpoint checks the project's account group functions. You set up the account group for the project on the Basic Info tab of the Manage Project User Flow screen. You assign the account functions to the account group on the Manage Project Account Groups screen. Transactions are only copied to the Open Billing Detail table if you designate one of the project account group's functions as either Labor or Non-Labor.

You can generate the Approved Journal Entries report and post to the General Ledger any number of times during an accounting period. You must always generate and post it at the end of each accounting period, unless you made no journal entries for the period. Enter and post all journal entries affecting direct and indirect expenses before you begin the indirect rate calculation process. 

You must generate the report and post entries for each journal type individually. For example, you must report on and post adjusting journal entries separately from recurring journal entries and reversal entries.

Post all one-sided journal entries separately to prevent problems when creating intercompany receivables. Creating an intercompany receivable from a one-sided journal entry results in an out-of-balance intercompany receivable. If you post the one-sided journal entries along with double-sided journal entries and you attempt to create intercompany receivables from that group of entries, you must delete the entire group to fix the out-of-balance condition. Posting one-sided journal entries separately eliminates this problem. See Intercompany Receivables for related information.