Journal Entries

Use journal entries to record salaries, withholdings, bonuses, or accruals. You can also perform reclassifications and reallocate account activity.

Do not use journal entries to move timesheet charges from one project to another; make an entry that affects the accounts receivable account(s), accounts payable, or the Current Year’s Profit and Loss account; or to adjust billed revenue. If you do so, you will create a file reconciliation problem.

Journal Entry Notes

• Unless specified otherwise in Settings, you can only post transaction files that are in balance.
• Journal entries will not display in Bank Statement Reconciliation. If you want this particular transaction to display in Bank Statement Reconciliation, use a cash disbursement instead of a journal entry.
• If you are using the journal entry to record unbilled revenue, then you must make a balancing entry to your unbilled services account.
• If you are referencing a balance sheet account in the journal entry transaction entry file, then you must enter a project number (if you are using organizations and maintaining separate balance sheets).
• If you are using the cash-basis reporting feature, you can record this journal entry as accrual, cash, or both.
• When you enter journal entries, you must specify the debit and the credit. DPS does not perform automatic postings.
• If you are entering the journal entry for a regular project, enter a reimbursable or direct account in the Account field.
• If you are entering the journal entry for an overhead project, then enter an indirect account in the Account field. When entering an indirect account, you do not need to enter a project. DPS uses the general overhead project and task for this posting.

Posting

For the following Accounting processes, if the Post as they are generated option is not selected, and if the Enable for all transaction types configuration option is selected, then you may also need to put the Journal Entry transaction file through the manual approval process:

• Consultant Accruals
• Labor Cross Charge
• Intercompany Billing
• Revenue Generation

If this process creates one or more Journal Entry files, then these Accounting processes will be marked as Submitted.

Posting Log

Use a posting log to view information about a batch of transactions. DPS produces a posting log each time that you post a transaction file.

In addition to the posting log, DPS generates a General Ledger summary for journal entries. This report lists the general ledger accounts that were affected by the posting. The report shows the total amounts debited and credited to each account.

If the Tax Auditing option in Settings > Accounting is enabled, then tax-related fields also display on the report.

Recurring Journal Entries

To increase efficiency, DPS offers additional features for processing recurring journal entries.

Manage Recurring Files

Manage recurring files allows you to define a frequency and number of occurrences on a recurring file. In addition, you can schedule a recurring file to automatically post on a defined date using the process server.

• If you choose to manage recurring files (and not schedule to post), DPS will create the new recurrence using the date defined when the file is posted. This file will be immediately available to post when you are ready to post the next recurrence.
• If you choose to schedule the file to post, DPS will create an event on the process server after the first file is posted. Once the first file is posted, DPS will continue to create the next recurrence and post on the defined date until the set number of recurrences or the expiration date.

Reversing

You can create a file and then have DPS automatically reverse the amounts and update the date on the reversal:

• If you choose to reverse (and not schedule to post), DPS will create the reversal file with the amounts reversed and the date defined for reverse on when the file is posted. The reversal file will be available to post when you are ready.
• If you choose schedule the reversal file to post, DPS will create the reversal file with the amounts reversed and create an event on the process server.

Multiple Companies

If you use multiple companies, configuration settings determine whether you generate journal entry transaction files as part of the Intercompany Billing process.

Multiple Currencies

If you use multiple currencies and the journal entry transaction currency and the general ledger functional currency differ, then there may be a tolerance introduced in the posting, unless the debits and credits line up on a one-to-one basis. Any tolerance that results is due to separate exchanges being performed on a differing number of credit and debit entries.

Deltek recommends that you make credit and debit entries for each transaction to avoid any potential tolerance due to rounding.