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Contents of the Recurring Journal Entry Dialog Box

Use these fields to create new files for journal entries as well as set up and manage your recurring transactions. You can define a transaction file as one of the following: standard recurring, automatic recurring, or reversing.

Contents

Field Description
Recurring Select this option for transactions that occur each accounting period. Select this recurring option when transactions will be manually created. Additional options below provide functionality to automatically create recurring entries.
Clear Amounts After Posting This check box is enabled when you select the Recurring option. Select this option when the amounts of the recurring entries change for each recurrence. Clearing the amounts after posting will clear all amounts in the transaction file. For example, this is useful when a payroll journal entry's amount changes each month. It will clear the amounts after they are posted, but will maintain the projects and general ledger accounts of the actual recurring file.
Manage Recurring Select this check box to schedule the frequency of the recurring journal entry and automate the process. This activates the fields in this section, which work together to create the recurring entries.
When you select this option, the following fields are enabled:
  • First Recurrence: Specify the date of the first instance for the recurrence. If you select Monthly or Yearly as the frequency, the recurring entry occurs on the date specified in the First Recurrence field. For a monthly file, the first recurrence defines the day for each subsequent recurrence. For example, if the first recurrence is August 6, each subsequent file uses the 6th day of the month.
  • Frequency: Use this drop-down list to select the frequency of the recurring entry:
    • Monthly: The recurrence occurs once each month on the day that is specified in the First Recurrence field.
    • Yearly: The recurring entry happens once each year on the day that is specified in the First Recurrence field.
    • Custom: You can specify the exact dates for the recurring entries. When you select this option, the Custom Dates button is activated. Click this button to open the Custom Frequency dialog box and define custom dates for the recurring entries. This is useful when the recurrence does not happen on the same date each month or year. For example, if your enterprise uses a 4-4-5 accounting cycle (13 four-week periods), you might want to define the posting to occur on the first day of each accounting period. However, the actual date of the first day of each accounting period may be different. In addition, you could use a custom frequency for a file that needs to entered quarterly or semi-monthly.
  • Custom Dates: Click this button to open the Custom Dates dialog box and define custom dates for the recurring entries.
  • Number of Recurrences: You can specify the number of times the recurrence will run, or you can select an expiration date for the recurrence. If you choose Number of Recurrences, you can enter a specific number for the recurring entries. For example, if you enter 8, the recurrence will run eight times. If you leave this option blank and you do not specify an Expiration Date, the recurrence will run indefinitely.
  • Times Used: This read-only field displays the number of times that the recurrence has happened.
  • Expiration Date: You can specify the number of times the recurrence will run, or you can select an expiration date for the recurrence. If you choose Expiration Date, you can enter a date or select one from the calendar to determine the date on which the recurring entries will expire. For example, if you enter June 1, 2020, the recurrence will run monthly or yearly until June 1, 2020.
  • Last Processed: This read-only field displays the last time the file was processed
  • Schedule Posting: Select this check box to schedule the posting of the recurring entry and to define the process server for the posting. When the first file is posted, Vantagepoint creates the next recurrence and posts on the set date until all the recurrences are posted or until the expiration date is reached.

    If you do not select this option, the recurring entry will be available in Transaction Center based on the frequency defined above for manual review and posting.

  • Queue: If you schedule the posting, you can use this drop-down list to specify the process server for the posting. This list includes queues that your Security role can access.
  • Send Alert to Submitter: Select this option to have Vantagepoint send you an email message (alert) to indicate whether or not the submitted job completed successfully. Vantagepoint uses the email address saved in the Employees hub record of the employee who is currently logged in.

For example, in the following scenario:

Option Set to:
Frequency Monthly
First Recurrence August 6
Number of Recurrences 3

The recurring entry will occur on August 6, September 6, and October 6.

You cannot schedule a recurring journal entry with a frequency and number of occurrences and also define the file to reverse.

Select this option to schedule the frequency or number of recurrences.
Reverse On Select this check box to create a reversing entry for the transaction on a specific date. The fields in this section work together to reverse the transaction.
When you select this option, the following fields are enabled:
  • Date: Specify the appropriate date to create the transaction's reversing entry. This is the date that is defined on the reversal file and on which the file will be posted through the process server (if it is scheduled to post).
  • Schedule Posting: Select this check box to schedule the posting of the reversing entry and to define the process server for the posting. If you do not select this option, the reversing entry will be available for immediate review and posting.
  • Queue: If you schedule the posting, you can use this drop-down list to specify the process server for the posting. This list includes queues that your Security role can access.
  • Send Alert to Submitter: Select this check box to have Vantagepoint send you an email message (alert) to indicate whether or not the submitted job completed successfully. Vantagepoint uses the email address saved on the employee record of the employee who is currently logged in.
You cannot schedule a recurring journal entry to reverse.

For example, you create a journal entry for Salaries Payable accrual at the end of each month. This transaction will need to be reversed at the beginning of the new accounting period, so you select the Reverse On option and specify the date in the next accounting period. But you must review the new transaction prior to posting, so you do not select Schedule Posting. When you post the transaction, the new reversing transaction is automatically created and is available to review and post.