Deltek Vantagepoint Help

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Journal Entries

Use journal entries to record salaries, withholdings, bonuses, or accruals. You can also perform reclassifications and reallocate account activity. Journal entries are best used for transactions not related to a subledger including Accounts Payable, Accounts Receivable, and unbilled transactions.

Important: Do not use journal entries to move timesheet charges from one project to another; to make an entry that affects accounts receivable, 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

  • You can only post transaction files that are in balance. For example, if you are using the journal entry to record unbilled revenue, then you must make a balancing entry to your unbilled services account.
  • 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 or a cash receipt instead of a journal entry.
  • When you enter journal entries, you must specify the debit and the credit. Vantagepoint does not perform automatic postings.

Automatic Creation of Journal Entries from Accounting Processes

Several accounting processes calculate accruals and create journal entries to record. These application have the option to post the journal entry as part of the calculation or the option to create a journal entry to review and then post manually.

For the following accounting processes, if the Post transaction immediately after calculation option is not selected, and if the Enable Transaction Approvals option is set to Yes, 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 and you are using transaction center approvals, then these transactions created by the Accounting processes will be marked as Submitted.

Posting Log

Use a posting log to view detailed posting information about a transaction or batch of transactions. Vantagepoint produces a posting log each time that you post a transaction file. The posting log includes the total amounts debited and credited to each account.

If the Enable Tax Auditing option is set to Yes in Settings > Cash Management > Options, then tax-related fields also display on the report.

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.