Manage Journal Entries
Use this screen to enter journal entry transactions.
You typically use journal entries to record transactions such as depreciation, accruals, or expensing of prepaids. If you need to correct transactions that were previously entered and posted on another screen, such as cash receipts or timesheets, you should usually make the corrections via the original entry screens to ensure that all necessary detail is recorded.
The types of journal entries are:
- Adjusting journal entries, which are numbered sequentially within each accounting period
- Recurring journal entries, which are numbered sequentially as they are entered and have the same number each time they recur
- Reversal entries, which are the reversal of either adjusting or recurring entries
- Project transfer entries, which are numbered sequentially in each accounting period
- Multi-job allocations entries, which are numbered sequentially in each accounting period
You can also make entries relating to employee and subcontractor/consultant (vendor) labor using subtasks available from this screen. You normally make labor corrections using a correcting timesheet. You should only use the Employee Labor subtask of this screen to enter summary transactions that have off-line supporting detail. You cannot use entries made in this screen to generate a paycheck, but they are useful for entering labor amounts from subsidiaries. Costpoint posts the information you enter on these subtasks to the Labor Summary table, where it is available for project reports and other types of reports.
You can create journal entries in any subperiod, in any open accounting period. (You generate most recurring entries using the Create Recurring Journal Entries screen, but you can access the original recurring entry and all recurrences of it on the Manage Journal Entries screen.)
For firms with accounting operations policies that include segregation of duties, perhaps to comply with the Sarbanes-Oxley Act of 2002, or for firms otherwise requiring that journal entries be approved, this screen displays the journal entry's approval status and identifies the approver. If your firm does not use the journal entry approval feature, or if the journal entry does not require approval, Costpoint displays the journal entry as approved, and the approver is the employee who entered the journal entry.
The Clone feature is available for this screen.
AI-Powered Automatic Adjusting Journal Entry Approval
You can use this screen to utilize an AI-powered approval functionality for Adjusting Journal Entries (AJE), that streamlines and enhances your AJE approval process by leveraging artificial intelligence.
Powered by Dela, Deltek's digital assistant, this feature seamlessly approves routine entries while intelligently flagging exceptions for manual review, reducing manual effort, improving accuracy, and accelerating your workflows with a smarter and more efficient approach.
By incorporating AI into your AJE approval process, you can significantly reduce processing time, minimize errors, and enhance financial oversight, leading to improved efficiency and cost savings.
- If the approval mode is Enforce, Dela automatically approves the AJE if it meets approval criteria and sends a notification to the approver through their Preferred Notification Method in Manage Users.
- If the approval mode is Recommend, Dela sends an approval recommendation to the approver for review.
- If the approval mode is Disable, the AJE remains unapproved, requiring manual processing.
To enable this functionality, you must first select Allow Dela Approval in Configure General Ledger Settings.