General Journal Workspace

Use this workspace to make manual entries to a general journal.

These entries are G/L transactions; customer transactions, such as payments; and vendor transactions, such as expenses and payments to vendors. You can change a journal until it is posted.

Posting Journals

A general journal cannot be posted until:

• Its balance is zero.
• The balance for each transaction end entry date combination in the journal is zero.

  Maconomy validates the balance in base currency, and the balance in registration currency, if all transactions have the same registration currency, and the Do not check currency amount when posting a journal system parameter is not marked.

• The balance matches the batch control (if a batch control sum is entered).

You also might need to submit the journal before you post it, depending on how the Submission of General Journal required system parameter is set.

Reusing Journals

You can reuse posted journals for transactions that occur on a regular basis (rent, monthly salaries, and so on) or for correcting erroneous entries in previous journals.

For journals that you reuse on a regular basis, you can create a template journal. Select the Save Template field and specify a template name. In the General Journal Templates and Journal Copying workspaces, create journals using your template. When you create a journal, enter a new entry date and new transaction number and specify whether to reverse entries (create the original debit entries as credits and vice versa).

You can also re-create any posted journal that was not saved as a template-for instance, to correct erroneous entries. For a description of this functionality, see the Journal Copying workspace.

Maconomy provides the same functionality when you create a journal from a previously posted journal as it does when you create a journal from a template. Because a limited number of templates is easier to manage than a large number, you should only create templates for journals that you expect to reuse on a regular basis.

Creating Reversing Journals

You can create a reversing journal for the current journal directly in this workspace, without using a template. In the Journal Reversion island, specify whether the reversing journal is to be posted manually, or it should be posted automatically when the original journal is posted.

Multiple Currencies

A general journal line can contain amounts in different currencies. Maconomy converts these amounts automatically, using the exchange rate that is valid on the posting date.

If the entry is a customer entry, Maconomy uses the exchange rate table for sales.

If the entry is a vendor entry, Maconomy uses the exchange rate table for purchases.

If the entry is a G/L entry, Maconomy uses:

• The exchange rate table for purchases if the balance on the specified account is zero or in debit.
• The exchange rate table for sales if the balance on the specified account is in credit.

If the entry is a job entry—the Job No. field in the Entries sub-tab has a value—and the Account No. field does not have a value, Maconomy checks whether fixed exchange rate information has been specified for the job in the Job Price Information workspace in the Job Cost module.

If this is the case, and you did not select the Fixed exchange rates in budgets only system parameter, Maconomy converts the currency according to the fixed exchange rate information specified in the Job Price Information workspace.

Multiple Companies

If a journal contains entries for two different companies, Maconomy automatically creates intercompany balances, unless you do not select the Create intercompany entries for companies with same parent company system parameter, and the companies in question are both assigned to the same parent company. For more information, see description of the Intercompany Accounts workspace.