Journal Entry Templates

Overview

This feature is used to create and maintain templates for recurring journal entries. The decision whether to make a Journal Entry Template is a simple one: will the resulting journal entry be made, in all or part, frequently enough that work will be saved by creating a template for it? Or will it be simpler to enter the complete Journal Entry directly? Here's a useful rule of thumb: Any time the Journal Entry Template function seems to be increasing the work required to make and post a Journal Entry, it is being used inappropriately and it would be better to enter the Journal Entry directly.

Journal Entry Templates are used to create Journal Entries in two ways:

1. In General Ledger > Journal Entries and General Ledger > Journal Entry Workbench, a template ID can be entered, and a new Journal Entry will be created from the template. This is the most common (and also the simplest and most direct) method of making Journal Entries from Journal Entry Templates. It is appropriate for entries that may be needed more than once per accounting period, and also for entries that do recur, but irregularly.

2. The General Ledger > Convert JE Templates to JEs for a Period function can be used once per accounting period to translate selected templates to actual Journal Entries, which may be further maintained and posted in the Journal Workbench. This method is appropriate for accounting departments that regularly make and monitor the same (or mostly the same) entries during the monthly close. It is not for entries that can be made several times during the month.

Journal Entry Templates can be created in any degree of completeness:

• Header only - lines must be added in the Journal Workbench. (Example of use: a standard Journal Entry Header may be created and frequently reused for reclassifying miscoded AP invoices, but of course, there's no such thing as a "standard miscoding," so it's not possible to predefine the Journal Entry lines)

• Header and accounts only - actual debit and credit amounts must be entered in the Journal Workbench. (Example of use: a template may be created for entry of periodic employee expenses. The same GL accounts will be touched every time but of course, the amounts to be posted will change with each actual Journal Entry.) 

• Complete entries, which can be posted as soon as they're converted to actual Journal Entries. (Example of use: in January of each year an insurance policy is booked to prepaid expenses and then amortized to several expenses accounts every month. The details of the monthly entries will be known in advance, so the template for the amortization can include them.)

The lifespan of templates may be set in advance, or templates may remain active and available for use indefinitely.

Navigation

Rootstock Site Map > General Ledger > Journal Entry Templates

Processing

Template structure:  All Journal Entry templates have at least a header, which will become the Journal Entry Header. Templates may or may not have template lines, which, if defined, will become Journal Entry Lines. Each template line created must specify a GL account. It may optionally (see Accounts Only and Amounts Required, below) also have a preset debit or credit amount.

Fields - Template Header
 

• Simply to categorize a template and the Journal Entries created from it (Examples: Emp Exp, Reclass AP). In this usage, the same standard ID may be used any number of times.

• To uniquely identify a template that is to be converted to a Journal Entry once per accounting period using General Ledger > Convert JE Templates to JEs for a Period. In this usage, only one template per standard ID may be active (see Effective From and Effective Through, below) at any one time.

Reversing Entry:  If checked, Journal Entries created from this template will be automatically reversed in the period following the period of posting.

Accounts Only:  If checked, only GL account numbers will be entered on template lines. Whenever the template is converted to a Journal Entry, debit and credit amounts must be entered after conversion.

Amounts Required:  If checked, all template lines created must be assigned a debit or credit amount.

• If neither Accounts Only nor Amounts Required are checked, users are free to enter debit/credit amounts or not, as they see fit.

• If debit/credit amounts are entered, running debit and credit totals are displayed on the template header. But, unlike with Journal Entries, out of balance templates may be saved and converted to Journal Entries (the Journal Entries made from them must balance before they can be posted). 

Effective From and Effective Through: Optionally describe a period during which the template may be automatically converted using General Ledger > Convert JE Templates to JEs for a Period.

• If neither is entered, the template is valid continuously.

• If only Effective From is entered, the template is valid continuously on and after the from date.

• Dates entered in these two fields must fall within some defined fiscal year (see Fiscal Year).

Person Responsible:  Set to the appropriate Financial User responsible for this template.

Source Details from JE Batch:  When creating a new JE Template, this field can be used to reference an existing Journal Entry batch which will be used to create Template Lines as part of the insert of the header.

  NOTE  The JE Batch which will be used to create the Template Lines should not have more than 150 Journal Details.

  NOTE  When the 'Alternate Maintenance Currency' is specified, this field shows the Journal Entries that have the same 'Alternate Maintenance Currency' as the Journal Entry Template.

Last Year Transferred to a JE:  Reflects the last Fiscal Year that this Journal Entry Template was used on a JE, automatically set by the system.

Last Period Transferred to a JE:  Reflects the last Fiscal Period that this Journal Entry Template was used on a JE, automatically set by the system.

Last JE created from this template:  Reflects the last Journal Entry which was created from this template, automatically set by the system.

Total Debits:  Sum of all Debits from Template lines.

Total Credits:  Sum of all Credits from Template lines.
 

Creating Journal Entry Template Lines

Users can click the JE Template Detail Maintenance button to create Journal Entry Template Lines with GL Accounts, Debit/Credit Amounts, Divisions, Projects, and VAT Classes. This opens a pop-up where Journal Entry Template Lines can be added using the Add button and saved by clicking Save.

Alternatively, users can create Journal Entry Template Lines with extra details such as Dimensions by selecting the Add New Template Line button.

SEE ALSO
 

Journal Entries
Journal Workbench
Journal Entry Standard ID
Convert JE Templates to JEs for a Period