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Automatic journals - recurring and reversals

Recurring journals

Journals can be created to repeat every month or every day.  For example, monthly lease charges, recurring depreciation, provisions.

Steps to set up the template

1. Create a new journal set of type Template
2. Add a description and the relevant ledgers and posting amounts.
3. Save
4. Set the Repeat instructions by using the drop down to select Months or Days
5. Set the date of the next posting.  Jiwa will automatically update this date after every posting.
6. If Repeating End is unticked, the journal will repeat indefinitely.

Steps to post each month

1. If your logged in date is the day of the next posting, or after the next posting, create a new Automatic Journal
2. General Ledger > Journal Transactions > Automatic Journals
3. Click New
4. The form is now populated with a batch that will display any templates due for posting on or before the creation date of the Automatic Journal.  The batch also displays journals for reversing.
5. Delete unwanted journal sets using the Waste Bin
6. Save the form
7. New journal sets are posted for the selected automatic journals, with the description field in the new journal set referencing the original template.  Posted details are updated with the template date and user login name.
8. The original template is updated to reflect the last posting date and the next posting date due for the journal. Drill down to the destination and source sets is available from the Automatic Journals form.

Note: This process does not create all the required journals on one form where two or more dates have been missed for a template – e.g.  monthly template and three months have passed since the last Automatic Journals process was run.  A new Automatic Journals form will need to be created for each missed period.

Reversing a journal

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The only change that can be made to a Normal journal entry once it has been saved  is to reverse the entry - the exception is the modification of BAS Codes. The entire journal set must be reversed, as line changes cannot be made.  The reversal parameter options are:

• Next period start
• Specific period start
• On a specific date

When the entry is saved, the status of the journal is changed to Waiting for a Reversal and user details are updated.  The Automatic Journals function will process the journal reversal and create a new journal set for the date specified.

The originating journal is updated with the status Reversed and the Description field is updated with the comment - Reversed on Set xxx. 

Importing journals

Errored Sets