November 9, 2009

gptip42day - The Quick Journal

The Quick Journal is an excellent tool for posting recurring journal entries where the accounts stay the same from period-to-period but the amounts change.  A good example of this is a Monthly Vacation Accrual. 

As opposed to standard journal entries, Quick Journals do not use batches but can be saved to be used multiple times.  To create a Quick Journal, go

Transactions>Financial>Quick Journal

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Enter a new Journal ID.  When you tab off this field, GP asks if you want to add the journal.  Click 'Add'.  The Quick Journal Setup window opens

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where you add a Description, Source Document, and the Offset Account (the account that will receive the total of the debits/credits - in this example, the Vacation Accrual liability account).

Then, add the rest of the accounts in the Accounts scrolling window. 

If you want users to be able to override the Offset Account when entering transactions, check the 'Allow Override' box.  If you don't want them to be able to override this account, leave the box unchecked.

Checking the 'Breakdown Allocation' box allows the printing of distributions for allocation accounts on the Quick Journal Edit List and Quick Journal Posting Journal.

After you have all the details of the Quick Journal entered, click 'Save'.  The Quick Journal will now be available for recurring use until it is deleted.

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