Automated GL Transactions with Recurring Journal Entries

Unlike Memorized Transactions, Recurring Journal Entries are set up to automatically post/reverse on a pre-set schedule.  Although amounts can be modified in Recurring Journal Entries they’re at their best when they’re used for amounts that don’t change very often.

Recurring Journal Entries are viewed and created from the list screen accessed by navigating to General Ledger > Recurring Journal Entry.

Automated General Ledger Transactions - Recurring Journal Entries

To create a new Recurring Journal Entry click the plus mark beside the text on the above screenshot or click the ‘Add’ button on the list screen.  The bottom two sections of the Recurring Journal Entries screen might look familiar to you as it’s the same as the Journal Entry input form.  The top section of the screen might look new, this is where you’ll set the schedule for the recurrence.

Let’s look more closely at the Schedules section.  This is where you’ll enter the date when the first journal entry should be posted, how often the post should repeat and when it ends.  It’s also important here to enter an email address for any error messages.  Because the posting will be happening without any user interaction there will be no way other than via email to let the user to know if the posting failed.  In the case that you want this recurring journal entry to automatically reverse, you can indicate that on the right side of the Schedules portion of the screen.   Clicking the check box to automatically reverse the journal entry will give you additional scheduling settings related to scheduling the reversing entry.

In this case we want our transaction to post monthly on the last day of every month beginning July 31, 2017.  In order to do this we have left the Journal Entry Start Date as today’s date and set the Posting Repeat to be by months and every 1 months.  We have ticked the ‘End of Month’ checkbox because without it the transaction would post on the 27th of every month, as specified in the start date above.  We were also very careful to include our email address so that any posting errors can be sent to us.  We will not be reversing these journal entries.

Automated General Ledger Transactions - Recurring Journal Entries Schedule

Next you will fill out the meat of the journal entry just as you would any manual journal entry.  Once you’re satisfied with your entry click ‘Save’.

Automated General Ledger Transactions - Recurring Journal Entries - Transaction

Now that your transaction is entered and scheduled you should see it automatically posting on the last day of every month.  Since you entered an email address in the top portion of the screen you will be notified of any errors that occur during the posting routine.