General Ledger Transaction Templates are a great way to streamline data entry and reduce errors for frequently-used journal entries. They provide a more simplified environment for non-accounting personnel to create journal entries with ease. Users can enter transactions without having to understand accounting concepts such as GL Numbers, Debits and Credits. During template creation the GL Accounts will be selected for each line item and the data entry individual will only see a label specified by you.
New Transactions templates can be created from the Transaction Template list screen found at General Ledger > Setup > Transaction Templates.
Any transaction templates that are already created will be listed on this screen. Not only is this screen used to create new transaction templates but it is also used to create new transactions using those templates and to view journal entries created with the template in the past. Through Intacct permissions you are able to limit which functionality each user can access. For example we will want template designers to be able to create, edit, view and use the templates while we will most likely only want the users to be able to use the templates. To create a new template click ‘Add’.
As you can see below the Template ID, Journal and Default Description are all required fields in the creation of a new Transaction Template header. Please note that once the template is saved the Template ID can not be changed, so be sure of your naming convention before clicking save. The header also gives you an option to set up an Offset Account. While this is not a required field, some people prefer to specify that account in the header.
Now is time to fill out the Entries grid. You will select the account for each line item during setup but the Label column is what the user will see. Be sure that the Label contains enough information for the user to know the data that is expected from them. In our example there are two rows labeled as ‘Compensation’ which may seem confusing, but when you look at the Department field you will see that they are clearly for different departments. In our example we have set the department dimension to ‘Read-only’ so the user will be able to see the department and they will therefore be able to distinguish the difference between the two lines. If we had set the department dimension to Hidden, then the Label naming would be more confusing to the user. Once you have finished entering the data click Save.
Once your template is saved you can preview it by clicking ‘New’ on the line next to it in the Transaction Template list screen as shown below.
When a new template is created the user will be given the option of selecting the posting date, modifying the description, if required, and entering the line item entries. Note that the user does not need to know whether the line item is a debit or a credit, that is all done in the back end for them!