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Enter accounting transactions

Create templates for automatic journal entry transactions

You can create automatic journal entry templates in the application. These templates contain information for journal entry transactions. The system creates journal entries from these templates automatically. This happens when you set up or edit templates, change posting periods, preview or print reports, or recalculate entries manually.
  1. Select
    Setup
    , then
    Transaction Templates
    .
  2. Select
    Journal entry
     from the
    Type
     dropdown in the Transaction Detail section.
  3. Enter the journal entry information for automatic creation.
    note
    Include subtype, journal, reference, and description. For subtypes, enter a WP reference and select
    Difference
     or
    Misstatement
    . For Regular or Adjusting subtypes, mark the
    Auto-reverse next period
     checkbox to reverse the journal entry as you advance to the next posing period.
  4. Enter the template ID (up to 11 alphanumeric characters) and description (up to 50 alphanumeric characters) on the
    Template
     tab.
  5. Select
    Automatic
     in the
    Type
     field.
    note
    This field isn't related to the
    Type
     field in the Transaction Detail section.
  6. In the
    Starting period
     field, select the posting period to start creating the transactions from this template in.
    note
    From this posting period and going forward, the application automatically creates transactions dated for the last day of each posting period.
  7. Select the balance type in the
    Basis
     field.
  8. Select the prior period treatment in the
    Prior periods
     field.
    note
    You can set up multiple transaction templates with an automatic frequency. Select
    Prioritize Automatic Transaction Templates
     from any saved template to specify the calculation order.
  9. Select the
    Calculation
     tab.
  10. Select the account numbers to include in the calculation in the
    Calculate from
     grid.
    note
    The account selected in the To Account column must be greater than or equal to the account selected in the From Account column. In the Balance Calculation column for each account or range of accounts, select which amounts (year-to-date or single period) to use for the balance calculation.
  11. Select the method for applying the overall balance. If you choose
    Debit
    , the application will use the overall balance as is. If you choose
    Credit
    , the application will change the sign of the overall balance.
  12. Select the account, percentage, and balance effect for each distribution in the
    Distribute to
     grid. The total percentage for all credit distributions must equal the total percentage for all debit distributions.
    note
    Example 1: Cost of goods sold calculation
    • Set up:
       Average cost of goods sold. 40% of sales. Sales account range: 401-450.
    • Transaction:
       Debit: Account 510 (COGS). Credit: Account 130 (Inventory).
    • Calculation:
       The application calculates 40% of the total sales from accounts 401-450. It debits this amount to account 510 (COGS). It credits the same amount to account 130 (Inventory).
    Example 2: Multi-location expense distribution
    • Initial Transaction:
       Weekly payment: $1,000 to Gary Hanson Lawn Maintenance. Initial debit: Account 1-663 (Location 1).
    • Automatic Calculation:
       Credit 60% of total ($600) from Location 1 (Account 1-663). Distribute credit amount to other locations: 20% ($200) to Account 2-663 (Location 2). 20% ($200) to Account 3-663 (Location 3); 10% ($100) to Account 4-663 (Location 4). 5% ($50) to Account 5-663 (Location 5). 5% ($50) to Account 6-663 (Location 6).
    • Final Distribution:
       Location 1 (1-663): 40% ($400); Location 2 (2-663): 20% ($200). Location 3 (3-663) 20% ($200): Location 4 (4-663): 10% ($100): Location 5 (5-663): 5% ($50): Location 6 (6-663): 5% ($50).
  13. Select
    Enter
     to save the template.
  14. Select
    Prioritize Automatic Transaction Templates
     to specify the order the application should create transactions. This option is only available for transaction templates set up with an
    Automatic
     frequency.

This article applies to:

  • PRODUCT: Workpapers CS
  • Subject: Journal entries