Background: Recurring Journal Maintenance

Use the Recurring Journal Maintenance (GRM) program to add, change, copy, and delete a journal for a transaction that is constant in both monetary amount and frequency, like a monthly lease. See Road Map for work flow.

This topic has these subtopics:

Journal Header and Sequences
Reset
Currency

Journal Header and Sequences

There are two parts to each recurring journal:

  • The header describes the purpose of the journal and the control account to be debited or credited. The header includes a start date, the dollar amount to debit or credit the control account, and the number times to post the journal. The start date determines when posting begins. The number of periods and the monetary limit determine when posting ends.

You can change the entry in the Amt each period field at any time. The system accumulates the amount that has been posted in the Balance field and prevents the balance from exceeding the Limit field.

  • Sequences contain the offsetting entries to additional accounts.

Reset

When you click the Reset button, the program clears the Start date and Next due date fields and sets the Balance field to zero. The program copies all other information from the existing journal. Use this option if you want to reuse an expired journal. For example, if you set up a journal for one year (processing for 12 periods), and you want to use the same journal reference for the next year, use this option after period 12. 

Currency

If you post to accounts that use different currencies, you need to determine the current exchange rate and enter the appropriate offsetting entries.