To Set Up Recurring Entries
To set up recurring entries:
Click here for help on fields in this form.
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In the Recurring Entry Code field, enter a unique code that represents the type of entry you are creating. Your code can be up to 16 characters long. For example, if you are creating a recurring entry for processing semi-annual amortization, your code might be AMORT.
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In the Entry Description field, enter a description of the code, up to 60 characters long. Descriptions help to identify each code.
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Attach a schedule for your recurring entry by clicking the Finder and selecting a predefined schedule that appears in the list, if any. Or, create a schedule for this recurring entry by clicking the Zoom button located beside the Schedule Code Finder.
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In the Start Date field, enter the date that the recurring entry for this transaction begins. General Ledger will check the start date to determine if the recurring entry should be included in the batch.
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In the Expiration Type field, select No Expiration Date if you have no end date in mind for the recurring entry, otherwise, select Specific Date. When you select Specific Date, another field appears to let you enter an expiration date.
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Select the Inactive checkbox to make this entry temporarily inactive. You can activate it at a later time. Once you change it to active, the Start Date will be automatically updated to your current session date, but this date can be modified.
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Enter a description for the entry (for example, Monthly service charge).
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Enter a Source Code, or use the Finder to select it.
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Select Auto Reverse if you want to reverse the transaction in the next fiscal period.
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Select Normal or Quick Entry mode.
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If you have a multicurrency ledger, from the Exchange Rate drop-down list, choose Use Recurring Entry Rate, or choose Use Current Rates.
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Select an account in the Rounding Account field if you selected Use Current Rates in step 12. The purpose of this field is to specify the account that any rounding error resulting from conversion at the current exchange rate is posted to. (You cannot select an account that has the Post To Account field set as prohibited.)
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Enter transaction details in the grid by clicking the Detail button and filling out the following fields:
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Enter a Reference.
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Enter a Description.
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Select an Account, using the Finder.
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Use the Calendar icon to select the Date.
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Use the Finder to select the Source Code.
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Enter an amount in the Source Dedit or Source Crebit fields.
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Select the Currency if this is a multicurrency company.
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Enter a Comment, if needed.
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Repeat these steps to add a balancing entry.
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Click Add, then click Close to return to the Recurring Entries form.
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In the Recurring Entries form, click Add to save a newly-created entry, or click Save to save changes to a current entry.
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Click Close to exit the Recurring Entries form.