A journal entry is a way to record a transaction in your general ledger. Usually, entries to the general ledger would come from the posting of client invoices, receipts, vendor invoices & payments. At times there is a need to record a transaction outside of these predefined methods. This may include payroll tracking and recurring rental/lease payments.
Though typically used as a one-time record of a transaction, Workamajig allows you to create recurring and auto-reversing entries, as well as, entries that only affect your cash basis or accrual basis ledger.
Create a new journal entry
- From Menu > Accounting > Today accounting > click at top of page > Journal entry
- Posting date: Enter the date you want the JE to post to the general ledger.
- Journal number: This will be auto-filled by the system
- Description: Enter a description for the JE
- Click Save
Before the saving, you may also set the following, if needed:
Auto reversing: When checked, the system will auto-generate a reversing entry on the first day of the following month. The entry will be numbered with the source journal entry number + - REV. Ex. JE100>>JE100-REV
Exclude from cash basis: when checked, this will exclude the entire entry from the cash basis balances/reporting
Exclude from accrual basis: when checked, this will exclude the entire entry from the accrual basis balances/reporting
NOTE: By default, a JE will affect both the cash & accrual based ledgers
After SAVE, the JE will be created with an assigned number
- Click + Add a journal entry detail. This can be done in the grid, or you can click the arrows icon along the left side to enter within line details
- tab to next field in grid
- tab past last field in line will create a new line
- once finished adding lines, click outside the grid. The system will auto-save the entries.
- Click POST
Edit journal entry
To edit JE header information, go to the journal entry, click on Edit icon located next to the posting date. A screen will display the fields that are available for editing.
To edit a line, click into the line field
To add a line, click insert row.
NOTE: To edit these fields or add/edit/delete lines, the JE must first be unposted, with the exception of the Description.
Copy a journal entry
You may copy a journal entry at any time. Go to the journal entry you want to copy, click ...More at top of the page > Copy.
Select to create a single or multiple copies
Single copy: The system will create/display the copied journal entry.
Enter number of multiple copies: select and enter the number of copies. The system will create one journal entry for each succeeding month. The posting date will be set to the same day of the month as the original.
The system will assign the next available JE number and copy all detail entries. You can edit the new entry before posting.
NOTE: If you need the "copied" journal entries to be on a specific date, duplicated in a time frame other than monthly or need to keep the journal entry numbers in line with the current periods next number, use the Recurring/scheduled function described in the next section
Recurring/scheduled journal entries
Workamajig allows you schedule and auto-create JE's for bank transfers or asset depreciation.
Once a JE has been created, you can set up a schedule to create a copy of the JE at a designated time interval and for a set number of times. To keep the integrity of your JE ordering numbers, the actual transaction will not be created until the designated date, and will use the next available number in the system. The copied transaction can be edited to fit the given period, if needed. It will also contain the connection to the source JE. Each new entry must be posted to affect the GL
Create a new schedule
- From the original/source journal entry, click on ...More > Create schedule
- A "new schedule" screen will now be available: click the Edit pencil icon to the right of settings
- Edit the appropriate fields:
- Frequency: select the frequency you want a new journal entry to be created (none, daily, weekly, etc.).
- Next date: select the date you want the recurrence to continue from. Default equals today's date
- Reminder option: select from the dropdown list how you want to be notified
- No reminder: The new entry is created and no reminder is sent
- Show reminder: based upon the days in advance, upon login to Workamajig a message will drop down asking you to create the new journal entry or cancel. As this can be sent to multiple people, the first person to create or cancel will be accepted by the system.
- Automatically create: based upon the days in advance, the new journal entry will be created and a notification will go out to selected individuals.
- Number remaining: enter the number of times you want the recurrence to run. As each journal entry is created, this number will be reduced by one. Default equals 99,999.
- Days in advance: enter how many days before the 'posting date' do you want the recurring journal entry to be created. Default equals 0
- Create as approved: check if this does not need to go through an approval process
- Active: the schedule is active and will auto-create entries. If unchecked, it is inactive and no new entries will be created. Default: Checked
- click Save commit the recurrence to the system.
GENERATE: overrides the recurrence settings to create a new journal entry. The entry will be created based on the frequency and next date. Each time you click Generate it will create the next transaction in line and the number remaining will be reduced by 1. NOTE: You do not need to click Generate, the system will auto-create your journal entries based on the schedule settings.
POST: Individual JEs can be posted or you can post all transactions via Accounting > Post transactions
NOTE: The source journal entry will display a section that shows the details of each recurring entry. Double-click the desired recurrence to open that specific JE in a new window.
Once a schedule is created the source and all child journal entries will now display ...More > View the schedule.
Stop scheduled journal entry
- From the source or child JE, click ...More > View the schedule
- click the Edit pencil icon to the right of settings
- uncheck 'active'