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Introduction
A journal is a worksheet that you can use before you enter postings into the system manually. Before you use financials in Microsoft Dynamics AX, review the setup procedures for journals in this course. The procedures explain the basic setup of journals such as journal names, controls, and texts. You can use journals quickly and efficiently when you set them up correctly.
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Journal Setup
There are manually generated journals and system generated journals in Microsoft Dynamics AX. Examples of system generated journals are allocation journals and elimination journals. These journals are created automatically and are never created manually. Manual journals entries are generated by postings entered into the system such as a general journal entry. When you use a manual journal entry the transactions are not posted immediately. Before you can post a manual entry, they can be the following states: Changed Reviewed Approved Deleted
In Microsoft Dynamics AX, you can use journals to do the following: Control different kinds of entries. You can apply an approval system so that special journals are posted only after they are approved. Review data imported from external ledger systems. You can ensure that all valid fields contain a value and that all restrictions for the transaction are fulfilled. Make sure that the necessary voucher series is set up before you create journals. You can set up number sequences and attach them to the appropriate references.
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EXAMPLE: Select a Daily journal type to create a journal for daily transactions. When you create new daily journals in General ledger > Journals > Journal Names, the journal names with the journal type of Daily appear in the Name list.
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Journal Controls
Set up journal control options to set up posting rules for the journal name.
Scenario
Contoso uses journal control to set up limitations to certain journals. For example, the bank journal name is set up so that it is only possible for users to make bank account postings, and the customer payment journal allows only customer type postings.
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Journal Descriptions
Use journal texts to enter and reuse transaction texts when you record in journals. Users frequently enter the same transaction text every time they post a certain transaction. For example, users transfer from petty cash to bank or payment of invoice number. You can save the transaction texts in a table with a search name so that you can reuse the transaction text.
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Scenario
Phyllis, the Accounting Manager at Contoso, wants to track the current and expected balance of liquidity accounts better. These include bank accounts and petty cash accounts. After Phyllis has set up the balance control accounts, April, the Accounts Payable Coordinator, verifies the expected balance of the bank account to make sure the balance is sufficient to pay invoices. The expected balance includes posted and unposted journals.
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Challenge Yourself!
Use the information in the table to set up the journals.
Step by Step
Perform the following steps to set up the Vendor Invoice journal. 1. Click General ledger, click Setup, click Journals, and then click Journal names. 2. Click the New button to add a line. 3. In the Name field, enter Day3. 4. In the Description field, enter Vendor Invoice. 5. In Journal type, use the arrow to select Daily.
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Perform the following steps to set up journal text for the Rent Journal. 1. Click General ledger, click Setup, click Journals, and then click Journal description. 2. Press the New button to add a line. 3. In the Identification field, enter rent. Notice the Search name defaults with the same value. 4. In the description field, enter rent. 5. Close the form.
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Summary
Journal setup completion allows users to create journal and journal lines and record vendor and customer transactions. It is also possible to set up journal validation and journal approvals for every financial journal. With journal validation, you can lace restrictions on users, accounts, and modules. For each journal type, approval procedures for verification may be set up before any update. User rights are also an important consideration. The level of detail stored in individual records and fields may be modified. Defining access permissions (read, edit, add, or delete) also allows for increased security for sensitive information.
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2. Which of the following types of journals may be set up in Microsoft Dynamics AX? (Select all that apply) ( ) Daily ( ) Periodic ( ) Approval ( ) Annual 3. What is the purpose of using Balance Control Accounts?
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Solutions
Test Your Knowledge
1. What is the purpose of the Blocking function when setting up Journals? MODEL ANSWER: To restrict the usage of a journal 2. Which of the following types of journals may be set up in Microsoft Dynamics AX? (Select all that apply) () Daily () Periodic () Approval ( ) Annual 3. What is the purpose of using Balance Control Accounts? MODEL ANSWER: -To monitor the current and expected balance on an account as transactions are entered in a journal. 4. Sequentially order the following steps for working with journals. Step: 4 3 2 1 : Post transactions. : Create journal lines. : Create new journal. : Set up journal names.
5. Which of the following would be used to monitor the current and expected balance on an account as transactions are entered in a journal. ( ) Journal names ( ) Journal controls () Balance control accounts ( ) General ledger parameters
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