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Introduction
Every manual posting entered into Microsoft Dynamics AX is entered through a journal. A journal is a type of worksheet where entries do not post immediately. You can review, change, and verify completed journals until they are ready for posting. There are many ways to set up the journals to control different kinds of entries and to apply an approval system so that special journals post only after they have been approved. You also can choose whether to keep the used journals for historical purposes. This course explains journal management and journal transactions in the General ledger module.
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In a general journal, users enter the following relevant information for the transaction: Posting date Amount Accounts to post to
The information that users enter in a general journal is temporary and can be changed as long as it remains unposted within the journal.
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Use the Journal lines form to enter transactions within a journal. Click the Lines button on the General Journal to open the Journal lines form.
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Challenge Yourself!
1. Help Ken record the activity in the prepaid rent expense account in Microsoft Dynamics AX. Enter a journal for the prepaid rent expense. 2. After you enter the transaction information, post the journal.
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Post the Journal (Only if Fiscal Year has been set up): 1. If a fiscal year and period has been set up for this fiscal period you may click Post to post this transaction. If a fiscal period has not been set up you will receive a message that you cannot post until setting up a fiscal period for this date.
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Challenge Yourself!
1. Enter a journal for office expenses, using two lines of entry instead of an offset account. 2. Validate the journal. 3. Review the balance control accounts online.
Step by Step
Create the General Journal: 1. On the Navigation Pane, click General ledger, click Journals, and then click General journal. 2. Click the New button to add a line. 3. In the Name field, click the arrow to select GenJrn. 4. In the Journal batch number field, accept the system default. 5. In the Description field, enter Electricity. 6. Click the Lines button. 7. In the Date field, enter 06/25/2011. 8. In the Account Type field, click the arrow to select account Bank. 9. In the Description field, select invoice. 10. In the Debit field, enter 800. 11. Press the down arrow key to add a line. 12. In the Date field, enter 06/25/2011. Note that this field may already be filled in. 13. In the Account Type field, click the arrow to select account Ledger.
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You can post journals immediately or set them up as a job for batch processing.
Scenario
Contoso uses batch processing at the end of its business day to process large jobs. During the day, Susan, the order processor, opens and creates multiple journals. The journals are not posted in case Susan must make corrections or add more items to the journals during the day. At the end of the day, Susan runs a journal batch job to post all the open journals at the same time.
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HINT: Use the Delete posted journals form (General ledger > Periodic > Cleanup > Ledger journals clean up) to cleanse the Journals form. The Delete posted journals form deletes all posted journals in the Journals form to free space. This does not delete the posted vouchers.
Approval Journals
To set up an unlimited number of journal templates, use the Journal names form. You can set up the journal templates with or without a mandatory approval of the transactions before posting. The person responsible for journal routines sets up the approval system in one of the journals.
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Scenario
Phyllis, the Accounting Manager for Contoso, has the responsibility for guaranteeing the accuracy of transactions posted in Microsoft Dynamics AX. Phyllis has noticed many errors on entries posted by Alfredo Fuentes Espinosa (AFE) in the GenJrn journal, a journal used only by Admin. Now Phyllis has decided that entries made to GenJrn must be approved by a member of the Finance team, Alex Roland (ASR). Phyllis needs help establishing the proper procedures to enable this approval.
Helpful Information
Here are some hints: Alfredo is a member of the Admin user group. Because only Admin makes entries to the GenJrn journal, you can use the Private for user group field to prevent other users from accessing the journal. If you do this, then the approving user must also be a member of the Private for user group value selected to see the journal for approval.
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Request to Enable Journal Approval Journal Name Active Approve Private for user group
Voucher Templates
A voucher template is a voucher that can be used as the basis for future vouchers. Use voucher templates with a general journal or an accounts payable invoice journal.
Scenario
Phyllis, the Accounting Manager at Contoso, is entering a voucher to record interest expense on a fixed-rate long-term note. The voucher debits Interest Expense and credits Interest Payable for 350.00 U.S. dollars (USD) each. This voucher for the same amount must be recorded each month. To reduce future data entry time, Phyllis decides to save the voucher as a voucher template by amount. The next time Phyllis records an interest expense, she selects the Load voucher template action and chooses the interest entry. The original ledger accounts and amounts are loaded into the form automatically.
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April saves this entry as a Voucher template by percent. This will hold the value assigned to each account as a percentage of the total. In this case, April will assign each department 25 percent. The next time April receives the telephone bill, she must retrieve the Voucher template and enter only the amount of the telephone bill. The distributions then are created based on the original percentage.
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Periodic Journals
A periodic journal only has data entered periodically. For example: During each month-end accounting close, a user makes the same entry with the same account numbers and currency amounts. The user sets up a periodic journal to make this process quicker. Then, each month, the user retrieves the journal and posts it with the appropriate accounting date.
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NOTE: To automatically establish an initial baseline date for Periodic journal posting, ensure that the Date field of the Journal voucher form within a Periodic journal is populated.
Periodic Journal: Using Periodic Tab Fields When Retrieving Periodic Journals
You can access the Periodic Tab Fields by clicking General ledger, click Periodic, then click Periodic journals. Next, click the Lines button, and then click the Periodic tab. Use these fields to determine the next Periodic journal posting date. You can also determine whether a journal will be retrieved automatically into the General journal form based on the selection criteria you set up. Every time you post the Periodic journal by using the General journal form, the Date field in the Periodic journal, Journal voucher is automatically incremented by the values set up in the Periodic tab. This field is found by clicking General ledger, click Periodic, then click Periodic journals. Next, click the Lines button, and click the Date field. When you select a Periodic journal to retrieve into the General journal form, the value found in the To date field (go to General ledger, click Journals, click Lines, click the Period journal button, then click Retrieve journal, then click To date) determines whether to retrieve the journal. The system retrieves the journal only when the To date field value entered in the retrieval form is equal to or greater than the Date field in the Periodic journal Journal voucher form line (found at General ledger, click Periodic, click Periodic journals, and then click Lines). However, if the Date field in the Periodic journal Journal voucher form line is blank, the line automatically transfers one time per retrieval, and the posting date is set based on the values entered during retrieval.
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Challenge Yourself!
1. Create a Periodic journal to use for posting the monthly expense. 2. Post the entry for June. NOTE: Set the Session date to 06/30/2011 for this lab.
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The following transactions can be reversed: General Ledger transactions Customer transactions, except transactions that relate to sales orders, projects or bank. Vendor transactions, except transactions that relate to purchase orders or bank. Fixed asset transactions
The reversal functionality does not apply to: Transactions included in the bank reconciliation Project invoices and credit notes Vendor invoices entered through purchase orders Sales invoices entered through sales orders Inventory transactions Delivery notes posted into the ledger
NOTE: You also can enable Reason codes for transaction reversal.
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The ''R'' marking identifies all transactions settled through reversal and are currently still settled.
The ''R'' marking identifies all transactions settled through reversal and are currently still settled.
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Perform the following steps to reverse a reversal. 1. Click General Ledger, click Common, and then click Main accounts. 2. Select a main account. 3. Clicked on the Posted button on the tool bar. 4. Click Reverse transaction on the action pane strip. 5. Select the reversed or original transaction to revoke the reversed transaction. 6. Select the date of posting for the revocation transaction, and then click OK. The reversed transaction and all transactions that you created by using the reversal are revoked, and the revocation transactions share the same trace number. 7. Select a transaction to view all the transactions with the same trace number, and then click Reversed Tracing. NOTE: Reversed tracing is active only for reversed transactions and reversed transactions that you revoke.
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Scenario
An interest note is issued on September 16, with interest payable on October 15. Assuming the interest payment at the end of the 30-day period is 100.00 USD, half of the expense must be reported in September, because that is when the costs were incurred. Phyllis, the Accounting Manager, enters a month-end transaction on September 30, as shown in the following table. Account Interest on bank loans Long term interest payable Debit amount 50 USD 50 USD Credit amount
Because the full payment will not be made until October 15, Phyllis sets the previous transaction with a reversing date of October 1. This action creates a reversal of the previous transaction in the new accounting period, as shown in the following table. Account Long term interest payable Interest on bank loans Debit amount 50 USD 50 USD Credit amount
When the actual transaction for payment of interest is entered on October 15, the following transaction occurs: Account Interest on bank loans Cash Debit amount 100 USD 100 USD Credit amount
The overall balance for the interest expense for October is a debit of 50.00 USD.
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To access this report, click General ledger, click Reports, click Transactions, then click Balance list.
To access this report, click General ledger, click Reports, click Transactions, then click Trial balance.
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Summary
By using the connectivity in Microsoft Dynamics AX, many transactions in the general ledger are posted automatically. This applies to sales and purchases, cost of goods sold, discounts, interest payments, exchange rate adjustments of accounts receivable and accounts payable, project invoices and costs, work in progress, fixed asset transactions and inventory transactions. However, you also can enter General Ledger transactions manually when you use general ledger journals. You can control the posting in the journals by the way you set up of the Chart of Accounts and the journal templates. The journal itself also offers various posting options.
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Solutions
Test Your Knowledge
1. General journals are used to post transactions in which of the following accounts? (Select all that apply) () General ledger () Bank () Customer () Vendor 2. The information you enter in a general journal is temporary and changeable as long as the journal is unposted. () True ( ) False 3. What information is needed to create a journal entry? (Select all that apply) () Accounting date () Ledger account () Offset account () Debit or credit amount 4. When can Multiple journals be posted? (Select all that apply) ( ) Yearly () Immediately ( ) On a delayed schedule () Set up as a job for batch processing 5. In Microsoft Dynamics AX, you can set up journals that require mandatory approval. () True ( ) False
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