Recurring Journal Entries are used to enter journal entries that are a fixed amount that repeat each period. If you enter the same journal entry on a regular basis, you can save time by automating the journal entry. Examples of recurring journal entries are the monthly rent paid for a property or the expenses incurred for an insurance policy. You can use recurring entries to decrease maintenance on journal entries that occur regularly.
In Sage Intacct Recurring General Ledger journal entries can be created only if your company uses standard reporting periods. Custom reporting periods aren’t supported. Go to Application > General Ledger > All > Journal Entries > Click the +sign besides Recurring to create a new entry. Or click Recurring then click the Edit link beside an existing entry.
- When you create a recurring schedule, enter the date you want the scheduled recurrence to start. This is the date that the first journal entry is created.
When changing a recurring schedule–whether to end the recurrence or to change the Ending on date–best practice is to change the Start date to today’s date, regardless of the Ending on date. When you change the schedule for a recurring entry, journal entries posted on this schedule are re-posted unless you change the schedule starting date.
- To keep the journal entry running perpetually, select “Never.” Otherwise, select a fixed number of transactions to be created or a specific date when the recurring journal entry should expire.
- A recurring journal entry is a business transaction that is repeated regularly, for example, the deferral of costs or revenues for an invoice where the same amount is posted over a period of 12 months. It consists of a template journal entry and a recurrence rule attached to it.
- To send an email alert when a scheduled entry fails, in the Email field, type one or more email addresses. Separate multiple addresses with a comma or semicolon.
If the recurring journal entry is always reversed, you can schedule the reversing entry.
- Select the option to “Automatically reverse this journal entry.”
- Select the type of reversing schedule you want to create, and then specify the schedule details.
You’ll see two scheduling options:
- Link reversing entry to original journal entry: This option lets you schedule the reversing entry for a certain number of days, weeks, months, or years after the original entry.
- Create independent reversal schedule: This option lets you create a reversing schedule that isn’t tied to the date of the original entry. If you select this option, you can use the same scheduling options that are available for the original journal entry.
- Click the Account Field, and click the account to which the entry should apply.
- Click on save button.
Now you can see created journal entry on Recurring Journal entries page.