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Create templates for automatic journal entry transactions
- SelectSetup, thenTransaction Templates.
- Select a Journal entry in theTypefield in the Transaction Detail section.
- Enter the journal entry information for automatic creation.noteInclude subtype, journal, reference, and description. For subtypes, enter a WP reference and selectDifferenceorMisstatement. For Regular or Adjusting subtypes, mark theAuto-reverse next periodcheckbox to reverse the journal as you advance to the next posing period.
- Enter the template ID and description on theTemplatetab.
- SelectAutomaticin theTypefield.noteThis field isn't related to theTypefield in the Transaction Detail section.
- Select the starting posting period in theStarting periodfield.noteThe system creates transactions on the last day of each posting period, starting from the selected period.
- Select the balance type in theBasisfield.
- Select the prior period treatment in thePrior periodsfield.noteYou can set up multiple transaction templates with an automatic frequency. SelectPrioritize Automatic Transaction Templatesfrom any saved template to specify the calculation order.
- Select theCalculationtab.
- Select the account numbers to include in the calculation in theCalculate fromgrid.
- Select the method for applying the overall balance.
- Select the account, percentage, and balance effect for each distribution in theDistribute togrid. Balance the total percentage of credit and debit distributions.noteExample 1: Cost of goods sold calculation
- Set up:Average cost of goods sold. 40% of sales. Sales account range: 401-450.
- Transaction:Debit: Account 510 (COGS). Credit: Account 130 (Inventory).
- Calculation:The application calculates 40% of the total sales from accounts 401-450. It debits this amount to account 510 (COGS). It credits the same amount to account 130 (Inventory).
Example 2: Multi-location expense distribution- Initial Transaction:Weekly payment: $1,000 to Gary Hanson Lawn Maintenance. Initial debit: Account 1-663 (Location 1).
- Automatic Calculation:Credit 60% of total ($600) from Location 1 (Account 1-663). Distribute credit amount to other locations: 20% ($200) to Account 2-663 (Location 2). 20% ($200) to Account 3-663 (Location 3); 10% ($100) to Account 4-663 (Location 4). 5% ($50) to Account 5-663 (Location 5). 5% ($50) to Account 6-663 (Location 6).
- Final Distribution:Location 1 (1-663): 40% ($400); Location 2 (2-663): 20% ($200). Location 3 (3-663) 20% ($200): Location 4 (4-663): 10% ($100): Location 5 (5-663): 5% ($50): Location 6 (6-663): 5% ($50).
- SelectEnterto save the template.
This article applies to:
- Product: Accounting CS
- Subject: Journal entries