In your daily business operations, it is important to have journals as a medium to record the various types of business transactions systematically. Journals are used to record all the original entries before they are transferred to the ledger as part of the bookkeeping process.
The information in this document is applicable to product update 404 and higher. If you have versions lower than this, certain features explained here will not be applicable.
Journal number
Type a unique journal number for the new journal. You can type up to three digits for the journal number. This is mandatory. Once you have clicked Save to save the journal, you cannot edit the journal number. However, you can recode the journal number by going to System >
Finance >
Journals, select the journal that you want to recode, and then click Recode.
Description
Type a description for the new journal or edit the description for the existing selected journal. This is mandatory.
Abbreviation
Type a unique abbreviation for the new journal or edit the abbreviation for the existing selected journal. You can type up to four alphanumeric characters for this abbreviation. If you do not define the abbreviation, the system will automatically define an abbreviation for the journal once you have clicked Save to save the journal. The system-defined abbreviation will take the journal number followed by the alphabet “J”. For example, if the journal number is 20, the abbreviation of this journal will be “20J”.
Journal type
Select the type of journal. There are six available types which are Cash, Bank, Giro, General journal, Purchase, and Sales. Depending on the types of business transactions, you use different types of journals to record the entries. Once you have clicked Save to save the new journal, you cannot edit the journal type.
General tab
Account number
Type or select the general ledger account which you want to use to record the journal entries. This is mandatory. It is advisable to link to a different general ledger account for every journal. For instance, if you have more than one bank journal, it is advisable to use a different general ledger account for each of these bank journals. To use a unique general ledger account for every bank/cash journal, go to System >
General >
Settings >
General ledger settings and select the Unique GL per bank/cash journal check box.
See the following table on the general ledger account to be used for the respective types of journals:
| Journal type |
General ledger account |
| Cash |
Cash |
| Bank |
Bank |
| Giro |
Giro |
| General journal |
Suspense general ledger account |
| Purchase |
Account payable |
| Sales |
Account receivable |
Note: You cannot use the suspense general ledger account which is linked to the general journal in the opening balance.
Unallocated
Type or select the general ledger account which is to be used to record unallocated amounts in journal entries. For example, in payment or receipt entries that you have not allocate to any debtor or creditor, a specific general ledger account will be used to record these entries. For instance, you may want to use the “To be allocated” general ledger account. This account must be a neutral account. This is mandatory information for a Cash, Bank, or Giro type journal.
Note: This is disabled for a General journal, Purchase, or Sales type of journal.
Currency section
Currency code
Type or select the currency code which you want to use in the journal entries.
Variable currency
Select this check box to allow multiple currencies to be used in journal entries.
Variable exchange rate
Select this check box to use variable exchange rates if you are using multiple currencies in the journal entries. For more information on creating and maintaining exchange rates, see
Creating and maintaining exchange rates. In addition to selecting this check box here to allow variable exchange rates in journal entries, you must also select the Variable exchange rate check box in the currency maintenance screen of the currency used in the journal entry (go to System >
General >
Countries >
Currencies, select the relevant currency and click Open). Only then, you can modify the exchange rate when making a journal entry for the currency.
Note: This is disabled for a General journal, Purchase, or Sales type of journal.
Options section
Different check boxes will be displayed depending on the journal type you are creating or editing.
Exit automatically
Select this check box to exit automatically from the journal entry when the difference is zero (the amount in the sub line is the same with the difference between the opening and closing balance). This check box is disabled for a cash journal.
Block outstanding item
Select this check box for the system to block the payment terms you have defined when you record a purchase or sales entry in the purchase, sales, or general journals. This check box is only available for a General journal, Purchase, and Sales type of journal.
Intercompany transactions
Select this check box to allow intercompany transactions to be recorded in the general journal. An example of an intercompany transaction is a parent company buying flight tickets on behalf of a subsidiary and the expense is transferred to the subsidiary.
Note: This check box is available only if you create a new general journal. A general journal with existing transactions is not allowed to book intercompany transactions, hence the check box is disabled. This function is not available for the other types of journal.
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Number tab
By default, the journal entry numbers are maintained according to the financial year. The entry number is important as it forms a set of running numbers which you can use to track the journal entries you have created.
Change
Click this to change the journal entry number for the selected financial year. After you have selected a financial year and then clicked Change, type the new entry number under the Entry number column. The entry number will become the entry number used for the next transaction to be recorded in the journal during the financial year. Every time when a journal entry is recorded and saved during a particular financial year, the next entry number for the journal will automatically increase by one.
New entry : Block entry number
Select this check box to disallow changes to the entry number when making a journal entry. By selecting the check box, you can ensure consistency of the journal entry numbers as the entry numbers will always be automatically generated by the system.
Type or select the bank number.
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Foreign languages tab
Type the description of the journal in foreign languages. For
example, type the description of the journal in Dutch at
Description NL and French at
Description FR.
Note: The foreign language description fields will be available only if you have defined the foreign languages in System >
General >
Settings >
General settings in the Descriptions in list boxes section.
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Extra tab
Type the extra information about the journal in the free fields. You can define the subjects of the free fields in System >
General >
Free fields under the Journals table. For more information on customizing the free fields, see
Creating and changing free fields description.
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Rights tab
In this tab, you can add or remove the right to maintain the
corresponding journal and information linked to the journal, to or
from the selected people. You can create or maintain the following
financial entries and perform the following activities only when you
have the Edit/ Maintain right to the journals linked to the entries:
- create, edit, recode, and delete bank, cash, giro, sales, or purchase journals
- create, edit, import, void, or delete bank, cash, giro, sales, or purchase journal entries
- create, edit, void, and delete general journal entries
- create opening balances for cash instruments
- process bank, cash, sales, or purchase journal entries and modify the attachment of the entries
- create and delete recurring journal entries
- generate and process single or multiple recurring entries
- change single or multiple entries
- revalue cash instruments, and
- void and process transactions.
You can create or maintain the following cash flow entries and perform the following activities only when you have the Edit/ Maintain
right to the journals linked to the entries:
- edit cash flow entries
- edit, import record, transfer balance, and delete cash instruments
- import the statement of banks that were registered prior to this product update
- manually or automatically match or unmatch payments or receipts and invoices
- create bank statements, reconcile bank accounts and bank statements, and write off or book payments or receipts to specific profit & loss general ledger accounts in any legislations other than the Dutch legislation
- update the status of payments of instruments
- link prepayment terms to cash instruments and transfer funds to other cash instruments
- authorize and process payments, authorize and process payments to be refunded, process and receive payments to be collected, authorize, and process and pay/receive payment terms when you enable the
Journalize payments setting and disable the Payment in transit
setting under Bank settings, and
- delete imported duplicate bank statements.
You can create or maintain other entries when you have the Edit/ Maintain right to the journals linked to the entries:
- process direct invoices with the Cash payment method
- process POS invoices with the Cash or Cheque payment method
- create cash counts for cash registers of POS entries
- authorize cash registers of POS entries or create cash withdrawal for the POS entries
- void the processed payments or receipts with the Cheque or Letter of credit payment method, even though the
Allow: Void setting in the Payments: Void section of Bank settings is enabled.
- recode journals or cash instruments
- repair financial entries
- delete the master data
- delete void entries only
- import the XML files of financial entries (for more information on function rights required to do this, see the XML section in Function rights for Exact Globe+)
- import the XML files of financial transactions, and
- create credit card payments or pre-authorize the payments for online credit card transactions in the American and Canadian legislations.
Status
Select Active, Hired, Inactive, or
Future to search for people with the corresponding status. Select
All to search for people with any status.
Cost center
Type or select a cost center to search for people from this cost center.
Person
Type or select the specific person that you are looking for.
Full name
Type a full or partial name to search for people with names that contain the characters.
View only section
This section will display everyone except people who are listed in the
Edit/ Maintain section. The people listed in this section have the right to view the respective journal and the financial entries and cash instruments linked to the journal only. Even though the people have been granted with the function right to delete financial entries, they will not be able to delete the information if they do not have the
Edit/ Maintain right.
Edit/ Maintain section
This section will display the following people:
- Administrators and the creators of the respective journal.
- People registered in the administration prior to product update 397 who have been assigned with the function right to to generate credit card payment and the menu right to at least one of the following menu paths, regardless of the user defined and default roles assigned to the people:
- Finance >
Entries >
Bank/ Cash
- Finance >
Entries >
Purchase
- Finance >
Entries >
Sales
- Finance >
Entries >
General journal
- Finance >
Entries >
Opening balance
- Finance >
Entries > Process
- Cash flow >
Entries >
Cash flow
- Cash flow >
Entries >
Cash advance
- Cash flow >
Entries >
Import
- Cash flow >
Entries >
To be allocated
- Cash flow >
Entries > To be matched
- Cash flow >
Entries >
Bank reconciliation >
Automatically
- Cash flow >
Entries >
Bank reconciliation >
Manual
- Cash flow > Miscellaneous >
Instrument status
- Cash flow >
Miscellaneous >
Refund
- Cash flow >
Miscellaneous >
Collection
- Cash flow >
Miscellaneous >
Terms
- Cash flow >
Receivables >
Deposit (Spain legislation)
- Cash flow >
Payables >
Print (Spain legislation)
- Cash flow >
Payments >
Process
- Payroll >
Payments >
Process
- Cash flow >
Statistics >
Who processed
- Invoice > Entries >
Print/ Process
- Invoice > To be processed >
Collection
- POS >
Entries >
Process
- POS >
Entries >
Cash count
- POS >
Entries >
Authorize
- XML >
Financial import >
Financial entries
- XML >
Financial import >
Transactions
- Accountancy >
Entries >
Correction
- Accountancy >
Entries >
Opening balance
- Management >
Period closure >
Cashflow to be finished
- People who have been assigned the Edit/ Maintain right to the journal.
People in this section will obtain the right to edit and maintain the journal and the financial entries and cash instruments linked to the journal. A person who has been assigned the editing and maintaining right will not automatically be granted with the right to access the menu path of the relevant process. As such, a person with the editing and maintaining right to a journal can maintain the respective journal only if the person has the menu right to access the respective menu path. Administrators and people with the editing and maintaining right to the respective journals can transfer people from one section to another. However, using the SDK license, even though the creators of journals will be automatically assigned with the editing and maintaining right, they will not be able to assign or retract the right to or from a person.
,
Click or
to transfer a person or everyone from the
View only section to the Edit/ Maintain section. Transferring people from the
View only section to the Edit/ Maintain section will assign the
Edit/ Maintain right to the respective journal to the selected people.
,
Click
or
to transfer a person or everyone from the
Edit/ Maintain section to the View only section. Transferring people from the
Edit/ Maintain section to the View only section will remove the
Edit/ Maintain right to the respective journal from the selected people.
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