Data in the Recurring Journals are actually saved in the Gen. Journal Line table. Gen. Journal Line is the table used to keep General Journal entries.
There are 6 types of recurring methods:
- Fixed - amount on journal will remain after posting. Used if the amount is the same for every period.
- Variable - amount on journal will be deleted after posting. Used if the amount is not the same for every period.
- Balance - amount on the journal line will be allocated amount accouns specified in te Gen. Jnl. Allocation table.
- Reversing Fixed - same as number (1) plus a balancing entry posted with the following day as the posting date.
- Reversing Variable - same as number (2) plus a balancing entry posted with the following day as the posting date.
- Reversing Balance - same as number (3) plus a balancing entry posted with the following day as the posting date.
The formula entered in the Recurring Frequency field is used to calculate the next posting date after the journal line has been posted. For example, if you enter 1M as the formula in the Recurring Frequency field and post the recurring journal at 30th Mar 2007, the new posting date after the posting will be 30th Apr 2007. Use 1D + 1M - 1D if you want to post at the end of every month. This is useful for methods (4), (5) and (6) above.
Please note that posting date in recurring journals cannot be later than work date.
Expiration Date, as its name suggested, is the last date that an entry will be repeated.
One special feature in Recurring Journals is that Recurring Journals do not have balancing account to offset the amounts. To offset the amounts, you hae 2 options here:
- Create a balancing line.
- Use LINE --> ALLOCATIONS to allocate the amount to other accounts.