Standing Journals are used for regular cash book transactions (for example, monthly payments). They can be run at any time during a period. Controls ensure that each entry can only be applied once per period.
There are two basic types of standing journals - fixed and non-fixed.
Fixed standing journals have the value fixed, so the same value is applied each period. These would be used, for example, for standing orders.
Non-fixed standing journals can have the transaction value changed, such as each month, using Standing Journal Entry. These would be used, for example, for direct debit transactions.
Setting Up Standing Journals
Use Standing Journals to set up standing journals.
Note: Debits must equal credits on each journal, otherwise it will not be accepted.
Initial set up of your standing journals is via General Ledger > Journals > Standing Journals > Standing Journal Setup
The Standing Journals browse list will be displayed listing all current regular journal header records.
To set up a new Standing Journal, click
.
Enter the details for the new standing journal header record in the relevant fields
Field | Description |
Journal | Code to identify this journal, i.e. O/Head Distribution per BUD2014 |
Description | A unique description to identify the standing journal. Note: parameter SJDESC can be set to N to prevent the description being adjusted. |
Transaction Types | Select the transaction type of the standing journal |
Fixed | Are the amounts to stay the same every month? You cannot add or amend the detail lines for fixed standing journals. Only the original standing journal configuration can be changed. When posting a fixed standing journal the 'ready to post' flag will remain ticked for the next period. Some Standing Journal may have variable amounts required. These are defined as non-fixed standing journals and will need to be amended for every payment. |
Reverse | Whether this journal is a reversing transaction. If this is ticked, whenever the journal is posted, a transaction for the opposite amount will be generated automatically for the next period. |
Debits | Debit amounts that will be posted. |
Credits | Credit amounts that will be posted. |
Next Post | Next period to post. The posting procedure updates this automatically each time the journal is posted. |
Click Save to set up the Standing Journal header record.
Select the Journal hyperlink in the Journal column to enable you to drill down to the Standing Journals screen.
The Standing Journal screen will be displayed, showing the details of the header record and enabling you to add the individual transactions within the journal.
Click
to enter the details of the transaction in the relevant fields. Each line will represent an individual transaction.
Field | Description |
| The type of account (contract, General Ledger, asset, workshop GST or part exchange account) to which you are entering the journal. |
| If you are entering the transaction to an account other than a General Ledger account, select whether the transaction is a cost journal or a revenue journal. |
Analysis | The account or contract the transaction will be posted |
Value | The value of the transaction |
Description | A unique description to identify the transaction |
As you enter each line, click Save to store the details.
When all the lines have been entered, verify that the Batch Header shows a batch status of Balanced. If an imblalance is shown, this will need to be corrected.
If the batch is balanced, Click
to return to the Standing Journals Browse Screen which has now updated the amount of debits and credits and also allocated the date in the Next Post column.
Enter Standing Journals
Enter Standing Journals allows you to enter the values for a non-fixed standing journal, and to flag journals as ready to post.
