Set Up a Recurring Journal Entry

Overview 

A Recurring Journal Entry is a Journal Entry template that allows a user to create journal entry records that should be repeated during a defined future interval.

Create Recurring Journal Entry

1. Navigate to Accounting Home and under General Ledger Entry, click Recurring Journal Entries.
   
   Note: My Domain in Salesforce must be enabled. To learn more, view the Salesforce My Domain knowledge article.
   
   
   
   
2. Setting up a Recurring Journal Entry includes an Owner field that is populated with the login name.  
3. The following fields are required before the New Recurring Journal Entry can be saved:
   
   • Recurring Journal Entry Name: Any name can be used.
   • Status: Determines if the Recurring Journal Entry should still be used (defaults to Active, can be set to Inactive).
   • Journal Entry Frequency defaults to Monthly but can be reset to:
     • Weekly
     • Bi-weekly
     • Quarterly
     • Semi-Annual
     • Annual
       Note: With the Iris release, existing users may need to manually add the Weekly value to the Journal Entry Frequency picklist. For more information, refer to the Add a New Picklist Value article. 
   • Next Journal Entry Date: Used to specify the creation date of the next journal entry.
4. If any of the fields listed above are not populated, the New Recurring Journal Entry screen will not Save and will prompt the user to complete them.
5. The New Recurring Journal Entry screen contains one (1) optional field labeled Last Journal Entry Date. This field is used for recording the date the last Journal Entry was created from this Recurring Journal Entry template. It is ignored when creating a new Journal Entry.
   
   
   
   Note: The Exclude from Automation checkbox is used in conjunction with scheduled jobs. By default, this is unchecked and the Recurring Journal Entry record will be included in a scheduled job. When checked, the Recurring Journal Entry record will be excluded from the scheduled job.
   
   
6. Exit the New Recurring Journal Entry screen by clicking one of the following:
   • Save: Saves the New Recurring Journal Entry. 
   • Save & New: Saves the New Recurring Journal Entry screen and offers another (blank) New Recurring Journal Entry screen to populate (repeat this process until all required Recurring Journal Entries have been created).
   • Cancel: Cancels the current New Recurring Journal Entry.

Create Recurring Journal Entry Lines

Each Recurring Journal Entry requires details that are entered on the New Recurring Journal Entry Line screen. This is the screen where the accounting details are added. This screen is accessed by clicking on the name of a Recurring Journal Entry that appears on the List View of Recurring Journal Entries.

When the name of a Recurring Journal Entry is clicked, a detail screen presents the information about the Recurring Journal Entry. On this screen, click New on the Recurring Journal Entry Lines Related List. Clicking New will open a New Recurring Journal Entry Line screen.

The top portion is labeled Information and contains the Recurring Journal Entry Line parent record and empty fields for the following information:

• Debit
• Credit
• Quantity
• Product
• Reference: Use this field to contain an external document reference.

The lower portion of the screen is labeled Accounting Information and is used to identify the information pertaining to the specific Recurring Journal Entry identified in the top part of the New Recurring Journal Entry Line screen. The only mandatory field is the General Ledger Account, used to record the transaction to the correct General Ledger Account. The other fields are for optional information.

Note:  If you add a Project, the Journal Entry can be posted without having an associated Project Task. The validation rule to require a Project Task whenever selecting a Project on the Recurring Journal Entry Line has been disabled on all new installations. A user may enable/disable according to their business processes.

After creating one or more Recurring Journal Entry Lines, they are collated onto a Recurring Journal Entries List View that shows all the information on a single line (except the Owner data, which is not shown) including Total Debits and Total Credits.

Notes:

• If the Total Debits and Total Credits are not equal to each other, Accounting Seed prevents posting.
• Accounting Seed restricts the number of Recurring Journal Entry Lines within a single Recurring Journal Entry to 1000 lines to prevent errors based on Salesforce limits when creating records. Additionally, there is also a limit set on how many records can be created at one time using the Create or Create & Post buttons on the Create Journal Entry intermediate screen. The limit is 1,000 records for Recurring Journal Entry.

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Release Notes and Schedule

• The Weekly increment has been added as frequency. 

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Release Notes and Schedule

• Previously a Recurring Journal Entry Line could not have a Project without a Project Task. In Iris the validation rule that controls this has been made inactive.
• There is a limit set on how many records can be created at one time using the Create or Create & Post buttons on the Create Journal Entry intermediate screen. The limit is 1,000 records for Recurring Journal Entry.