Journal entries are used to make transfers between nominal accounts. They follow double-entry bookkeeping principles. The journalA record that holds one or more transactions for posting. Synonymous with batch in batch processing. must balance (debit and credit amounts must equal) before it can be posted. If not, you cannot complete the postings. Journal entries are always entered in a batch. A journal can be held for authorisation, if required.
The ledger applies a URNThe unique reference number assigned to a complete transaction to assist in tracing the progress of the transaction through Sage 200. This number is 12 digits long and comprises of: 3 digits for the user number, 2 digits for the source module in which the transaction was created, and a 7 digit sequential reference number. (unique reference number) to each journal. You can use the URN to find out information about the journal such as, who created it, and the entries involved.
You can use journal templates to create a library of journals. This is useful when you have regular postings that can be incorporated into a journal as required.
You can also enter a taxable journal that will update your VAT Return as well as the nominal accounts. Taxable journals are usually required for special VAT schemes or to process fuel scale charges.
Note: A nominal taxable journal should not be used to replace the usual invoice, credit note and taxable payment or receipt routines found in other modules.
When you post a journal, if you have set the ledger to update journals on posting (Update the Nominal Ledger immediately journal entries are posted) then the entries immediately affect the account balances, provided they are for an open period. If you have decided not to activate this setting, then the entries are held in the waiting postings file to be updated later using the Update Waiting Postings option.
Note: You cannot post journal entries to a nominal account that is set to reject manual journal entries (the Allow manual journal entries setting is not activated on the account).
When entering journals you can do the following:
This option lets you reverse all postings in the journal at some future time.
For example, use this option to make an adjustment to the value of stock that needs to be reversed after the period end.
You cannot reverse individual transactions in the journal.
If you set the journal to reverse, it cannot be set to recur.
This option lets you make the same journal entry several times on different dates. When you enter the first journal date, the recurring dates are automatically calculated, although these dates can be amended. Postings can be repeated over a period of time, up to a maximum of
Once you commit this type of journal to the ledger the routine posts all the recurring entries to the deferred waiting postings file, where they are held until their posting date falls into an open period.
Note: If you set the journal to recur, it cannot be set to reverse.
Use this option to amend the journal before posting it to the ledger. You can make adjustments to a journal which is on hold, without the requirement for it to balance.
You can view the details of a held journal in the Held Journal report.
Note: The values in the journal must balance, however, when you want to post it.
When making journal transfers that require analysis by cost centres and/or departments, you can assign a nominal code with a cost centre and/or department code for each transaction line of the journal.
You can set up a journal template, when using journal entries, to distribute an expense across cost centre or department codes.
Note: If you include a memorandum account in the journal, the value of the posting to the memorandum account is not included in the batch totals.
Steps in this task
Amend, complete or delete journals
Reference