Sage X3 Core Financials - Day 5 - Entering Journal Transactions & Closing Fiscal Years/Periods Flashcards
ENTERING JOURNAL TRANSACTIONS & CLOSING FISCAL YEARS/PERIODS
In the following Topics, you will learn how to define Fiscal Years and Periods, as well as Setting Up and Creating Journal Entries, Adjusting from Inquiries, and Batch Entry.
TOPICS IN THIS LESSON INCLUDE:
- Defining Fiscal Years and Periods
- Posting to the General Ledger
- Setting Up Journal Entries
- Creating Journal Entries
- Adjusting Journals from Inquiries
- Entering Batches.
Defining Fiscal Years and Periods: (GESFIY)
Path: Common Data > General Accounting Tables > Fiscal Years
We use the Fiscal Years (GESFIY) to define Fiscal Years for each Company or Legal Ledger Combination.
You must define Fiscal Years for each Fiscal Year starting with the first Fiscal Year defined for the Company up to your Current Fiscal Year.
- Thus, after Creating a Company, define Fiscal Years and Periods.
- Information is automatically defined based on the Starting Date entered when Creating a Company.
- Changing the end Date automatically updates the start Date for the next Fiscal Year.
- The System automatically displays all Fiscal Years up to the Current Fiscal Year, plus one based on your Starting Date.
- For Example if the Current Year is 2023, and you start the Company in 2020.
- The System will automatically display 2020, 2021, 2022, 2023
And 2024 automatically. - The Status is always Set to Not Open for each Fiscal Year Listed.
- To Open a Fiscal Year, Click Opening in the Right List, you can only open those Fiscal Years added to the Company in the Fiscal Years Function window.
- You can have Multiple Fiscal Years open at one time.
- You can only post to a Fiscal Year that has an Open Status.
Fiscal Periods: (GESPER)
Path: Common Data > General Accounting Tables > Periods
We use Periods (GESPER) to define Fiscal Periods for each Fiscal Year associated with a Specific Company.
- Fiscal Periods are defined based on the:
Company,
Ledger Type, and
Fiscal Year Selected. - By default, 12 Periods are automatically created, though they can be changed.
- The Period start date for the First Period is based on the Start Date for the Fiscal Year and can not be changed.
- The Period end Date for the last Period is based on the Fiscal Year End Date and cannot be changed.
- You can open a Single or Range of Periods at one time up to a maximum of 20 Periods at one time.
- You can not have Periods that are not in Order Open eg You can not have Periods 1 and 3 Open and leave Period 2 Closed.
- You can only open Periods within a Fiscal Year that is also Open.
CLOSING FISCAL YEARS: (GESPER)
Before you can Close a Fiscal Year, the Periods associated with that year, must also be Closed.
- You can close a Period directly in this Function by Clicking Closing in the Right List.
- Periods are closed one after the other.
- Once a Period is Closed, it can only be re-opened using the Re-open Period Function under Closing in: Financials > Utilities > Closing.
Posting to the General Ledger ( )
Path:
It is important to understand how Ledgers are updated, including the General Ledger.
- The PRODUCTION,
- FIXED ASSETS, and
- STOCK JOURNALS, post via user-controlled Interaction, which you can run by a Batch Process.
- The SALES and PURCHASES JOURNALS as well as MANUAL JOURNALS post to the General Ledger in Real Time.
- For Example, when entering an Invoice, it updates the appropriate Ledger(s) when you Click post.
All other Journal Functions post using automatic Journals, except for manually entering a Journal.
- All these tasks can be monitored in the Accounting tasks Monitor.
NB: An overview of Automatic Journals is discussed later in the course.
Setting Up Journal Entries: ( )
Path:
When entering Journal Transactions, several elements that come together to define the transaction includes:
1) Document Type (Entry Type): Which Defines various Types of Journals that are used in Accounting.
2) Journal Entry Transaction (Transaction): This Defines the Layout of the Data Entry Screen and Fields displayed or Hidden.
3) Journal Code (Journal: Defines the Source Journal for Journal Entries.
Journal Codes: (GESJOU)
Path: Common Data > General Accounting Tables > General > Journal Codes.
We use Journal Codes (GESJOU) to Define and Modify Codes for Identifying the Source Journal for Journal Entries.
NB: A Default Set of Journal Codes is created automatically and are associated with the appropriate automatic Journals defined when creating a new Company.
Document Types: (GESGTE)
Path: Setup > Financials > Document Types
We use Document Types (GESGTE) to define the various Types of Journals that are used for posting transactions.
- This includes Manually entered in the Journal Entries function or through functions entered in other Modules such as:
STOCK, PURCHASING AND SALES.
IDENTIFICATION SECTION:
STRUCTURES: (GESANM)
Path: Setup > General Parameters > Sequence Number Definition > Structures.
We use Structures (GESANM) to define Document Numbers which are defined as Sequence Counter Codes.
MANAGEMENT SECTION:
- To display unallocated Payments when entering Payments/Receipts, select the Open Items Management Check Box.
- The PAYUNALL parameter in the TRS Chapter, Pay Group must be set to ‘Yes’ to have unallocated payments display automatically in the GESPAY Left List.
Journal Entry Transactions: (GESGDE)
Path: Setup > Financials > Journal Entry Transactions.
We use Journal Entry Transactions to define Entry Transactions Specific to the Journal Entries Function.
- Entry Transactions are used to Customize the Entry Screens Specific to a Company’s requirements.
- You can Create Multiple Entry Transactions for the same Function.
Entry Type: Enter or Use a unique Code of up to 5 Alphanumeric Characters in length which will be used on Journal Entry to Select the Transaction Entry Screen.
MANAGEMENT:
- Enter the number of Currencies that can be considered by the transaction up to a Maximum of 5 Currencies.
- The Search order is defined as:
1 = Customer
2 = Supplier
3 = Carrier
4 = Factor
5 = Sales Rep
6 = Miscellaneous BP. - For Example: 612 means that the search will be in priority on the collective account Associated with the Accounting Code of Type “Miscellaneous BP”, then to the Accounting Code “Customer “ and finally the Accounting Code “Supplier”.
Creating Journal Entries: (GESGAS)
Path: Financials > Journals > Journal Entry
We use Journal Entry (GESGAS) to enter Journal Entries consisting of details closely related to a single purpose.
Examples include:
Adjusting Entries and Depreciation.
STATUS SECTION:
An Entry can have one of two Statuses, ie. Temporary and Final.
Once an entry is in a Final Status, you can no longer make Modifications to information such as the Date, Amounts, Accounts, and other purely Accounting Information fields.
INTER-SITE JOURNALS:
You can create Journal Entries that post an Amount from one Site to Another.
You must have defined Linked Accounts for the Sites you want to enter transactions between in the Chart of Accounts Function.
- The Linked Account defined between Sites is used to balance the Entry when created.
- When entering the line items for the Entry, simply select the Site, Account, and enter the appropriate Debit/Credit Amount.
- When you Click Create, the System will automatically balance the entry within the individual Sites based on the Linked Account defined.
Adjusting Journals from Inquiries: ( )
Path: Financials > Inquiries > Accounts
We can adjust Journal Entries when viewing Journal Transactions in the Accounts Function.
- Define the appropriate information like:
Company, Site, Ledger, and Date Range.
You can also define additional Criteria for the COA or Specific Account. - Journals matching the Criteria defined display in the Details Grid after searching for transactions.
- To Modify a Journal listed, Click the Action icon and Select Journal.
Entering Batches: (GESLOT)
Path: Financials > Journals > Batch Entry
We use Batch Entry (GESLOT) to enter transactions in a Batch Mode.
This allows you to enter Multiple Entries with different Journals in the same Function prior to Validating and Creating.
ENTRY TRANSACTION: If transaction entries have been defined, you must Select transaction to use for creating the Journal Entries.
This is the same as selecting the Transaction when accessing the Journal Entry Function.
- You can define Default Site, Journal, and Description.
INPUT:
- As you enter Individual Entries, Set to Yes for the first Line which identifies the first line for an Entry.
It must be set to No for each associated line.
- In the above example, Lines 1 through to 4 are grouped together as one Entry and lines 5 and 6 are grouped together as a second Entry.
- You can save a Batch that is not balanced, However it can not be posted until all entries in the Batch are in balance.
- Batches are validated and posted using the Batches.
BATCH VALIDATION: (CPTLOT)
Path: Financials > Current Processes > Batches.
We use Batches (CPTLOT) to validate and post Batches created in the Batch Entry Function.
- The Batch Server must be Active and the Accounting Functions status Active.
- From the Usage > Batch Server menu, select Accounting Functions and verify the Task Status is Active for ACCENTRY.
- To Activate the Batch Server, select the Server Activation Function from the: Usage > Batch Server menu and select ‘Yes’.
