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Page 1 of 6 What are Journal Types? All of the accounting entries made to ledger accounts enter SunSystems Financials as part of a journal. A journal normally contains at least two self balancing ledger transactions, although it can contain a single transaction posting to a memo account. Many different types of journal are used to post different types of business transaction to the ledger. For example, journals are used to post sales invoices, purchase invoices, cash receipts, cash payments, expenses, acquisitions, depreciation, and revaluation adjustments. You can create as many journal types as you require. Journal Types Setup (JT) is used in Financials to define each type of journal and identify the input and validation rules required for that type of entry. You can determine a large number of rules and characteristics for a journal type including:
The design of the input form that appears in Ledger Entry (LE). The analysis dimensions available to analyze the transaction, for example different codes may be required on a cash receipt journal to a depreciation journal. Whether the journal is a prepayment or accrual and should therefore be reversed automatically into the following period. When journal line descriptions are required. Who can enter transactions using the journal type. Whether discount and currency rate tolerances can be overridden. Whether tax is to be calculated automatically on the amounts entered, and if so, the accounts to be updated. Whether the journal type can be used for online journal input, or journal imports, or both. Whether a specific allocation marker is required for a journal type. For example to set an allocation marker of Force Payment on journals that require immediate payment. Whether asset details are required.
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JT - Journal Types Setup Every group of ledger transactions (journal) you enter into Financials must belong to a journal type. The journal type determines the input and validation rules that apply to the transactions in that journal. Journal types are defined using Journal Type Setup (JT). Ledger Entry is the core online facility for transaction entry to the ledger in the Ledger Accounting module. It supports a wide range of features to facilitate the task of data entry, such as the ability to: Display different Journal Types on specific forms Preset journal defaults Perform Online Allocation Process dual base-currency transactions
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Ledger Entry has been designed to take advantage of the benefits of SunSystems forms-based user interface. This gives the ability to tailor the entry view to particular tasks. For example, form layouts may be matched to the organisations own document layouts or to a grid entry view if preferred. Specific journal types/forms may be defined as individual menu options in Navigation Manager. In order to look more closely at transaction entry in SunSystems, let’s begin by creating a journal type for entering Purchase Invoices. Remember that all screens can be customised to reflect your organisation’s accounting criteria. - From the Navigation Pane click on Setting up Ledger Accounting
From the Forms pane select Journal Types Setup Alternatively you can type JT in the shortcut field Enter PI in the Journal Type box and click OK
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