Recurring Journal Entry

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Recurring Journal Entry

The entry is created in the ledger (owner/property) or unit profile using the button on the left. It is used for known happenings, like auto withdrawals for mortgage payments, automated bank transfers, etc. Before a transaction can be posted, the debits and credits must match. Therefore there must be at least two line item entries.

Description

The description entered here will appear on the screen when you compile the list in the GL, Scheduled Journal Entries function.

Schedule

Select the schedule from the Find List.

Next Scheduled

Enter the date you want the next scheduled event to occur.

Schedule Expires

Enter the date the schedule expires, if there is one. This field may be left blank.

Credit / Debit / In Balance

A running total of credits, debits and their total is maintained in these three protected fields. In order to post, the credits must match the debits, i.e. the third field name must read In Balance and be equal to zero. As you enter line items, the third field name will change to indicate Decreases Needed or Increases Needed with the amount of the increase or decrease.

Line Items

To add additional line items click in the area below the last line item to open a new edit line.

Account

Choose the account from the Find List.

Ledger

Choose the affected ledger from the Find List.

Debit or Credit

This will reflect Credit or Debit based on the type of account chosen. If it is an Income type account, the field will fill in Credit if an Expense type account the field will fill in Debit.

Amount

Enter the amount of the credit or debit. If the Debit or Credit column says credit and you want to debit the account, use a negative amount. A negative amount for a debit posts as a positive credit.