i-power Recurring Journal Entries Last Revised: 4/28/17 Version: 2.0

Transcription

1 i-power Recurring Journal Entries Last Revised: 4/28/17 Version: 2.0 EPL, Inc. 22 Inverness Parkway Suite 400 Birmingham, Alabama (205) / EPL (4375)

2 Property of EPL, Inc., 22 Inverness Center Parkway, Birmingham, AL , (205) , Fax (205) EPL, Inc. believes this document is accurate and reliable, and much care has been taken in its preparation. However, EPL, Inc. cannot accept any responsibility, financial or otherwise, for any consequences arising out of the use of this material. The information contained herein is subject to change. Revisions may be issued to advice of such changes or additions. The information and techniques contained in this document are the property of EPL and may not be disclosed in total or in part without the written permission of EPL, Inc EPL, Inc. All All rights Rights reserved.

3 i P a g e Contents CONTENTS... I ABOUT THIS DOCUMENT... 5 SECURITY ACCESS TO RECURRING JOURNAL ENTRIES... 6 SETTING UP RECURRING JOURNAL ENTRIES... 7 Types of Recurring Journal Entries... 8 Fixed Payment... 9 Editing Entries Payment Schedule Editing Entries RECURRING JOURNAL ENTRY TRANSACTION REPORT... 16

4 5 P a g e A b o u t t h i s D o c u m e n t About this Document This document provides a guideline for Recurring Journal Entries in i-power. There are two types of Recurring Journal Entries available in i-power : Fixed Payment Payment Schedule Each type will be outlined in this document.

5 6 P a g e S e c u r i t y A c c e s s t o R e c u r r i n g J o u r n a l E n t r i e s Security Access to Recurring Journal Entries For Users to access Recurring Journal Entries permission must be granted to enable Manager Recurring Entries in the User s Role. The option is under the Back Office/General Ledger role.

6 7 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s Setting up Recurring Journal Entries The Recurring Journal Entries functionality is available in i-power for posting a series of transactions for non-depreciation entries. Recurring Journal Entries is accessed via the Back Office menu on the main login screen. From the Back Office menu choose General Ledger then from the submenu choose General Ledger Profile. Users will then access Recurring Journal Entries through the General Ledger profile screen by clicking on the Recurring Journal Entries tab.

7 8 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s Types of Recurring Journal Entries There are two options for entering a Recurring Entry: 1. Fixed Payment option is for generating a series of transactions with a fixed dollar amount for a defined schedule. For example, a maintenance contract for equipment is purchased for $4, and the expense will be incurred with a fixed payment of $ for 36 months. 2. Payment Schedule option is for generating a series of transactions over a defined period schedule and the last payment amount will be a different amount from the other scheduled payments. For example a maintenance contract is purchased for $4, with payment of $ for 35 months and the last payment amount will be $

8 9 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s Fixed Payment To add a Recurring Entry for Fixed Payment click on the Fixed Payment tab to be sure you are in the correct section. Then click on Add Recurring Entry. The User will enter the following information for a Fixed Amount Recurring Journal Entry: Fixed Amount Recurring Journal Entry Details: o Recurring Entry ID is a unique field used to identify each recurring journal entry. It is recommended that the information about the entry be entered in this field. For example Main Branch Teller Equipment. Alphanumeric characters are permitted in this field. o Summary Account # field can be used to identify recurring entries made to a single GL account number. This field provides the ability to summarize recurring entry transactions in Oracle Discoverer by GL account number and create reports to balance Recurring Entries to the General Ledger. o Start Date is the date the recurring entries are to begin posting to the General Ledger. o Frequency is how often the recurring entries will be posted to the General Ledger: Daily, Weekly, Monthly, Quarterly or Annually. o Number of Payments is the number of postings that will be made to the General Ledger for this recurring entry.

9 10 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s o Fixed Amount is the amount to be posted to the General Ledger for this recurring entry with each frequency. o Auto Reverse Entries provides the User the option to reverse the entries on the first day of the following month. o The following fields will be calculated and populated by i-power based on the information entered in the fields in the left column and most of them will be updated with each General Ledger posting: End Date is the date for the last posting to the GL for this recurring entry Total Amount is the total amount that will be posted to the GL for this recurring entry Total Amount Paid to Date is the amount that has been posted to date for this recurring entry (this field is updated as entries are made) Remaining Amount is the remaining amount to be posted for this recurring entry (this field is updated as entries are made) Next Payment Date is the next posting date to the General Ledger for this recurring entry General Ledger: o GL Account # will designate the GL account to be debited and credited for the posting. o Branch # will be populated with the default branch in the User s workstation record that is setting up the template. o Journal Source will be populated with the Teller number of the User who is setting up the template for this recurring entry. (This information can be modified to another Teller number if desired) o Transaction Type for each GL account a debit (DB) or credit CR) is to be selected. o Amount is the amount of the entry to be posted. If the Amount field is used the Percentage field will be calculated based on the information in the Fixed Amount and the Amount fields, and will be displayed in a read-only format. For example, if the Fixed Amount is $ and the Amount is $ the Percentage field will be ; if the Fixed Amount is $ and the Amount is $ the Percentage field will be (whole percentages must be entered with.00) o Percentage is the percentage of the Fixed Amount to be posted to the GL. The total for each debit and credit must equal 100%. If a Percentage is used the Amount field will be calculated based on the information in the Fixed Amount and the Percentage fields. For example if the Fixed Amount is $ and the Percentage is the Amount field will be $300.00; if the Fixed Amount is $ and the Percentage is the Amount field will be $ (whole percentages must be entered with.00) o Transaction Description specifies the transaction description that will post for each debit and credit to the General Ledger and alphanumeric characters are permitted. o Action after all of the information has been entered for the GL entry the User will click on the icon. Enter the information for the remaining GL entries for this Recurring Entry. Then click on to set up the Recurring Journal Entry.

10 11 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s The following screen represents a Fixed Amount recurring journal entry. Notice all of the fields can be modified with the exception of the system calculated fields and the Recurring Entry ID which are all in gray. Editing Entries Once an entry has been added but postings have not begun, Users may edit all of the desired fields with the exception of the system calculated fields. These fields will be the information in the gray boxes. If the postings have begun for the entry (the Total Amount Paid to Date is > 0.00), the only information that can be modified will be the General Ledger Account details. GL Account details can be deleted by clicking on the icon under Action. The entry will be re-entered in the General Ledger section.

11 12 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s Payment Schedule To add a Recurring Entry for Payment Schedule click on the Payment Schedule tab to be sure you are in the correct section. Then click on Add Recurring Entry.

12 13 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s The User will enter the following information for a Payment Schedule Recurring Journal Entry. Payment Schedule Recurring Journal Entry Details: o Recurring Entry ID is a unique field used to identify each recurring entry. It is recommended that the information about the entry be entered in this field. For example Main Branch Teller Equipment. Alphanumeric characters are permitted in this field. o Summary Account # field can be used to identify entries made to a single GL account number. This field provides the ability to summarize recurring entry transactions in Oracle Discoverer by GL account number and create reports to balance Recurring Entries to the General Ledger. o Start Date is the date the recurring entries are to begin posting to the General Ledger. o Frequency is how often the recurring entries will be posted to the General Ledger: Daily, Weekly, Monthly, Quarterly or Annually. o Payment Amount is the amount of recurring entry to be made for each General Ledger posting except for the final posting. o Number of Payments is the number of postings that will be made to the General Ledger for this recurring entry. o Last Payment Amount is the amount of the final General Ledger posting for this recurring entry. o Auto Reverse Entries provides the User the option to reverse the entries on the first day of the following month. o The following fields will be calculated and populated by i-power based on the information entered in the fields in the left column and most of them will be updated with each General Ledger posting: End Date is the date for the last posting to the GL for this entry Total Amount is the total amount that will be posted to the GL for this recurring entry Total Amount Paid to Date is the amount that has been posted to date for this recurring entry (this field is updated as entries are made) Remaining Amount is the remaining amount to be posted for this recurring entry (this field is updated as entries are made) Next Payment Date is the next posting date to the General Ledger for this recurring entry

13 14 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s General Ledger: o GL Account # will designate the GL account to be debited and credited for the posting. o Branch # will be populated with the default branch in the User s workstation record that is setting up the template. o Journal Source will be populated with the Teller number of the User who is setting up the template. (This information can be modified to another Teller number if desired) o Transaction Type for each GL account a debit (DB) or credit CR) is to be selected. o Amount is the amount of the entry to be posted. If the Amount field is used the Percentage field will be calculated based on the information in the Payment Amount and the Amount fields, and will be displayed in a read-only format. For example, if the Payment Amount is $ and the Amount is $ the Percentage field will be ; if the Payment Amount is $ and the Amount is $ the Percentage field will be (whole percentages must be entered with.00) o Percentage is the percentage of the Payment Amount to be posted to the GL. The total for each debit and credit must equal 100%. If a Percentage is used the Amount field will be calculated based on the information in the Payment Amount and the Percentage fields. For example if the Payment Amount is $ and the Percentage is the Amount field will be $133.33; if the Payment Amount is $ and the Percentage is the Amount field will be $ (whole percentages must be entered with.00). For any entries where the percentage is less than the system will post the Last Payment Amount to the GL accounts based on the percentages for that GL account. o Transaction Description specifies the transaction description that will post for each debit and credit to the General Ledger and alphanumeric characters are permitted. o Action after all of the information has been entered for the GL entry the User will click on the icon. Enter the information for the remaining GL entries for this Recurring Entry. Then click on to set up the Recurring Journal Entry. The following screen represents a Payment Schedule recurring journal entry. Notice all of the fields can be modified with the exception of the system calculated fields and the Recurring Entry ID which are all in gray.

14 15 P a g e S e t t i n g u p R e c u r r i n g J o u r n a l E n t r i e s Editing Entries Once an entry has been added but postings have not begun, Users may edit all of the desired fields with the exception of the system calculated fields. These fields will be the information in the gray boxes. If the postings have begun for the entry (the Total Amount Paid to Date is > 0.00), the only information that can be modified will be the General Ledger Account details. GL Account details can be deleted by clicking on the icon under Action. The entry will be re-entered in the General Ledger section.

15 16 P a g e R e c u r r i n g J o u r n a l E n t r y T r a n s a c t i o n R e p o r t Recurring Journal Entry Transaction Report The program for running Recurring Entries runs on a daily basis and runs after the night processing has completed and the date has been rolled to the following business date. After the program at the beginning of the current business date, the Recurring Journal Entry Transaction Report will be available for viewing in CU-Archive. The report ID for this report is RGLRJE11. The transactions listed on this report will be posted during the nightly processing of the current business day. Since the program runs at the beginning of the day any changes that are made to the Recurring Journal Entry screens will not be effective until the next payment date. The transactions for Recurring Entries will be made based on the following rules: Recurring Journal Entries will be created when the Next Payment Date is equal to the current business date. The following exceptions will apply: o If the next payment date falls on the weekend (Saturday or Sunday) within the same month as Friday s date the GL entries will be posted on Friday. o If the next payment date fall on the weekend (Saturday or Sunday) and it is not in the same month as Friday s date the entries will not be posted on Friday. They will be posted on the following Monday. o If the next payment date falls on a holiday the entries will be posted on the day before the holiday. o If the next payment date falls on a holiday and the holiday falls in a new month the entries will be posted on the first business day following the holiday. Once the GL entries have been created the Next Payment Date will be updated to the next payment date based on the frequency of the recurring entry. If the recurring entry s frequency is monthly and the start date is the last day of the month the next payment date will always fall on the last day of the month. For example, if the start date and next payment date is January 31, 2015 and the frequency is monthly the next payment date will be February 28, 2015 and the next date after that will be March 31, If the recurring entry type is Payment Schedule and the End Date = Next Payment Date the system will use the Last Payment Amount x Percentage assigned to each GL transactions to calculate the last transaction amount for each associated debit and credit. A sample of the report is listed on the following page.

16 17 P a g e R e c u r r i n g J o u r n a l E n t r y T r a n s a c t i o n R e p o r t Sample RJE Type: Payment Schedule