How to Enter a Journal Entry with an Automatic Accrual Reversal
Modified on: Thu, Jun 30 2022 8:23 AMHow to Enter a Journal Entry with an Automatic Accrual Reversal
Document Overview
- Entries will automatically be reversed and posted the following period
Sample Report Below – JC Posting Report.
Sample Report Below – General Ledger Posting Report.
Job Costing
Transactions
Enter Cost Transaction
Click Create Batch
Complete the fields under the Transaction Section:
Post Date: Date/month desired for entry to post
Journal: Type of journal entry being posted (most job-related entries will be JC)
Source: Where the entry is generating from (short version)
Source Desc: Detailed information pertaining to the source
Reference: Job number, “tax”, etc.
Check Accrual
Under the Detail Section:
Insert a line item for each entry needed (two lines will be inserted in this example)
Enter Type: J = Job Cost Entry, G = General Ledger Entry
Company: Enter the company number in which the project resides
Job/Dept/Eqp/WO: most of the time this is the project number
Phase/Compon/Acc/WI: this information is obtained from either the AP Voucher GL Distribution, or CMiC Project Field
Cat/Tran/Exp: This is information is obtained from the same places as Cost Codes
Debit = will increase the account being posted to
Credit = will decrease the account being posted to
Click Save
Click Print Edit List
Click Print
Sample Report Below will generate. Review for accuracy.
Click Post Transactions
Ensure the “Print Reports Immediately” and “Automatic Accrual Reversal” boxes are both checked
Click Post
Click Run Report