Exercise 6: Set Up General Journals

Task 1: Set up General Journals

Scenario

Part of the implementation process is the conversion of opening balances. For these specific transactions, a separate general journal OPENING will be created.

Separate batches are set up for the entry of the opening g/l balance accounts, the open customer ledger entries, the open vendor ledger entries, and the opening bank balance.

For customers and vendors, the detailed open ledger entries will be entered using the existing document no. given by the previous system. The total amount will be balanced by the regular g/l accounts for accounts receivables (10400) and accounts payable (20100).

You also want to avoid any tax postings while entering the opening g/l balances.

You will perform

1. Set up a journal for opening entries

2. Set up different batches for customer, vendor, balance

Steps

1. Set up a journal for opening entries

   1. Select the search for page icon in the top-right corner of the page, enter General Journal Templates, and then choose the related link.

   2. In the General Journal Templates page, select + New.

   3. Fill in the following fields:

      1. In the Name field, enter OPENING

      2. In the Description field, enter conversion opening balances.

      3. In the Type field, select the General option.

      4. In the Bal. Account Type field, select the G/L Account option.

      5. Deselect the Force Doc. Balance check box.

      6. Deselect the Copy Tax Setup to Jnl. check box.

2. Set up different batches for customer, vendor, balance, and bank.

   1. In the General Journal Templates page, make sure the OPENING journal is selected.

   2. Select Batches.

   3. In the opened General Journal Batches page, select + New.

   4. Fill in the following fields:

      1. In the Name field, enter BALANCE.

      2. In the Description field, enter opening g/l balance account.

   5. In the opened General Journal Batches page, select + New.

   6. Fill in the following fields:

      1. In the Name field, enter BANK.

      2. In the Description field, enter Opening bank balance.

   7. In the opened General Journal Batches page, select + New.

   8. Fill in the following fields:

      1. In the Name field, enter CUST.

      2. In the Description field, enter opening customer ledger entries.

      3. In the Bal. Account No. field, enter 10400

   9. In the opened General Journal Batches page, select + New.

   10. Fill in the following fields:

       1. In the Name field, enter VEND.

       2. In the Description field, enter opening vendor ledger entries.

       3. In the Bal. Account No. field, enter 20100

Note – If you do not find the Balance Account number from the list. Please proceed with creating new. ————————-

Scenario

Part of the implementation process is the conversion of opening balances. For these specific transactions, a separate general journal OPENING will be created.

Separate batches are set up for the entry of the opening g/l balance accounts, the open customer ledger entries, the open vendor ledger entries, and the opening bank balance.

For customers and vendors, the detailed open ledger entries will be entered using the existing document no. given by the previous system. The total amount will be balanced by the regular g/l accounts for accounts receivables (10400) and accounts payable (20100).

You also want to avoid any tax postings while entering the opening g/l balances.

Tasks

1. Set up a journal for opening entries

2. Set up different batches for customer, vendor, balance

Steps

1. Set up a journal for opening entries

   1. Select the search for page icon in the top-right corner of the page, enter General Journal Templates, and then choose the related link.

   2. In the General Journal Templates page, select + New.

   3. Fill in the following fields:

      1. In the Name field, enter OPENING

      2. In the Description field, enter conversion opening balances.

      3. In the Type field, select the General option.

      4. In the Bal. Account Type field, select the G/L Account option.

      5. Deselect the Force Doc. Balance check box.

      6. Deselect the Copy Tax Setup to Jnl. check box.

2. Set up different batches for customer, vendor, balance, and bank.

   1. In the General Journal Templates page, make sure the OPENING journal is selected.

   2. Select Related, then select Template and then select Batches.

   3. In the opened General Journal Batches page, select + New.

   4. Fill in the following fields:

      1. In the Name field, enter BALANCE.

      2. In the Description field, enter opening g/l balance account.

   5. In the opened General Journal Batches page, select + New.

   6. Fill in the following fields:

      1. In the Name field, enter BANK.

      2. In the Description field, enter opening bank balance.

   7. In the opened General Journal Batches page, select + New.

   8. Fill in the following fields:

      1. In the Name field, enter CUST.

      2. In the Description field, enter opening customer ledger entries.

      3. In the Bal. Account No. field, enter 10400

   9. In the opened General Journal Batches page, select + New.

   10. Fill in the following fields:

       1. In the Name field, enter VEND.

       2. In the Description field, enter opening vendor ledger entries.

       3. In the Bal. Account No. field, enter 20100.