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How to manage journals

There are many types of Journals this is a brief overview of the important points rather than a detailed look at each different type.

Note: All pages below are subject to having relevant Roles and Permissions.

Go to General Ledger and click on Journals.

You can see the different types of Journals in the multi-coloured menu row across the page.

A brief overview:

Standard – the usual type of Journal made within a Period to correct coding errors, or allocate costs

Reversing – a Journal that will be reversed in a future Period. The reversal is posted at the same time as the original entry. Make sure that the future reversal is in an open Period. These can be used across year end as well – ensure that the future financial year and Periods are set up. Typically, these would be used for accruals and prepayments.

Cashbook – should only be used where there is a transaction going through the Bank Account. These could be used if you have a Direct Debit payment to a supplier that is the same amount every month e.g. rates, utilities. You specify the Supplier as part of the setup. This creates the relevant entries on the Supplier AP Account as well.

VAT – these should be used with care and should only represent processing a VAT refund or correcting coding errors (e.g. a transaction has been processed under the wrong VAT group).

Opening Balance – as the name suggests these are used for opening balances when first setting up Bromcom Finance. Use with care and only under the direction of senior staff or Bromcom consultants. Should only be used once.

Templates – can be setup where you have the same Journal to process every period and you want to save time on data entry. These could be used for say, depreciation in an Academy or allocation of Catering Costs or Pupil Premium over multiple cost centres and Ledger Codes.

You will notice the Status Filter on the left-hand side of the page – you can use this to check whether your Journal has posted or not if you are unsure.

Journals consist of a Header and then detail. Complete the Header then save and then add Detailed Lines.

When completing a standard Journal, the Detailed Lines will check available Budget on the Cost Centre/Ledger Code combination. Also note that Linked Cost Centres and Ledger Codes are offered, so that if you select the Cost Centre, only Linked Ledger Codes and Funds are shown.

Attachments can be manually made to the Journal. For example, you may want to attach a signed contract or signed off expenses.

Once a Journal is balanced, it can then be posted. If the Journal is not posted it would remain available as a template. This is a useful way of saving work if you should unexpectedly get called into a meeting.

A few other key points:

Cashbook Journals can be setup for multiple periods. Check the Recurrence Pattern Enabled button and specify the number of months:

Contra Journal can be created to completely reverse a Posted Journal. This can be useful on a Multi Line Journal. To use this function highlight the Posted Journal and then click the Contra button.

Note: Only unposted Journals can be deleted.

Updated on September 21, 2020

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