In this guide, we show How to Manage Journals within the Finance Module.
There are many types of Journals in the Finance Module. This overview looks at each in turn:
- Universal Journal Attributes
- Standard Journals
- Reversing Journals
- Cash Book Journals
- VAT Journals
- Opening Balance Journals
- From Template Journals
- Contra (Delete) Journals
- Fund to Bank Journals
- The Journal Browser
Access: The minimum permissions required to Manage Journals are found in the Finance Module section Config > Setup > Roles & Permissions.
Related Guides:
- Finance Managers Guide
- How to Add an Opening Balance Journal in Schools Finance
- Finance System Checks – How to check for Journal Errors
To begin, go to Modules > Finance > Finance Home Page > General Ledger > Journals.
Different Journal types can be seen in the multi-coloured menu row across the top of the page.
Manual Journal Processing has a number of Filters down the left-hand side of the page which allow for the selection and viewing, according to the chosen criteria, of Journals that have been entered onto the system.
Universal Journal Attributes
Journals have a Header Section that must be completed and Saved before the Journal Lines can be added.
After completing the Journal Lines, the Journal can either be Saved for Posting at a later time, or Saved and Posted immediately. A Journal must Balance in order to be Posted.
If the Unposted Filter is selected, saved but unposted Journals are shown in the Manual Journal Processing page waiting to be Posted or Deleted. Unposted Balanced Journals show their CR/DR Value in Green . Unposted Unbalanced Journals show their CR/DR Value in Red.
Only unposted Journals can be deleted.
Bromcom Finance is designed to operate within a paperless office environment. However, if required, to Print a Journal right click on the Journal and select Print.
Standard Journals
Standard Journals are a type of Journal made within a Period to move money budget to budget / cost centre to cost centre, or to correct coding errors, or to allocate costs.
A typical Standard Journal might look like this before being Posted:
When completing a Standard Journal, the Standard Line Details will check and display the available Budget on the Cost Centre/Ledger Code combination.
When the Cost Centre is selected, only the Linked Ledger Codes and Funds are offered.
Files can be attached to a Standard Journal, such as a signed contract or signed off expenses.
Reversing Journals
Reversing Journals are a type of Journal used to move money from one Period to another. The money is Posted in the current Period and 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.
A typical Reversing Journal might look like this before being Posted:
Typically, Reversing Journals are used for accruals and prepayments. For example, Reversing Journals are used across the Financial Year End to move money from the Closing Financial Year to the New Financial Year. Ensure that the New Financial Year and Periods are set up when doing this.
Cash Book Journals
Cash Book Journals are only used when there is a transaction going through the Bank Account.
A typical Cash Book Journal might look like this before being Posted:
VAT Journals
There are a number of different VAT Journals. Clicking on VAT gives these options.
VAT Journals should be used with care and should only represent processing a VAT refund or correcting coding errors, for example a transaction has been processed under the wrong VAT Code.
VAT Reimbursement Journals
A VAT Reimbursement Journal is used when the school receives a VAT Reimbursement, for example from the Local Authority. A typical VAT Reimbursement Journal might look like this:
VAT Transfer Journals
A VAT Transfer Journal is for when VAT has been wrongly added. It allows for the movement of a monetary amount from one VAT Code to another. A typical VAT Transfer Journal might look like this:
Partial Exemption Journals
Partial Exemption Journals are not used in School Finance.
Opening Balance Journals
Opening Balance Journals, as the name suggests, 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. They should only be used once.
See: How to Add an Opening Balance Journal in Schools Finance
From Template Journals
Template Journals can be set up and used when the same Standard Journal needs to be processed periodically. This saves time on data entry, particularly when the Journal has many lines. Template Journals can be used for Depreciation, or allocation of Salaries, Catering Costs or Pupil Premium over multiple Cost Centres and Ledger Codes.
To Save a Journal as a Template, first complete the Standard Journal on which the Template is to be based, and then click Save as Template.
To use a From Template Journal, click on From Template.
Then select the Template Journal to be used.
Make any amendments to the Template Journal as required before Posting.
Contra (Delete) Journals
A Contra Journal can be created to completely reverse a Posted Journal. To use this function, highlight the Posted Journal to Contra and then click the Contra button.
In the pop-up, click Contra to post the Contra of the Journal.
Note: Only unposted Journals can be deleted.
Fund to Bank Journals
This is the only Journal that sits outside of the General Ledger. This is used, for example, when a school gets their funding monthly from the Local Authority.
Go to Modules > Finance > Finance Home Page > Budgeting > Fund to Bank Journal.
Click either Increase Bank or Decrease Bank.
When Increasing Bank, enter the required information in the pop-up and click Post.
When Decreasing Bank, enter the required information in the pop-up and click Post.
The system will ask for Confirmation.
Increases and Decreases can be seen in the Fund to Bank page.
The Journal Browser
Go to Modules > Finance > Finance Home Page > General Ledger > Journal Browser.
The Journal Browser allows for the viewing of all Posted Journals and Cancelled Journals.
Useful features of the Journal Browser include, from top to bottom in the screenshot below, the magnifying glass allowing users to search by Line Remark (if any), Individual Row Values From and Individual Row Values To (click Apply to use), the option to Set Row Groups, edit which Columns are shown, and Filters for rows and columns.
To Export, right click within the grid and select CSV or Excel.
To View a Journal, select a Journal and click View.
Select a Line from the Journal. Click Ledger to view the Ledger Enquiry Detail. Click Action to view the Action that created the Journal.
Click here to go back to the top.