TRAVERSE Global v11.1
Setting Up Recurring Entries
Journal entries made regularly, every week or every month, are called recurring entries.
To set up groups of recurring entries, use the Recurring Entries function. To copy the recurring entries to the GL Journal table or GL Transactions table, use the Copy Recurring Entries function. To copy recurring entries to the GL Journal table, select that option in the Business Rules function; otherwise, they are copied to the GL Transactions table where they can be edited before posting to the GL Journal.
IF other TRAVERSE applications are interfaced with General Ledger, some recurring entries may be better tracked through those applications. For example, you can use Accounts Payable to print monthly rent checks and create the proper GL entry.
Run codes group particular recurring entries together. You can copy specific run codes and then post all the weekly transactions at the same time.
Assign run codes with care. For example, weekly recurring entries can be assigned a run code of 1, biweekly recurring entries a run code of 2, and so on.
Each recurring entry must consist of at least one debit and one credit transaction, and the total debits must equal the total credits in a run codes.
For each debit or credit, assign a unique reference code, which identifies the item if it needs to be changed or deleted.
See the Recurring Entries function for more information.
IDs and codes tell the system how to identify each item on file. The system uses these identifiers to organize information.
When you assigned IDs and codes. establish a format that makes sense for your business and use it consistently. The following suggestions may help you to establish a useful format:
- Do not use these characters in an ID or a code: | : ; & # @
- To prevent organization problems, use zeros to make all IDs the same length. If IDs are divided into more than one part, the parts should be the same length in every ID. Do not use spaces to divide IDs into more than one part. For example, use ACE-01 and ACE-11 instead of ACE-1 and ACE-11 or ACE 01 and ACE 11.
- If you use letters in IDs, use either all uppercase or all lowercase letters so that the IDs can be sorted correctly.
- Use descriptive IDs. For example, WIN001 and WIN002 are more descriptive than 000001 and 000002.
- If you want to sort items by a particular attribute - name or group - put the attribute in the ID. For example, to organize vendors by name, put the first characters of the vendor name in the vendor ID.
- To ensure that new items can be inserted into a sequence, use a combination of letters and numbers that leaves room in the sequence for later additions. For example, WIN001 and WIN005 leave room for three IDs in between.