TRAVERSE Global v11.1

GL Transactions Overview

Use the Transactions function to perform these tasks:

To verify unposted transactions, use the Transaction Journals functions to print the GL Journal and the Activity Report. If a transaction is incorrect, use the Edit Transactions function to edit it, then reprint the appropriate journal or report.

Before you use the Transactions functions, set up and verify all codes and IDs.

To record and report a business’s financial activity, follow this procedure:

  1. Enter the General Ledger Journal transactions, and copy the applicable recurring entries to a transactions journal or to the General Ledger Journal.
  2. Print the General Ledger Journal and, optionally, the Activity Report to make sure all of the entries are correct. Edit any transactions that were entered incorrectly. Then print the adjusted General Ledger Journal and the Activity Report as part of your audit trail.
  3. Use the Post to Master function to write your journal entries to the balance of the accounts.
  4. Print a Trial Balance Report to make sure that everything was posted correctly and that both the debits and the credits balance.
  5. When you are sure that everything is correct, produce the financial statements you created in the Statement Layout and Statement Content functions.

If you need to look at general ledger accounts and their history of posted and unposted transactions, use the Transaction View function.

ClosedTasks Summary
ClosedPerform Preliminary Tasks

Before you enter GL Journal transactions, obtain a copy of the chart of accounts for each company and a detailed list of the latest entries you need to make for each company. You can use original documents (check register, invoices, books of original entry), but make sure that you have all of them; each company’s entries must balance.

You can enter transactions for only one company at a time. Before you select the Transactions function, make sure that the correct company and date appear on the main menu.

You can enter transactions only in your current fiscal year.

ClosedUse Source Codes

Each transaction has a two-character source code that indicates the origin of the transaction. You can use the source code to select the types of entries to include in the GL Journal and the GL Activity Report.

The default source code for entries made in the Transactions function is M1. You can change the second character to any other numbers or to letters to distinguish the entry, but the first character must be the letter M (manual entry).

You can enter an auto reversing accrual transaction with source code R1 to reverse the transaction automatically (see Automatically Reverse Accrual Entries) in the next period.

The following list contains suggestions for assigning source codes:

  • Assign source codes for special entries; for example, use MY for year-end audit adjustments.
  • Assign a character to each week in the period. When you print a GL Journal that contains transactions with the same source code, you can see the entries for a particular week.
  • Assign a different character to each person who makes entries, so that you know who entered each transaction.

The following table lists assigned source codes:

Code Source of Entry
AL General Ledger Automatic Allocation
AP Accounts Payable
AR Accounts Receivable
BM Bill of Material/Kitting
BR Bank Reconciliation
CL GL Year-End Closing
FA Fixed Assets
G1 Unrealized Gains/Losses
G2 Unrealized Gains/Losses Reversing
GL General Ledger
IN Inventory
JC Project Cost
M1 Manual Entry
MB MFG - Bills of Material
MP MFG - Production
PA Payroll
PO Purchase Order
R1 GL Auto-Reversing Accrual (entered)
R2 GL Auto-Reversed Accural (generated)
RE General Ledger Recurring Entry
SD Service Director
SO Sales Order

The system assigns source code R2 to transactions that automatically reverse R1 transactions.

ClosedAutomatically Reverse Accrual Entries

If you want the General Ledger system to reverse accrual entries automatically, enter the accrual transaction with source code R1. The system generates a transaction for the next period that reverses the accrual entry. The reversing entry has a source code of R2.

For example, suppose that your company usually has accrued wages at the end of the month. You could enter R1 transactions to account for the accrued wages expense. The next month the system would generate R2 transactions that reverse the accrual entries, saving you that step. When the wages are paid, you enter transactions for the full amount.

An R1 accrual transaction you enter in the last period of the current fiscal year will be reversed in period one of the next fiscal year if you selected No for the Use Period 13 For Normal Processing option in the business rules function. If you selected Yes the R2 transaction would be put into your extra period (13) at the end of the year.

ClosedMake Automatic Allocations

You can make automatic allocations by entering the account number that is set up in the Account Allocations function and selecting the Allocate box. When you post to master transactions to account numbers that have selected allocation boxes, they are distributed to the accounts specified in the allocation record.

ClosedPerform Double-Entry Bookkeeping

Double-entry bookkeeping requires an offsetting credit for each debit and vice versa. You must continue entering transactions until the balance of the entries is zero.

If you need to leave the screen in an out-of-balance situation, you can enter the forced-balance password in the Out of Balance dialog box. This dialog box appears when you try to close a screen when it is out-of-balance.

ClosedReversing Incorrect Entries

If you save an incorrect transaction, use the Edit Transactions function to correct the problem, or enter a reversing transaction and then enter the transaction correctly.

Each time you enter journal transactions for a company, print the GL Journal for that period so that you have an audit trail of the transactions.