Recurring Entries

Use the Recurring Entries function to set up groups of journal transactions that you make regularly -- every week, every month, and so on. Depreciation transactions are a common example of recurring entries. Once you set up transaction groups, you can copy the transaction entries into the GL journal automatically when appropriate, instead of manually entering them each time.

You can set up any regularly occurring journal entry as a recurring entry. If other Traverse Accounting Software applications are interfaced with General Ledger, you might prefer to keep track of the transactions through those applications. For example, you probably use Accounts Payable to print your monthly rent check, which automatically makes the appropriate journal entry when posting from Accounts Payable to General Ledger.

Creating a Recurring Entry

  1. Click the New button, on the toolbar, to open a blank recurring entry record.
  2. Enter a recurring entry ID in the Recur ID field.
    Note: To copy recurring entry information from a similar record for a new recurring entry, select the existing recurring entry from the Copy From field.
  3. Enter a description of the new recurring entry in the Description field.
  4. Determine if you want the system to automatically verify whether an allocation exists for the account by toggling the Allocate On/Off button.
    5. Select To
    On Set the system to determine whether an allocation exists for the account and to automatically select the Alloc check box.
    Off Not perform the automatic check. You need to manually select the Alloc check box for allocated accounts.
  5. Enter a line number in the Line field. If you do not enter a line number, the system automatically enters line numbers 10, 20, 30, etc. Also, to enter a record between existing records, enter a line number that falls between the existing records. The records resequence according to the 10, 20, 30 numbering scheme when you exit and re-enter the screen.
  6. Select an account from the Account ID field. The account description appears in the Description field and can be edited if necessary.
  7. Enter a debit or a credit amount in the Debit or Credit fields.

  8. The Alloc box is checked if the account is allocated.

  9. Select the source code from the Source field.
    10. Select For
    RE Normal recurring entries
    R1 Automatic reversal in the next period.
  10. Enter a reference description in the Reference field, as applicable.
  11. The Total Debits and Total Credits for the recurring entry are displayed. The total debits must equal the total credits when you exit from the screen.
  12. The outstanding Debit Balance and outstanding Credit Balance is displayed. The Debit Balance and the Credit Balance must equal zero when you exit from the screen.
  13. Click the Save button, on the toolbar, to save the new recurring entry.
    Note: You can click the Totals button, on the toolbar to view the Totals Form, which displays a view-only look at the totals for the selected recurring entry ID. This form also shows a Net Base that provides the functional currency value of all the individual currency subtotals.

Editing a Recurring Entry

  1. Select a recurring entry ID to edit from the Recur ID field.
  2. Edit the fields as necessary.
  3. Click the Save button, on the toolbar, to save any changes made to the recurring entry.

Deleting a Recurring Entry

  1. Select a recurring entry ID to delete from the Recur ID field.
  2. Click the Delete button, on the toolbar, to delete the selected vendor's record.
  3. Click Yes at the "Are you sure you want to delete selected record(s)?" prompt.

Produce a Recurring Entries List

Use the Recurring Entries List function to view the recurring entries you have set up.