Join Renato Bellu for an in-depth discussion in this video Entering a journal entry in the general ledger, part of Up and Running with Dynamics GP.
- In Microsoft Dynamics GP, you can record entries directly in the General Ledger by using the General Entry feature found under Transactions, Financial, General. The Journal Entry is a sequential integer. This will populate automatically. Simply tab through that field. You can attach a note to your Journal Entry. This note can be thousands of characters long and in fact, you can use the paper clip here to attach files such as Excel files or PDFs or Word Documents which serves as backup for your Journal Entry.
Since you're already in the General Ledger, you don't need to create a batch in order to post through to the General Ledger. The posting date that this Journal Entry will be posted is the Transaction Date. There's no separate posting date. Again, you're already in the General Ledger. You might want to create a Batch ID because you may want to save several journal entries into one batch. This is either because you want someone to review your batch, to approve it or because you want to save that batch as sort of a template so that next month, you can do these entries again, maybe slightly tweaking the numbers.
So I'm going to create a batch and I'm going to call this MONTHINENTRY. It's asking me to add the batch. Because I haven't used this before. there's nothing in it. Notice there's no posting date for the Batch. I simply hit Save, it will close that window. I can now tab to the next field. The Transaction Type can be changed to Reversing. This then makes the Reversing Date field available. I'm going to set this to May 1st. What will happen is when I post this Journal Entry, not only will whatever Journal Entry I put down here below post, but it will create a separate Journal Entry into the future giving this May 1st date, in my case, as the posting date for that transaction.
So this is a very handy feature. I don't have to worry about creating a separate Reversing Entry. It's going to do it for me. I'm going to change that back to Standard. The Source Document will default to GJ for General Journal. You can create more Source Documents by going under Administration, Posting, Source Document. So if you have a certain type of transaction that you really want to flag as a special entry, say some sort of adjusting entry, you can create a separate Source Document called Adjusting ADJ and you'll be able to use that in order to highlight those transactions.
Your Reference is a 30 character description. In this case, I'm going to reclassify some telephone expense that was posted into the wrong division. You have to tab down to the line area in order for this Lookup on the Account to become active. I'm going to sort this Lookup List by the Description by clicking on the column heading for Description. Now, it's finding by Description. I type in Telephone and then hit the tab key. In my example, $1000 was posted to the Consulting division that should have been posted to the Accounting division.
$200, so I'm going to credit that account for $1000 and post it instead to the Accounting. Notice because this account has a debit balance, it filled it out automatically. If I had the wrong amount in here, I have a difference so it will not let me post this transaction. However, since it's in a Batch, it will let me save it and fix it at a later time. It does give me a warning that the entry is unbalanced. I still am able to save it if I wish or I can correct it and then when I save it, I won't have that warning.
The Distribution Reference is another Description. Like the Reference above, however, this Description is specific to this individual line item. So these things can say something different. I can now Save this Journal Entry. It'll be inside of this Batch. Notice the Batch has one transaction for a total of $2000. It adds the absolute value of the debits and the credits together. Now, to post, I simple hit this button here on Batch Entry and it'll post it. To conclude, there's another way you can post transactions and that is called Series Post.
So again, we can go here to lookup the Batch and post it that way or we can go to Series Post, find the Batch that we were working with, click it, Post it. And that's how to post Financial General Entry Transactions in Microsoft Dynamics GP.
- Using the SmartList to extract data from Dynamics GP
- Controlling the behavior of the GP by mastering the posting setup window
- Grasping the chart of accounts format
- Entering and posting general ledger journal entries
- Entering accounts payable vouchers and accounts receivable transactions, such as credit memos
- Setting up new inventory items and running stock status reports
- Understanding the ins and outs of the bank reconciliation module
- Creating new companies
- Uploading budgets into Dynamics GP from Microsoft Excel
- Entering sales orders and billing your customers
- Managing inventory price lists