Get a month of TabletWise Pro for free! Click here to redeem 
TabletWise.com
 

Recurring Journals Suspense Journals Statistical Journals

38 minutes
Share the link to this page
Copied
  Completed

Recurring Journals

Suspense Journals

Statistical Journals

Transcript

This video we are going to discuss about the recurring the non standard suspense vs. Recurring the non standard suspense journals start to stick on so foster type of generals are called suspensions First we'll see that suspensions what is a substance gentleman's assessment journal is nothing but is a general entry okay it is a one type of journal entry but the debit amount and the credit amount of both are not same. Okay. So actually what is a general a general is a compressing of the two lines, they bit line and credit line but the amount of the lines both are the same and it is one standard the amount of the lines are safe This is Standard agenda okay already in the last three already we write down journal entry right? We created one entry journal and we posted into the ledger okay? The second type of journal called the suspense journal what is the suspense journal assessment journal is nothing but it is also one standard journal back.

So, when the suspend journal is mandatory means sometimes we entered any amount some sometimes we entered wrong amount suppose for example, debit we debit salary enter the 505,000 but credit set wrongly we entered the 500 credit said we entered wrongly 500 under Okay Okay, so when enter any wrong jamun turn any any one side when I go to post a journal this type of journal entry, so we'll get an error message JOHN, why because the journal is not a balanced journal it is their unbalanced agenda. Okay. So if there is a difference between a debit and credit, the journal is not posted but how we can post it the journal entries with help of the suspense account. So, whenever we add the suspense account over primary ledger by default, if there is a mistake in between the lines amount by default the journal entries posted with help of the suspense account please the difference amount is transferred to the suspense line.

The difference amount is transferred to the suspense line. The suspense line is automatically added at the time of posting the gentlemen after adding the suspense line, the journal entry can contains a three lines. Okay, so the suspense when is it medically added with the difference and maybe it is added to the debit debit side or credit side out. So, maybe according your situation the suspense claim is added to the journal entry after adding the journal and after adding the suspense line to the journal, so that journal called as a suspense and then learn to be called as a dancer okay. So if you want to rise a suspense Adam, so composer it requires a two lines. Okay.

Let us see the example. Go to login to the junior operations welcome. login to the GL module. So now I'm going to create a general locker. I'm going to reserve a gentleman the navigation is General Center and the select the here new journal select the new journal okay so go to do the journal name suppose for example I entered the journal as a suspense journal and you will get your ledger name and the period is a match period and date is today's date and your currency okay go to the lines create the lines the first line is a debit line select the chord combination of debit 01 department economy select suppose I'm selecting the salaries account or expense account okay okay how much am I suppose I entered here thousand may be scented the thousand Go to the second line same company same department, but I entered the credit side enter the credit side is a cash account okay expenses debit cash is credit now I entered wrongly entered hundred rupees here instance thousand I entered here hundred okay instance thousand I entered by wrongly I entered 1901 okay after that go to sell the general entry so at the time of saving it displays the message total that diversity do not equal to total credits for this gender Do you still want to save this Ghana?

Yes I want to go for okay the journal entry sale and you will get a message transaction complete theory card supplied and sale. After that, go to post the journal click on the post agenda Now what is the standard program is running for posting of the general entry? The request IDs by name 4179 h Okay. Let us see whether this probe this journal entries posted or not how we can see Go to View request gotta be request and find now the single major posting for me, refresh it. Okay, now we'll get a warning message. Now the journal entry is not successfully completed you will get a warning message.

So whenever we'll get a warning or error, message or any other error message go to see their lock for display. The error message is warning message. means an output file is also created got to see the output file got to click on the View output what is their error journal entry batches then entry backs is created an unbiased journal entry suspense is not allowed. So, the journal entry is there, unbalanced journal entry. suspense is not allowed here there is no suspense account right? If the suspense account is there, by default the suspense line is automatically added to our journal entry.

But here there is no suspense account. So that's why the journal entries not successfully completed it displays them yet a message Okay, so to overcome this type of the error messages, go to assign the suspense account to our primary ledger. Got to assign the suspense account to our primary ledger. There is movie theater. Okay, so to overcome up this type of the journal entry combat sorry go to add the suspense account to our primary ledger how to assign the suspense economists with help of the accounting option suspense account deserve one more accounting option in the beginning the Assign the retained earnings account right the retained earnings account is the cost accounting options into the primary ledger. Now a second accounting option is suspense account.

Okay, so now go to assign the suspense account to our primary ledger. How to assign me the navigation is go to the accounting setup window setup financial accounting Setup Manager icon set. The navigation is setup, financials, accounting Setup Manager a contact center. And so now it's asking your primary ledger name go to enter your primary ledger and the ledger name is test ledger and there is a prefix and click on the go button. And this is your general and the ledger select your ledger and click on Update accounting options. Update accounting options so this is the last update date is today's date of this is your journal entry.

So this is your primary ledger. Okay, now go to click on Update button. Now go to click on Update button. Okay. So this is our first page here there is no suspense account. Go to the second page.

So in the second way that is Concept on the second page there is a suspense account is that okay? Now go to assign them for the combination of suspense I got to assign that code a combination of suspense Okay, go to the list of values and select the core combination of suspensive first one is that company account 01 company second one is a department 00 Department and the third one Mr. accountants suspense account. Saturday we created suspense account in our icon segment right go to select the suspense account. So, this is your suspense account and go to select the account and finally, select That product product does three zeros. Okay and got to click on the Create button. So creating that chord combination, select the chord combination, make it as enable and click on the selector button.

So that combination is displayed here. That combination is displayed here. Okay, so go to assign the suspense icon to our primary legend. This is another accounting option previously we assigned good I'm in second right. So returning second visit first accounting options into the primary ledger. And the second accounting option is suspense.

Okay, and then after assigning the suspense account, go to click on the Finish button. But to click on the Finish button, then you will get a confirmation letter This ledger has been updated you will get a confirmation ledger this ledger has been updated. Okay. So now after updating then close it Okay, so now we attached the suspense our contract under the journal entry we created right now go to open the created journal because before adding the suspense account already we created a non fancy journal entry right? At the time of posting of the journal entry you will get a message. Okay?

Now go to open the journal entry. The navigation is Janice, enter and click on the fine button. Okay, so this is a general entry we'll get the error message right. So put the cursor on this journal. Put the cursor on this journal and click on the review journal click on the review journal Okay, so this is a journal entry we created. Okay suspense Law Journal.

And debit is 1000 we enter credit is on credit we entered hundred on it. Okay, so that's why this this is unbiased journal entry right? So that's why the journal entry is not successfully completed okay yeah so now the suspense line is after adding the suspense line now go to open the journal entry whatever we created earlier open the journal entry and the same I need not changing anything here Okay, same debit side is thousand and credit side is only hundred gotta say the journal entry and they click on the Post button again. Again I'm going to post the same journal entry after Adding the suspense account. So you are currently working currently studies by 9418 double zero okay. Let's see whether this program is successfully completed or not go to View request and find now the program is pending that just go to refresh.

Completed the program is successfully completed. Okay. So go to put click on the reorder For outputted displace valid journal entry batches, all batches have completed status check with no errors. Okay, let's go to see the journal entry. Now the program is successfully completed. Okay, now just here now the program status is posted now the program status is posted with gentle back status is posted on it.

Okay, now let's go to see the review Jenna put the cursor on the same journal entry and click on the review journal Okay, now the suspense line is automatically added to the credit side of the journal entry. debit side we entered thousand but credit said we enter hundred on right. So that's why in the first time when I post this generally we'll get a error message. Okay but now I added the suspense account to primary ledger after adding. When is posting the same journal entry at the time the journal entry is successfully posted means the suspense line is automatically added to them. Generally the suspension is automatically added to the credit set with the 900 difference among so debit we entered the thousand but fair it said we entered 100 on eBay wrongly, I entered hundred only said the time of posting of the journal entry.

By default the suspend sign is automatically added to the credit side with the difference after adding the suspense line, this type of journals we call suspense. suspense, General. Okay, so after adding the suspense line, this has this general can connect Step three lines, one debit line two credit lines. Okay, so this type of dance we called as a suspension. So only one time we add the suspense account to primary ledger after adding that after adding. So whenever we create any type of unbalanced journal entries, by default the suspense plan is automatically added at the time of posting of this journal at the time of posting of this journal, okay, so any journal, any journal you raised, and once a journal you're raised by default the suspense line sir, the suspense line is automatically added to that journal n number of times you can use the suspense.

Okay, so we'll see one more example. Okay. I'm going to create a one Morrow, gentlemen. Okay. Now The navigation is Janos and I'm going to write one more journal entry, journal enter and click on the new journal so what is the journal name? I'm going to do the journal Amazon selfie journal and same chart of account same primary journey and effective dates and currency Okay.

Come to the lines the first line, the bit line okay go to the select the code combination of debit line, this is a salary journal company 01 company, department 00 department and account is we entered a salary account. Suppose here I entered the account amount This suppose in the debit side I entered 500 okay and go to the credit side go to the credit side and select the cash account, same company same department account is the cash account product and here I entered 5000 here under 5000 so debit center only 500 credit center 5000 Okay, now go to save this journal it displays the message yes and click on the Post button. Now the program is done Verlander is posted. Okay okay let us see that Find completed okay because we entered will enter right recording. Now the salary journal salary journal is 5000 5000 review the journal entry.

Now the suspense plan is added debit said to this gentleman 4500 Okay, so this is nothing but a suspense journal. So only one time we add the suspension to our primary ledger after adding maybe whenever you create any type of fun bunch galantis by default the same line is Get them in after may build a suspense line. So, the journal entry we called as a suspense journal entry okay and next type of delay called the recurring journal. What is a recurring journal recurring journal is nothing but a repeated journal recurring there is nothing but a repeated repeated means, the same type of journal entries repeated for more number of times. For example, when you take in the year we have to pay the rent to totally 12 times right means each and every month we need to pay the rent or you take the salary salary also each and every month we need to pay the salary to the employees right and you take telephone charges or you take electricity bills.

So, all these are the recurring recurring general Solomon's, the same type of the lengths are repeated for more than one time. But the amount is some generous amount is remained constant right rent and salaries amount is Same on the bad telephone charges a terrible electricity was so this amount is varies from one month to another month right? If you want the rise the same journal entry for the next time you have to change the amount okay the same the lender is repeated for more than one time this type of detail called recurring journals okay. So first we need to create a recurring batch recurring batch prints a batch is a collection of the gentlemen okay what is the setup means because go to create a recurring batch the navigation is Janice defined directory Janet's define directory. So, go together recurring batch name you can give any name the name is purely user defined or recurring batch.

And description is a recurring batch type is a single ledger and this is your ledger So, I discovered a recurring journal entry name recurring journal. So, we should generally want to make it as a recurring so by default if a ledger is taken and what is the general categories adjustment and adjustment okay okay now go to click on the dead because once we assign the general by default your currency is activated after that go to click on the lines so what lines you have to make it as a recurring only suppose I want to make it as a rent as a return on what the select the rent generate the core combination here. company 01 company, department 00 department and they can't take that into account I had to make it rent as a recurring Okay, so come to the lines and how to enter the step one enter the amount is supposed to happen Making you seven 8000 8000 a month okay same account is okay this is a first name whatever the second line within the same in the same form we have to enter that two lines after entering then go to savage so transaction complete for records supplied and saved and put the cursor on the lines save it and click on the New button created one more line here second line and what is the second line is there cash or bank account right.

So, suppose I paid by cash on the Select the code combination second line credit line is the cash account. Same company same department account is the cash account and very hard to enter the amount come to the line step one, and enter the amount how to enter the credit amount. So compulsory must and should follow by them minus sign on 30 days expenses plus C'mon kinda minuses here you enter the minus sign for representing of the creditor mode and 10 to the minus 8000 okay semicolon and then go to search. So any journal you take compulsory you must entered enter that two lines debit line as well as the credit line Okay. Now we created the two lines recurring lines that are recurring journal we have to enter the recurring journal as a renter. Okay, so after that go to click on the Generate.

Would you like to schedule the generation? Yes, we want to go to submit. Now without asking the recurring journal parameters by default the batch the mistake and the ledger is automatically taken what period so period is nothing but a mass period right? Select the match period current period. And when you select the mask period that effect to date is today's date by default take that to district. Okay Submit.

And here there are concurrent request IDs generated. Okay? That does go to see the requests whether the request is successfully completed or not go to click closet. Okay, let's see the request whether the request is successfully completed or not, go to View request and find now that general and entry recurring journal entries pending refresh now the entry is successfully completed software after journal entry successfully completed now if you want to To see the output of the journal entry What is this program? Let's go to find out the output click on the View output okay the recurring test batches creator yes okay there are no errors okay close it and let's go to find out how we can find out the general navigation is journals enter and go to click on the Find button. Now the recurring one journal entries created recurring journal entry This is a recurring journal entry and the status of journal entries and posted this we created the journal entry right?

Okay, just we created the journal and the recurring journal entry recurring batch and recurring journal entry we created but there is no posting right. Okay, now Among these 8000 debit 8000 credit on compulsory to representing of credit Amman you must and should specify the minus sign okay and then go to click on the View general and then go to click on the agenda but a real gentleman okay the two lines are created here after that from here onwards we are going to force the gentleman here onwards we are going to post the journal entry go to click on the Post button so you are concurrent because type one requested is generated for posting of the journal entry got to click on ok they can see the journal entry whether it is for let us see the program whether this pro posting or not. So, go to View request And find refreshing now the program is successfully completed after completing this program close it and review the journal entry go to click on review make wary.

Now the recurring journal entries posted successfully okay go to review journal now it is posted Okay, so this is nothing but a recurring journal now we created this is a one time setup. Now, I make this journal entry as a recurring gentleman. So, start writing to journal is a recurring journal right. So, now I want to raise this journal for the month of April also how we can rise No need of creating the same process one more time just go to query recurring batch and then change the period okay. So, the one was an entry saying the journal entries generated for the month of April also okay. So, whenever we make any type of journal as a recurring journal, so that journal is raised a number of times recurring means repeated right the same entry is repeated for more than one time only.

Okay. So that type of that will be called as a recurring journal, the same type of illnesses repeated more than one time. Okay, suppose I want to raise the same journal for the month of June April how we can rise. So, not enough creating one more journal entry okay same rent, just go to query the journal entry journal define the carbon nanotubes creating the one more batch already general batch is created right. So, just go to query mode press f7 and query over general batch, do the prefix and percentile and press Ctrl f7. So, now, the batch is queried.

So, cell lines are same only debit line and credit line, but if you want to change them you can change the amount here. Suppose up to match the amount is 8000. But now from April onwards, the amount is changed. Suppose you have to according apart from after query, the recurring journal, then how to change the amount also if you want to change your can change for rent is remained constant for whole year right? You take the salary maybe salaries change from one month to another month or maybe telephone charges if you want to make the telephone charges as a recurring journal compulsory for every month we need to change that amount also our if you want because the telephone that the Select electricity bills, all these expenses are changing, right? It's not a fixed rate but only the rent is fixed.

Okay, if you want to change them more, just go to query de batch and go to click on the lines. So the lines are destroyed here is how to change the amount after changing them. Now go to save the lines. Okay. And again, go to scheduling de generation, click on this generate and you would you like to share your lead generation? Yes, go to click on the submit button.

Okay, so you retasking the recurring batch name is by default take the recurring batch name and what is the period period is nothing but now I want to go further FL period okay select the period is April when you select the appropriate by default at the effect to date is first April by default take that period as their first step. Okay submit so one more concurrent program is generated your concurrent request IDs 594106 okay let's go to see the requests whether it is successfully completed Go to View request find now the recurring journal entry is posted and pending refresh it Okay, closet after that go to query or journal entry or we can go to journals and find okay unposted recurring journal entries created for the month of April okay and posted a recurring journal is created same for the same journal entry journal. Okay, same lines are get enabled but the journalists generated for the month of April on Friday The month of April Okay.

So now after creating the content and now we are going to posting it right. So how to post go to click on the Post button here, but here there is one condition. It displays Aramis when I click on the Post button, it displays the error message please open the period you have selected for this batch before posting. Okay because April is a feature period right. April 3 is not open. If you want to post any type of general entry compulsory the Mustang should the period is in open status.

Okay, if you want to post in any type of journal entry must and should the period is in open status. Previously we open the period right but we will open the period for only January to March and right April 3 is a feature period still now The period is not open. If the period is not open, we cannot post a journal entry. We create a feature period Oh the feature period journal entry but we cannot post it we can create a journal entry for future period pass period. Okay present period. But if you want to posting the period but journal entry for future period campuses the period is Muslim should in open status.

Okay, so we will open the period from January to March on the right. But a period is a feature period and the period is not opened. So that's when you will get a error message while posting of this journal. Okay, so whenever we will panda April period after that. We'll go to pause this Jenna. This is also one of the Important interview question also Okay.

So now once we will open the appropriate at the time we have to pause this general okay. So we have to leave it that is as an posted status okay this type of journal entries are called recurring gentleman okay recurring means repeated, the same type of journal is repeated for more than one time we have to make it that's an entry as a recurring journal entry. The same type of journal entries repeated for more than one time. Okay In the next video we'll discuss about mass allocation mass allocation okay.

Sign Up