Oracle General Ledger > Recurring Journals (GL)

How to create Recurring Journals in Oracle Journal Ledger (GL)

Oracle General Ledger > Recurring Journals (GL)

A recurring journal entry is a journal entry that is recorded in every accounting period. For example, a company issuing monthly financial statements might record depreciation by debiting Depreciation Expense for $3,000 and crediting Accumulated Depreciation for $3,000 each and every month.

Types of Recurring Journals:

1.   Skeleton Journal:
2.   Standard Recurring Journal
3. Recurring Journal Formula

Skeleton Journal Entries:

 Skeleton entries affect the same accounts each period, but have different posting amounts. After you generate skeleton journal entries, you can edit the unposted journal batch using the Enter Journals form and enter the journal line amounts.

Skeleton journal entries are useful with statistical information whenever you want to record journals for actual transactions based on statistical amounts, such as headcount, units sold, inflation rates, or other growth factors. For example, if you want to enter headcount for each cost center every period, you can define a skeleton entry with your headcount accounts. After you generate the skeleton entries, enter the actual headcount amounts before posting the batch.

Standard Recurring Journal Entries:

Standard recurring journal entries use the same accounts and amounts each period.

Recurring Journal Formula Entries:

 Formula entries use formulas to calculate journal amounts that vary from period to period.

Creating Recurring Journal Entries:

Navigation: GL> Journals >Define>Recurring

• Navigate to the Define Recurring Journal Formula window.
• Enter a Name and optional Description for the recurring journal batch.
• If you want to copy entries from an existing recurring journal batch to your new batch, choose Auto Copy Batch.
• Create recurring journal entries for the batch. If you copied entries, modify them, if necessary.
• Save your work.
• Generate recurring journals.
• Review and post your generated recurring journal batches

To enter a recurring journal entry line:

1. Navigate to the Define Recurring Journal Formula window.

2. Enter or query the batch name and the journal entry name.

3. Choose Lines.

4. Enter a Line number to set the order of your recurring journal entry lines. You can indicate an automatic offsetting line for your recurring journal entry by entering the line number 9999.

5. Enter the Account you want General Ledger to update when you generate and post your recurring journals.

6. Enter an optional Line Description for the recurring entry line.

7. Enter a Formula for the line.

8. Enter the remaining lines for the recurring journal entry. Remember that you can use line number 9999 as the automatic offsetting line for each recurring journal entry.

9. Save your work.

Skeleton Journal, Standard and Formula Journals are creating with the same process. In Skeleton Journal enter the lines and in standard Journals enter lines and amount that will be the same each month and in Formula Journal line formulas are used in the lines and these formulas are based on the requirement of the Journals.