5.2 Journal Entry (05020m)

The Journal process generally exists on Bank Z.

Journals may only exist on the same Organisation code, noting that Org Code $JNL exists for processing journals only.

Inter company journals will always be written with balancing transaction in the Inter-company loan allocations (Overheads allocations 0001-9, 000A-Z).

If more than two companies are used in a journal, then the balancing journal will be written to the company nominated as the balancing company in the certification maintenance process.

eg.1

• JNL Allocation 0348 on company A for $100 debit.

• JNL Allocation 0348 on company B as credit $100.

• Credit for $100 created in Allocation 000B on overhead project for company A.

• Debit of $100 on Allocation 000A overhead project of company B.

Whenever Muli processes an intercompany journal transaction (eg: Payroll), we also add the two (or more) adjustments to the Loan Accounts.

Ie: if company M provides Payroll services to Project PP12345:-

1. Journal Number

   The only time you would want to enter a Journal Number would be to complete/correct a previous journal. With Version N, the Journal cannot be posted until it is balanced, so unbalanced journals should only exist where transferred from the old system. BUT you may add additional journal transactions that have the effect of adjusting a previous journal. BUT you cannot adjust a journal for a finalised accounting period as ALL journal transactions must have the same date.

2. Organisation Code
3. Journal Date - The effective date the journal is to occur
4. Project/Order
5. Allocation
6. Order
7. Journal Amount
8. Retention Amount - Allows an outstanding journal amount on a subcontract of an almost completed project to be moved to a retention control project. The Supplier, for all parts of the journal, must be the same.  The sum of all retention amounts must = zero. Seldom Used.
9. Other Amount
10. Other Type 291
11. Journal Description

Before a journal may be posted, the sum of journal values (Journal amount + Retention amount) must = zero.