general ledger - sage

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General Ledger

Enter Transactions

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05/2010

General Ledger Enter Transactions

© 2010 Sage Software, Inc. 3

Enter Transactions

Welcome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7General Ledger Workflow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8About Entering Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Enter Transactions Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Activity 1—Record and Save Journal Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Posting Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Activity 2—Post Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Recurring Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Activity 3—Record Recurring Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Reversing Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Activity 4—Record Reversing Entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Journal Entry Based on a Template . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Transaction Templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Activity 5—Set Up Transaction Templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26What If ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Review What You Learned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Enter Transactions Sage Timberline Enterprise

4 © 2010 Sage Software, Inc.

General Ledger Welcome


WelcomeWelcome to the Sage Timberline Enterprise lesson on entering transactions in General Ledger.

About Your Practice ActivitiesThe practice activities in this course use the sample data that accompanies the Sage Timberline Enterprise software. The data set shows transactions for a fictional company called Enterprise Construction, LLC, which we use to illustrate the software features. Enterprise Construction has four divisions: General Construction, Specialty Construction, Service Management, and Other Specialty. Neither Enterprise Construction nor any of its divisions are intended to represent actual companies, transactions, or data.

Transactions in the Training Data Sets

In certain cases, transactions in the data set show a different year than the illustrations in this document or than what you see in class. If your transactions show a different year, but all other details such as the prefix, account setup, vendor names, and jobs are identical, your data corresponds to the materials in all respects but the date.

Where to Get Additional Information

Module Help Files

Each module contains an extensive Help system. The Help is your primary resource for reference and how-to information for all tasks. Help is available for whatever window you have open. Help also includes Contents, Index, and Search features that help you locate information quickly.

Use one of these methods to open Help:

Press F1 or click in the window you have open.

Select Search for help on from the Help menu of the Sage Timberline Enterprise Desktop.



Knowledgebase

The Sage Knowledgebase has lots of information about Sage Timberline Enterprise. To access the Knowledgebase:

1. Go to www.sagecre.com.

2. Under Support Logon, click Sage customer website.

3. Type your e-mail address and password, and click Log on.

4. Select your Sage product.

5. Enter your search items and click Search.

Submit Enhancement RequestsDo you have a suggestion for how we can improve Sage Timberline Enterprise? We want to hear your ideas! In Sage Timberline Enterprise, select Help > Sage Timberline Enterprise on the Web > Submit Enhancement Request. Ideas you enter will be submitted to our Product Management team.

General Ledger Overview


OverviewBecause Sage Timberline Enterprise is an integrated accounting system, most of your General Ledger entries are made from the interfacing modules such as Accounts Receivable or Accounts Payable. However, at times you will need to create and post entries directly in General Ledger. This lesson demonstrates how to do this.

What You Will Learn

When you finish this lesson, you will be able to:

Create journal entries in General Ledger.

Record recurring and reversing entries.

Create a template for common journal entries.

Explain the posting process and how it affects the status of a transaction.

Prerequisites

Before you begin this lesson, you should be familiar with the content of the following lessons.

Lesson

Concepts and Tools



General Ledger WorkflowThe items in dark rectangles are covered in this lesson.

Enter Transactions

Save Send to Pending Post

Post Pending Transactions

Manage Accounting Periods

Print Financial Statements

Manage Suspense Transactions

General Ledger About Entering Transactions


About Entering TransactionsWhen you cannot create entries from interfacing modules to affect account balances, you can record them directly in General Ledger by selecting Tasks > Enter Transactions. Using this method, you create a journal entry that consists of debit and credit transactions to specific accounts.

You can use the Enter Transactions window to create a journal entry that is new or based on a template, and specify whether the transactions occur once or repeat on specific dates or automatically reverse on a specific date.

In addition, you can edit or delete entries that were previously entered but not posted, and you can save and post entries.

NOTE: You cannot post entries in the Enter Transactions window if you use the pending system with General Ledger. Instead, you have the option to Send to Pending. See “Posting Process” on page 15 for more information.



Enter Transactions WindowThe Enter Transactions window contains three main areas:

Journal details and transaction type.

Account information

Journal transaction entry grid.

NOTE: Some terms shown here may be different than what appears in your software, because terminology can be customized in General Ledger settings.

You use the buttons on the toolbar to create new journal entries and save or post entries. You can also use the Open button on the toolbar to locate previously saved entries to edit or delete them.

WARNING: Once you delete a journal entry, you cannot recover it.

NOTE: If your General Ledger uses the pending system, the Send to Pending button appears instead of the Post button.

Journal transaction entry grid

Journal details and transaction type Account Information

General Ledger Enter Transactions Window


FOR HELP: Use the Help topic “Enter Transactions window” for detailed information about the fields in this window.

Journal Details and Transaction Type

You use the top area of the window to describe the journal entry and how the transactions occur. You can create a brand new journal entry or base it on a template, and the entry can be:

A single occurrence.

A recurring entry that repeats over time

An entry that reverses at a later date.

FOR MORE INFORMATION: Transaction templates, recurring, and reversing journal entries are explained later in this lesson.

The Transaction date determines the Accounting Period in the journal transaction entry grid.

Journal Transaction Entry GridFor each journal entry, you record a set of transactions in the journal transaction entry grid.

For each line of transaction, you enter the:

Account, Company, and Department.

Accounting Period to which the transaction should be posted. Note these considerations:



You can save and post transactions to Open periods only.

If your system allows, you can save and post entries to Future periods (Configuration and Tools > Database > System Settings > Transaction settings tab).

An Open accounting period is automatically entered based on the Transaction date. If the Transaction date is in a Closed period, it uses the first Open period.

You can change the Accounting Period that is automatically entered, but you can only select Open and Future periods, if allowed, in the Accounting Period column.

TIP: As a warning, the contents in the Accounting Period column display in yellow or red when the period is different from the Transaction date.

Description—this is automatically entered based on the Journal title, but you can change it.

Transaction Analysis code to categorize the type of entries, if your system is set up to track this in General Ledger (Configuration and Tools > Database > System Settings > Transaction settings tab).

NOTE: Transaction analysis codes are set up in Configuration and Tools > Database > Transaction Analysis Codes.

Amount to debit or credit—you can only enter positive values.

The transaction totals are displayed in the Debit and Credit columns and you can check the difference between the two columns in the box next to Balance. You can save the journal entry if the total debits and credits do not balance—but you cannot post or send it to pending.

TIP: Unlike the interfacing modules, General Ledger does not automatically create intercompany entries when you record entries that cross the balance sheet level.

When you save the journal entry, the transactions are assigned a status of held.See

FOR MORE INFORMATION: See “Posting Process” on page 15 to learn about the transaction statuses.

Account Information

General Ledger Enter Transactions Window


As you enter each line of transaction for the journal entry, this area displays information about the account.

Activity 1—Record and Save Journal Entries

In this activity, you practice recording new journal entries and saving them.

Scenario

Each month, Jean Thompson, the GL Accountant, receives instructions from the Fixed Asset Accountant on how to record depreciation entries for the company vehicles. It is June and she has not been told of the depreciation amount yet. Jean decides to record the entries with an estimate and save them for later.

Jean estimates $150.00 in depreciation for each department. She records entries to:

Debit the Depreciation account (6500) for the following departments:

20-201

20-202

30-301

30-302

Credit the Accumulated Depreciation for Vehicles account (1501) for 20-000 and 30-000.

FOR HELP: You may find several Help topics useful when you complete this activity. For step by step instructions, use “Entering General Ledger Transactions.” For detailed explanation of the fields in the Enter Transactions window, use “Enter Transactions Window.”

To Complete this Activity

1. Record the journal entries with the information that you have available.

2. How is the Accounting Period determined? Can you change this? If so, what periods can you use?

3. Save the journal entry when you are done.

4. Review your entries with the GL Transaction Report (Reports > Transaction Reports > GL Transactions). How can you view saved entries only on the report?



CHECK YOUR WORK: When you have finished this activity, the instructor will review it with you.

General Ledger Posting Process


Posting ProcessThe procedure for updating account balances when you record entries directly in General Ledger depends on whether or not the pending system is used.

TIP: Whether you send the entries to pending or post them, the total debits and credits must be balanced at the balance sheet level for the accounting period.

When you post or send transactions to pending, the transactions for each journal entry are assigned a unique reference number (URN). The number is displayed in the Enter Transactions window.

In addition, for journal entries that you record directly in General Ledger, the transactions are also assigned a journal number which can be useful for cross references.

The next pages explain the workflow with and without using the pending system, the posting process, and the status that is assigned to the transactions during each step.



Workflow Without Pending SystemThe pending system is not used if the Post GL transactions automatically check box is selected in GL Settings (Setup > General Ledger > Options tab).

If you do not use the pending system, you post the entries in the Enter Transactions window.

Transactions for accounting periods that are Open update the account balances.

If your system allows posting to Future periods, transactions for accounting periods in the Future are saved as deferred transactions. They do not affect account balances. Once the accounting period becomes Open, those deferred entries post and update the account balances.

FOR MORE INFORMATION: You can learn how to open and close periods in the lesson called “Period End Procedures.”

WARNING: You can only edit held transactions in the Enter Transactions window. If you find an error in posted or deferred transactions, you record a new journal entry to reverse the error and to correct it.

Figure1 illustrates the process when the pending system is not used and the status assigned to the transactions during each step.

Figure 1

NOTE: If you do not use the pending system, you can only post in theEnter Transactions window.

Enter Transactions

Save Held

Post Post

Post Posted Deferred

(If accounting period open)

(If accounting period is future;

moves to Posted when

period is open)



Workflow With Pending SystemThe pending system is useful if your company procedures require journal entries to be reviewed and posted by another user.

The pending system is used if the Post GL transactions automatically check box is cleared in GL Settings (Setup > General Ledger > Options tab).

When the pending system is in effect, you use the Send to Pending option in the Enter Transactions window:

Transactions for accounting periods that are Open are saved as pending transactions.

If your system allows entries to Future periods, transactions for accounting periods in the Future are saved as deferred transactions. Once the accounting period becomes Open, those deferred entries become pending.

FOR MORE INFORMATION: You can learn how to open and close periods in the lesson called “Period End Procedures.”

After the pending transactions are reviewed, you use Tasks > Post Pending Transactions to post them and update the account balances.

WARNING: You can only edit held transactions in the Enter Transactions window. If you find an error in pending, posted, or deferred transactions, you record a new journal entry to reverse the error and to correct it.



Figure 2 illustrates the posting process when the pending system is used and the status assigned to the transactions during each step.

Figure 2

Transactions From Sub-LedgersWhether or not the transactions from interfacing modules automatically post in General Ledger depends on your settings.

If the Post Sub-Ledger transactions automatically check box is cleared in GL Settings, when you post from interfacing modules, the transactions become pending in General Ledger. To update account balances with these transactions, you must use Tasks > Post Pending Transactions to post them.

General Ledger does not allow you to edit any pending, posted, or deferred transactions from the sub-ledgers. You should correct the error in the module from which the transactions originated.

Enter Transactions

Save Held

Send to Pending Send to Pending

Send to Pending Pending Deferred

(If accounting period is open)

(If accounting period is future;

moves to Pending when period is open)

Post Pending Transactions

Post

Posted



Activity 2—Post Transactions

In this activity, you practice editing a journal entry and posting it.

NOTE: The training data is not set up to use the pending system.

Scenario

Jean finally receives an e-mail from the Fixed Asset Accountant. His instructions are as follows:

Jean locates the journal entry that she had created earlier, makes some changes, and posts it.

FOR HELP: You may find several Help topics useful when you complete this activity. For step by step instructions, use “Entering General Ledger Transactions.” For detailed explanation of the fields in the Enter Transactions window, use “Enter Transactions Window.”


1. Locate the entry that you had entered in Activity 1 and make the appropriate changes.

2. Save and post the entries.

3. Describe the workflow if the company uses a pending system instead.


Debit 6500-20-201 100.00

Debit 6500-20-202 125.00

Credit 1501-20-000 225.00

Debit 6500-30-301 95.00

Debit 6500-30-302 105.00

Credit 1501-30-000 200.00



Recurring EntriesSometimes you have journal entries that repeatedly affect the same accounts for the same amounts. One example is monthly entries for straight-line depreciation.

To automate these repeating entries, you can use the Recurring entries option in the Enter Transactions window.

NOTE: The transactions for the recurring journal entries can be new or based on a template.

After you enter the Journal date for the original journal entry, select Recurring entries, and then click the Details button to specify the:

Number of times the transactions repeat.

Dates that they occur. The Recurrence Date determines the accounting period that the transactions affect.

NOTE: Even if your system is configured to prevent entries to future periods, you are allowed to send to pending or post recurring entries to future periods. Transactions to future periods are assigned the status of deferred.

When you post the journal entry or send it to pending, the original and recurring transactions are all assigned the same journal number for cross reference.

General Ledger Recurring Entries


Activity 3—Record Recurring Entries

In this activity, you practice creating journal entries that repeat automatically.

Scenario

In June, Company 20 prepaid its vehicle insurance for the second half of the year. It amounted to $6,000.00. The Account Payable clerk was instructed to debit the Prepaid Expenses account (1481) when entering the invoice.

For July through December, Jean has to record adjusting entries to recognize a portion of the prepaid expense that have become actual expenses each month—$1,000.00. She needs to debit the Insurance Expense account (6203) for $500.00 for departments 20-201 and 20-202, and credit the Prepaid Expenses account for 20-000.

FOR HELP: You may find several Help topics useful when you complete this activity. For detailed explanation of the fields in the Enter Transactions window, use “Enter Transactions Window.”

FOR MORE INFORMATION: As an alternative, you can use the Prepayments task to handle prepaid expenses. See “Additional Learning Opportunities” on page 29.


1. What is the balance in the Prepaid Expenses account? ___________________

2. Create a new journal entry based on the above scenario. What option will you choose under Type of transaction?

3. Post the entries.

4. Use the General Ledger workspace to review the entries.What are the URN and journal numbers?

5. What is the balance in the Prepaid Expenses account? Explain how the balance is derived.




Reversing EntriesSometimes you have journal entries that have to be reversed the following month. An example of this is reversing entries for accruals.

FOR MORE INFORMATION: As an alternative, you can use the General Ledger task called Process Accrued Expenses to handle accrued expenses. See “Additional Learning Opportunities” on page 29.

To automate these reversing entries, you can use the Reversing entries option in the Enter Transactions window.

NOTE: The transactions for the reversing journal entries can be new or based on a template.

After you enter the Journal date for the original journal entry, select Reversing entries, and then enter the date that the transactions should be reversed. The Reversing date determines the accounting period affected by the reversing transactions.

NOTE: Even if your system is configured to prevent entries to future periods, you are allowed to send to pending or post reversing entries to future periods. Transactions to future periods are assigned the status of deferred.

When you post the journal entry or send it to pending, the original and reversing transactions are all assigned the same journal number for cross reference.

General Ledger Reversing Entries


Activity 4—Record Reversing Entries

In this activity, you practice creating journal entries that reverse automatically.

Scenario

The bank statements for the company’s money market accounts have a cutoff date of the 15th of each month. This means that Jean has to estimate the interest income for the second half of the month in order to run the financial statements.

Therefore, she usually records an estimate of the interest earned with a journal entry that debits the Interest Receivable account (1221) and credits the Interest Income account (4100). This journal entry is reversed the following month when the statements arrive, at which time, Jean records the actual interest in Cash Management.

For July, the estimated interest earned for each entity is as follows:

TIP: When you record the entries for this activity, debit the Interest Receivable accounts for 20-000 and 30-000, and credit the Interest Income account for each department listed above.

FOR HELP: You may find several Help topics useful when you complete this activity. For detailed explanation of the fields in the Enter Transactions window, use “Enter Transactions Window.”


1. Create a new journal entry based on the above scenario. What option will you choose under Type of transaction?

2. Post the entries.

3. Use the General Ledger workspace to review the entries.What are the URN and journal numbers?


20-203 $150.00

30-301 $50.00

30-302 $50.00



Journal Entry Based on a TemplateAnother way to simplify your journal entry task is by using templates with standard information. This is useful for recording similar transactions that occur on a regular basis.

In the Enter Transactions window, when you select the Use transaction template option, Journal template appears and you are prompted to select a template that is already set up in General Ledger. Transactions automatically appear in the journal transaction entry grid based on the template and you can customize the information as needed.

FOR MORE INFORMATION: See “Transaction Templates” on page 25 to learn how to set up transaction templates.

General Ledger Transaction Templates


Transaction TemplatesTransaction templates are maintained in Setup > Transaction Templates.

The templates can be one of three types:

Accounts only which store the account numbers only.

Use this type for transactions that affect the same accounts each time, but with different amounts—such as work-in-progress entries at the end of a job, where you debit and credit the same accounts but the amounts differ for each job.

Value which store the account numbers and amounts.

Use this type for transactions that debit and credit the same accounts for the same amounts each time—such as straight-line depreciation entries.

Percentage which stores the account numbers and the percentage that is allocated to each account.

Use this when the amounts vary but are allocated to the same accounts by the same proportion each time, such as when you spread overhead to various departments by percentage.

You can limit the use of a template by specifying the number of uses or the date range within which it can be used. Once the number of uses has reached the maximum, or the system date extends outside the date range in the template setup, the template is not available in the Enter Transactions window.



FOR HELP: Use the Help topic “Transaction Templates Window” for detailed information about the fields in this window.

Activity 5—Set Up Transaction Templates

In this activity, you practice setting up new transaction templates.

Scenario

Derek Lamb, the controller, is considering changing some of the procedures in General Ledger. For example, instead of being able to post into several accounting periods, he will only keep two periods open at any given time and not allow posting to future periods.

Because this change affects recurring and reversing journal entries that occur on future dates, Derek decides to create transaction templates to accommodate the workflow.

FOR HELP: You may find several Help topics useful when you complete this activity. For detailed explanation of the fields in the Transaction Templates window, use “Transaction Templates Window.”


With the above scenario in mind:

1. Set up a transaction template for the depreciation entries in Activity 1 (page 13), but assume that the amounts are $1,000.00 each month.

2. Using the scenario in Activity 3 (page 21), set up a transaction template to recognize a portion of a prepaid expense that have become actual expenses each month.

How can you ensure that the template is not used after December?

3. Using the scenario in Activity 4 (page 23), set up a transaction template to record the interest income but assume that the estimate varies each month.

4. Test the setup of the new templates by using them to create new journal entries.

Information should automatically appear in the Enter Transactions window. Are you allowed to change anything? If so, what can you change?



5. Give an example of when you would set up a transaction template with a Template type of Percentage for your own company.




What If ...

Following are some scenarios that you might encounter, with information about how to handle them.

You Need to Record Entries to a Closed Period

You Need an Account Number that is not Appearing in the List

Scenario You need to record entries to a closed period.

Solution Use Tasks > Manage Accounting Periods to change the status of the period to Open. Record and post the entries to the period that you re-opened, and then change the period status back to Closed.

If the status of the period is Locked, you use Setup > Chart of Accounts to open the period to posting.

Scenario In the Enter Transactions window, you are unable to locate an account number in the Account drop-down list.

Solution You are prohibited to post transactions to the account when it is set up with the check box Allow GL entries cleared (Setup > Chart of Accounts > Properties tab).



Additional Learning OpportunitiesYou can learn more about the General Ledger workflow in the following lessons.

Lesson

Process Accruals and Prepayments

Period End Procedures



Review What You Learned1. You have to record the same entries to the same accounts every month. What

are your options for making this process more simple? Why would you use one method over another?

2. You recorded some entries and saved them. Later, you realized that you debited the wrong account. How can you correct this?

3. Your company uses the pending system. While reviewing the pending transactions from Accounts Payable, you discover errors with some invoice entries. How can you correct this?

4. How do you correct posted entries?

5. You have been using a transaction template for your depreciation entries for several months now. However, this template no longer appears in the Enter Transactions window. Why?

6. The number of uses for a template has reached the maximum but you still want to continue to use it. How can you extended it?

General Ledger Review What You Learned


Review What You Learned (Answers to page 30)1. You have to record the same entries to the same accounts every month. What

are your options for making this process more simple? Why would you use one method over another?

One method is to use the Recurring entries option in the Enter Transactions window. However, this may not be a viable solution if your General Ledger does not allow posting entries to periods in the future. Another option is to create a transaction template that either uses the Accounts only or Value option.

2. You recorded some entries and saved them. Later, you realized that you debited the wrong account. How can you correct this?

In the Enter Transactions window, click Open and locate the journal entry to edit it. You can make changes to journal entries that have been saved.

3. Your company uses the pending system. While reviewing the pending transactions from Accounts Payable, you discover errors with some invoice entries. How can you correct this?

You cannot edit or delete journal entries that have been saved to pending. If they are incorrect, you should create new journal entries to reverse the error and to correct it.

4. How do you correct posted entries?

You cannot edit or delete journal entries that have been posted. If they are incorrect, you should create new journal entries to reverse the error and to correct it.

5. You have been using a transaction template for your depreciation entries for several months now. However, this template no longer appears in the Enter Transactions window. Why?

Someone may have deleted the template. Or, you may have exceeded the number of uses for the template. Or, you are outside the allowed date range for using the template.

6. The number of uses for a template has reached the maximum but you still want to continue to use it. How can you extended it?

In the Transaction Template window, click Open and locate the template to edit it. Change the number of uses or the Expiration date.

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