General Journal Batches Overview

akoyaGO contains numerous General Journal batches. These journals are used for automated and specialized functions:

AKOYA - This journal is used for data "Sent to Accounting" from Gift/Request Payments, including adjustments and reversals. This data is autoposted.
CONVERTED - This journal is used during data migration.
DEFAULT - This journal can be used for ad-hoc entries.
DT - Used for Autobalance and Reapportioning. This data is auto-posted.
FUNDFESS - Used for the Fund Fee Assessment entries. Auto-posting is optional for this data.
JIA - Used for Joint Investment Allocation entries. This data is auto-posted.
NETASSETS - Used for Net Asset Sweep and Net Asset Clear. This data is auto-posted.
SPENDABLE - Used for Spendable Allotment entries. Auto-posting is optional for this data.

Additional journal batches can be created if desired. This is often the case when several staff members are posting journal entries at once (each staff person has their own dedicated journal) or when certain types of entries should use a unique number series.

VIEW GENERAL JOURNAL BATCHES

1. Select Finance > General Journals

ADD A GENERAL JOURNAL BATCH

1. Select +New

2. Enter a Name (10 characters or less), Description and No. Series.

Create a Journal Entry

1. Open a General Journal Batch by clicking on its "Name" value, such as "Default"

2. Define at least the following values:

Posting Date - The date the entry will be applied in the general ledger
Document No. - The transaction number. This should be auto-populated based on the No. Series assigned to the general journal batch.
Account Type - Indicates the type of account to post to, usually G/L Account or Bank Account
Account No. - The account to post to
Fund - The Fund dimension applied to this entry
Department - The Department dimension applied to this entry; this value is auto-populated based on the selected Fund and should not be modified
Amount (or Debit Amount/Credit Amount) - Amount of the journal entry line item

Important: Journal entries must balance to zero (debits must equal credits) by Posting date and Document No.

3. Optionally, define the following values:

Bal. Account Type - The type of balancing account to post to, usually G/L Account or Bank Account. This value is unused unless a Bal. Account No. is specified
Bal. Account No. - The balancing account to post to
Function - The Function dimension applied to this entry
Description - The description of this entry. This will default to the name of the selected account, but can be modified if desired
Memo - An option description value for this entry. Memo is usually reserved for external-facing descriptions, when an entry might appear on an externally facing report, such as a fund statement

4. Post the entry by selecting an option under the Post menu:

Post - This option commits the journal entry to the general ledger
Post and Print - This option commits the journal entry to the general ledger and generates a ledger report

Other options under the Post menu:

Preview Posting - This option will display all ledger lines that will be generated by the journal entries
Test Report - This option generates a ledger report showing the items to be posted

Important: When posting, all visible entries in the journal will be posted. To limit the posting to a subset of journal lines, apply a filter. Selecting rows does NOT prevent unselected rows from posting

DOCUMENT NO. (DOCUMENT NUMBER)

The Document No. field in General Journals is the unique identifier for each journal entry. It comes from a number series defined in the journal batch or template. Every posted journal line must have a Document No., and Business Central uses it to group lines together.

When a new line is entered into the general journal batch, the next sequential Document No. is assigned. The same number will be assigned to each row until the total debits are equal to the total credits. Once debits and credits balance to zero, the next line will increment to the next available Document No.

BAL. ACCOUNT (BALANCING ACCOUNT)

The Bal. Account Type and Bal. Account No. fields let you create a balanced journal entry with just one line. Instead of manually entering both debit and credit lines, you specify the main account in the Account No. field and the offsetting account in the Bal. Account No. field. Business Central automatically posts the opposite side of the transaction to the balancing account.

Below are examples of two different journal entries that would have the same net effect on the general ledger:

1. Without Bal. Account

2. With Bal. Account

Important: Journal entry lines using Bal. Account apply the same dimension set (Fund, Department, and Function) to both the debit and credit entries.

Reverse a Journal Entry

1. Navigate to Finance > G/L Entries

2. Search or filter for the entry to be reversed

3. Select one row of the entry by clicking on the three vertical dots, then select "Reverse Transaction."

4. A preview of the entries to be reversed will be displayed. To complete the reversal, select "Reverse" or "Reverse and Print" to also generate a ledger report.

5. Confirm the reversal by selecting "Yes"

Important: This reversal process should only be used for entries created through the General Journal, NOT entries sent to accounting from CRM or posted through another process or ledger (payments, invoices, JIA, etc).

Keywords: Finance, Journal, Journal entry, transaction, post transaction, business central, adjusting entry, adjustment, general journal