How to set up Quick Journals in Dynamics GP
Posted on: August 8, 2016 | By: Craig Thompson | Microsoft Dynamics GP
Quick Journals are used to enter transactions that are entered on a regular basis. What makes them “quick” is that once setup, only the amounts needs to be entered on new entries. You can create a template of typical transactions in the Quick Journal Setup window. Then, when transactions are entered in the Quick Journal Entry window, only the transaction amounts need to be entered.
Quick journals are most effective when the accounts remain constant but the amounts vary. Entries can be made more quickly than in the Transaction Entry window because all the necessary accounts are already set up in the quick journal and only the transaction amounts for each account need to be entered.
Setting up Quick Journals in GP
To setup a Quick Journal ID, navigate to Financial –> Setup –> Quick Journal. Enter a Journal ID and a Description. Choose a source document code and add a source document reference to describe the quick journal. This information will become the default information for transactions entered in the Quick Journal Entry window. Identify the account for the offsetting portion of each transaction that is entered in this quick journal. If you would like to allow users to override this offsetting account, select the checkbox. Select the Breakdown Allocation checkbox if you would like break down allocations to be printed on the Quick Journal Edit List and Quick Journal Posting Journal. Click Save after you are done.
Now that the Journal ID is set up, navigate to Financial –> Transactions –> Quick Journal. Choose the Journal ID that you just created. Users will notice that the Source Document, Reference, and Offset Account all populate. Since I did not check the Allow Override box, I cannot change the Offset Account.
You can create as many Journal IDs as you would like to account for all recurring journal entries an entity might have.
Microsoft Dynamics GP is a great solution for many business owners looking to simplify daily operations. For more information on how Dynamics GP could help benefit your business, contact us at Logan Consulting, your Chicago based Microsoft Partners to schedule a consultation or a demo.
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