Microsoft Dynamics 365 for Financials – Using General Journals

Posted on: June 19, 2017 | By: Jim Bertler | Microsoft Dynamics Business Central

General journals are used to post financial transactions to general ledger accounts and other accounts, such as bank, customer, and vendor accounts. Posting with a general journal always creates entries on general ledger accounts. This is true even when, for example, a user posts a journal line to a customer account, because an entry is posted to a general ledger receivables account through a posting group.

 

There are several general journal templates. Each journal template is represented by a dedicated window with particular functions and the fields that are required to support those functions, such as the Payment Reconciliation Journal window to process bank payments and the Payment Journal window to pay your vendors.

 

Dynamics 365 for Financials

 

For each journal template, users can set up their own personal journal as a journal batch. For example, you can define your own journal batch for the payment journal that has your personal layout and settings.

 

If default balancing accounts have been set up for the journal batches, the balancing account will be filled in automatically when the Account No. field is filled in. Otherwise, fill in both the Account No. field and the Bal. Account No. field manually. A positive amount in the Amount field is debited to the main account and credited to the balancing account. A negative amount is credited to the main account and debited to the balancing account.

 

Dynamics 365 for Financials

 

A recurring journal is a general journal with specific fields for managing transactions that a user posts frequently with few or no changes. Using these fields for recurring transactions, a user can post both fixed and variable amounts. A user can also specify automatic reversal entries for the day after the posting date and use allocation keys with the recurring entries.

 

Dynamics 365 for Financials

 

For further insight on Microsoft Dynamics 365 installation and implementation, contact Logan Consulting, your Microsoft Dynamics 365 Partner of Chicago.



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