Reviews and corrects ledger-to-subledger alignment in D365 by fixing posting configurations, inventory profiles, reconciliation logic, GL mapping, and critical reporting procedures.
Using Journal Entry Templates at Month-End Closing
Posted on: February 13, 2025 | By: Alexa Leitner | QAD Financials, QAD Business Process
Month-end close is busy for accountants, so any reduction in time spent on repetitive tasks is appreciated. Using QAD’s import function with Excel-based journal entry templates can both streamline the process and improve accuracy.
Increased Efficiency and Time Savings
Excel templates can be designed so that they require minimal interaction before loading. A combination of formulas, lookups, and appropriate formatting can allow accountants to standardize every entry. The accountant then should only have to paste in the appropriate data such as production volumes, energy usage, payroll hours, or whatever metric drives the specific entry.
Improved Accuracy
Errors in journal entries can lead to discrepancies that require time-consuming research to identify. Excel templates can incorporate error-checking features such as:
- Data validation rules to ensure fields are properly filled in
- Automated checks to ensure debits and credits match
- Conditional formatting to highlight potential errors
Consistency Across the Organization
Using standardized and approved Excel templates ensures that all accountants follow the same format, which will allow for easier review and fewer inconsistencies. This uniformity also makes it easier for auditors to trace transactions.
Integration with QAD
QAD allows for uploading entries of any size, reducing manual input. This integration minimizes human error and speeds up the process.
Enhanced Documentation and Audit Readiness
Excel documents can be built that allow the inclusion of source data, which will simplify any audit requests.
Supports Multi JE and Cross-Company Loads
The Excel Templates may also be used to load multiple journal entries with just one Excel file. Further, templates can be used to load cross-company entries, supporting eliminations for intercompany transactions.
Conclusion
Loading of journal entry templates is a powerful way to enhance efficiency, accuracy, and standardization in the month-end close process.
Next Steps
Contact us today at info@loganconsulting.com or call (312) 345-8817 to learn more about how we can support your team’s growth and development.
