Company Journals as Journal Entries

In the default setting, company journals are created as journal entries. You select the method to use for creating company journals by using the Define Submissions function.

If you do not select company journals in columns, company journals will be created as journal entries. If you select company journals in columns for a specific submission and period, this signifies that company journals will be created in columns. For more information, see Define Submissions.

You can use this function to create company journals as separate journal entries. Each company journal has a unique journal number, and is saved with a copy rule, which determines how the company journal is processed in other contexts, for example, when you copy company journals.

In the journal entry, the journal number will be displayed automatically after you click the Open button and enter the following information under Journal Selections:

  • Actuality, period, company code
  • Currency type
  • Journal type
  • Then enter the following information for the new journal entry:
  • Copy rule (T as default)
  • Journal text
  • Account, dimensions and amount per booking

Journal Number

Each company journal receives a unique journal number, where the journal number series starts at 101. Numbers 1-99 are reserved for automatic journals.

Reverse Journals

You can create a reversed journal using the next available journal number by using the Reverse Journal button. This means that you can eliminate a journal without having to re-book values manually. You cannot reverse only parts of a journal. For reversed journals, the Reversed field includes information about which journal the reversed journal is based on. The original journal also includes information about existing reversed journals. Both the reversed and the reversing journals are locked for update. If Copy - All Journals is selected, both the original and the reversed journal are copied.

Copy Rules

The company journal is stored with a copy rule, which determines how to handle the company journal in other situations, for example, when copying company journals between periods.

The most common currency type used is LC, the local currency of the selected company. To enter a journal in group currency, choose for example LE. LE will always be the currency of the company that in this consolidation structure owns the selected company directly. If there are several owning companies, the report will show the currency of the company with the largest owning percentage in this consolidation structure. If you want to enter your journals in the currency of the other owner(s) you need to create another consolidation type where the selected company is directly owned by a company with this specific currency. If the owning companies have the same owning percentages, the report will show the currency of the company that comes first in alphanumerical order.

The copy rules are described in the following list:

F (fixed)
Used as a regular journal entry, and copied with or without year-ending rules when copied over year-end. For more information, see Copy Company Journals between Periods.
R (reversing)
Used to book with reversed sign when copying over a year-end. For more information, see Copy Company Journals between Periods.
T (temporary)
Normally used only for the current closing of the books. You can also copy this rule to another period and over year-end with year-end rules.
A (automatic)

Created for automatic journals using control tables. You can use this rule for elimination of acquisition calculations, intercompany balances and intercompany profits.

Note: The copy rule A is only available in the Maintain/Special Utilities/Data Entry - Automatic Journalsmenu.
For more information, see Automatic Journals for Acquisition Calculations, and Intercompany Balances.

The Amount Column

You can choose to display the Amount column either as a column with the heading Amount or as two columns with the headings Debit and Credit. You can define this in the General Configuration function, General 3 tab. You can create company journals in both local currency and any group currency.

Data Entry

You can create group journals against different types of accounts, main accounts as well as statistical accounts. However, you cannot update a company journal against a summation account.

Net Income

You cannot create journals against the account for Net Income in the balance sheet, the income statement or the equity specification. These accounts are updated automatically when you save a company journal against the accounts that sum into the account for Net Income.

Balance Control of Journal

A balance control is performed for each journal in respect of debit and credit balances. This is performed regardless of whether you are working in debit/credit columns or in a special amount column.