Create Recurring Entries (Spending Policy)

Note: This creates Recurring entries in General Ledger. These entries must be posted to create the General Ledger Journal entries. Refer to Working with Automatic Entries in the General Ledger module for more information about managing Recurring entries.

1. From anywhere in FIMS, select View > Spending Policy > Create Recurring, GL, or Budget Entries.

2. In the Create Entries For section, select Spending Policy.

3. In the Type of Entries section, select Recurring Entries.

4. Select the Fiscal Year when you want to make the entries.

5. In the Funds to Create Entries for, select All Funds if you want to create entries for all Funds, or limit the Funds that receive entries by doing one of the following:

• Select the Selected Funds radio button and enter the range of Funds that you want to created entries for. You can enter up to three separate Fund ranges.
• Select the Funds Based on Pool radio button and enter the Investment Pool that Funds must be included in to receive entries.
• Select the Funds with Policy Codes radio button and enter the range of Spending Policy codes associated with the Funds that you want to receive entries.

6. Enter the natural account numbers for the Debit Account and Credit Account where you want to create the entries for each Fund.

7. (Optional) If you want to delete old (for example, last year’s) recurring entries, enter the Recur Numbers to Delete.

8. Click OK. The Create Recurring Entries report opens in the FIMS Viewer. 

Example:  Creating Recurring Entries Report

9. Verify the entries, and then click Create Entries on the FIMS Viewer menu bar. The Create Recurring Entries window opens.
Note: Most of the fields in this window are automatically populated, but you can change any of the information as necessary.

10. In the Frequency section, select the Annual, Quarterly, Monthly, or 13 Periods radio button to determine how you want to allocate the entries. For example, if you select Quarterly, the entries will be allocated over four quarterly periods. The default value is Annual.

Note: The percentages in each Period field are automatically updated depending on the Frequency you select.

11. In the Rounding section, select the Dollar, Penny, Ten Dollars, or One Hundred Dollars radio button to determine the method that you want to use to round dollar amounts. The default value is Dollar.

12. Enter the Journal Key code that you want to apply to the new General Ledger Journal entries. The default code is SR (Spending Rule).

13. In the Start Recur Number field, enter the number (up to seven characters) that you want to use to identify the entry.

14. Click OK to create the Recurring entries.

Note: You must post these entries to create actual General Ledger Journal entries. Refer to Creating Journal Entries from Recurring Entries in the General Ledger module for more information.