Recurring Entry Maintenance

This utility helps you to create repetitive Journal entries. Each record include a debit and credit for each fiscal period, so that when you post the entries, the debits and credits are automatically made for the appropriate month. The Spending Policy module also uses these entries to make quarterly or monthly transfers of an appropriate portion of the annual spending amount.

You can use this utility for any repetitive General Ledger entry, but it is most commonly used to record the depreciation of fixed assets. You can set a Stop Limit for each set of recurring entries that is equal to the full value of the asset, and depreciation will automatically cease when the accumulated entries reach that value.

1. In the General Ledger module, click the Journal Entry supertab, and then click the Automatic Entries tab.

2. Select Recurring Entry Maintenance from the Automatic Entries list, and then click the Run Process button. The G/L Recurring Item Maintenance Data Grid opens.

G/L Recurring Item Maintenance Data Grid

3. Click the New button on the toolbar.

G/L Recurring Item Maintenance Window (New Item)

4. In the ID No. field, enter a number (up to six characters) to identify the record.

NOTE: You must enter this number manually. FIMS does not create it for you.

5. In the Recurring Entry Description field, enter the text description that you want to include in the General Ledger Journal entries that are created from this recurring entry.

6. Enter the Journal Key that you want to apply to the Journal entries.

7. In the Journal Entry Description field, enter a text description of the Journal Key.

8. Enter the appropriate Debit Account and Credit Account for the entries.

9. (Optional) If you are recording a depreciation, select the Enforce Stop Limit checkbox and enter the Stop Limit Amount. The depreciation process will automatically stop when it reaches the Stop Limit Amount.

10. (Optional) If you have already depreciated a portion of the asset, enter the depreciated amount in the Accumulated Balance field.

11. Enter the amount of the entry you want to create for each Period.

NOTE: You can copy and paste the amounts into these fields to expedite the data entry process.

12. Click the Save button on the toolbar.

NOTE: You must post your recurring entries periodically in order to create the actual General Ledger Journal entries. Refer to Creating Journal Entries from Recurring Entries for more information.

NOTE: Each Recurring Entry record allows you to set up one debit/credit entry pair per period for each of the 13 periods. You do not have to create a new Recurring Entry record for each fiscal year, as long as the periodic entries remain the same.

IMPORTANT: This system is not designed to create recurring payments that must be entered into Accounts Payable.