Page 21 - Participant Guide ebook - Unanet GovCon Using General Ledger

LESSON 3 GENERAL LEDGER TRANSACTIONS

Learning Objectives

• Differentiate the various procedures and options used to create and post
General Ledger Journal Entries
• Determine which General Ledger reports and statements to use to ensure
accurate transaction processing – GL Details

Introduction
The Journal Entry is used by the accounting department (GL Users and GL Posters) to
enter transactions that need to be reflected in the financial statements but do not flow
naturally from the other input screens.

Navigate: Financials > General Ledger > Journal Entries

Journal Entries

The double-entry accounting method is used for recording GL Journal Entries This
means that every transaction will involve at least two accounts (Debit and Credit). In
Unanet, a transaction will be accepted and processed only if the amount of the debits is
equal to the amount of the credits

The Journal Entries screen is used to create, search for, and view existing entries. From
this screen, users can also create, copy, edit, post (previously submitted), and void
Journal Entries. Journal Entries can have one of the following statuses: INUSE,
SUBMITTED or POSTED. Examples of journal entries might include:

• Allocated expenses such as prepaids
• Accrued month-end expenses
• Fees, Corrections, and Adjustments
• Payroll
Select the + Journal Entry link on the Journal Entry home screen to create an entry.

Enter the summary information for a journal entry, such as the document and post
dates, whether this is a recurring or reversing entry, and any reference, description, or
comments associated with the entry.

After providing the summary-level information, navigate to Details and supply journal
entry detail line items, adding rows as necessary. DEBITS must equal CREDITS.

Once the journal entry is complete, it may be saved, submitted, and then posted.

Attachments: Users/Posters can add attachments regardless of the Journal Entry
status but only Administrators can delete attachments once the Journal Entry is Posted.

LESSON 3 GENERAL LEDGER TRANSACTIONS
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