Page 23 - Participant Guide ebook - Unanet GovCon Using General Ledger

Recurring Journal Entries - Recurring Journal Entries are journal entries
recorded in every period where the accounts are identical, but the amounts may vary.
When checked, the system will post the original document and create an additional
journal entry for the next occurrence (Fiscal Period), leaving it in the INUSE status.
Enter the number of occurrences for this entry to recur. Note that if the number of
occurrences value is left blank, the entry will recur indefinitely until either a value is
entered, or the Journal Entry is deleted. The subsequent journal entries created as a
result of this feature can be modified to have their values revised and then manually
posted.

Activity 3.2 GL Recurring Journal Entry – Prepaid Insurance
Login as Amy Accountant (GL User) – aaccountant / welcome

Activity Steps:
MyCo has paid $24,000 in advance for a 2-year Business Insurance policy for coverage
that begins this period. Insurance expense is to be recognized on a monthly basis
across the next 2 years. The original purchase was made to Account 10.04.03 Prepaid
Insurance. Calculate the monthly amount for this journal entry then Create a recurring
month end journal entry to record the monthly amount of Business Insurance Expense.

1. Navigate: Financials > General Ledger > Journal Entries then + Journal Entry

2. Enter the following Summary information then click SAVE
• Description Monthly Prepaid Insurance
• Document Date End of Posting Month
• Post Date End of Posting Month
• Select Recurring Occurrence 1 of 24

3. Enter the Details > Expenses for this MyCo transaction:
DEBIT:

• ACCOUNT 80.03.15 – Business Insurance Expense
• ORGANIZATION MyCo
• DEBIT 1,000

CREDIT:
• ACCOUNT 10.04.03 – Prepaid Insurance
• ORGANIZATION MyCo
• CREDIT 1,000

4. Confirm the DEBITS AND CREDITS ARE EQUAL and SAVE

5. Submit the journal entry for posting

LESSON 3 GENERAL LEDGER TRANSACTIONS
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