Standard Entries

What are Standard Entries?

Standard Entries Overview

Standard Entries are nominal journal templates designed for recurring debit, credit, or combined transactions. You can access them via:
  1. Current/Previous Year Menu
  2. Nominal
  3. Posting
  4. Standard Entries


Creating a New Standard Entry Template

To create a new Standard Entry template:

1. Open the Nominal - Journal Window
  1. Click the Posting icon, or
  2. Press Ctrl + T on your keyboard.

2. Fill in the following fields:
  1. Description: A brief explanation of the entry.
  2. Reference: A unique identifier for the entry.
  3. Date: The date of the transaction.
  4. Type: Select from the dropdown list (see types below).
  5. Number: The sequence number for the entry.
  6. Clear Amounts: Tick this option if you want the system to prompt for amounts before each reposting


Entry Types Explained

  1. One-Time Posting: Used once and removed after posting.
  2. Daily: Automatically updates to the next day after posting.
  3. Weekly: Automatically updates to the next week.
  4. Monthly: Automatically updates to the next month.
  5. Periodically: Prompts you to update the date manually before each posting.
  6. Accruals/Prepayments: Typically used for accruals that need to be reversed the following day.

After Creating the Template

  1. Use Ctrl + U or click Update and Print to save the template.
  2. The new template will appear in the Standard Entries window.
  3. Selecting a template will preview its entries at the bottom of the window.
  4. Tick the checkbox next to a template to Nominal Update (Ctrl + U) the selected entries. (You can modify entries before updating.)

Accruals/Prepayments

When you create and update an Accruals/Prepayments entry:
  1. A new Standard Entry transaction labelled "Reversal" will appear in the Standard Entries window.
  2. This entry is used to reverse the original accrual transaction on the following day.
  3. Once the reversal is posted, it will be automatically removed from the window, as it is classified as a One-Time Posting.

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