Accolent ERP posts transactions to the General Ledger (GL) through the following Accounting Journals: Sales Journal (SJ), Payment Receipts Journal (PR), PO Receipts Journal (PO), Accounts Payable Journal (AP), Voucher Adjustments Journal (VA), Cash Disbursements Journal (CD) and the General Journal (GJ). The Accounting Journals are automatically posted to the GL immediately.
General Journal
- The General Journal records all adjusting entries made to the General Ledger.
- It is typically used to make period-end closing adjustments.
- The General Journal records three types of GL Adjustments: Standard GL Adjustments, Recurring GL Adjustments and Auto Reversing GL Adjustments.
- Included below are the GL Postings for each type of General Journal Adjustments.
Standard GL Adjustment
- One-time adjustment usually entered at the end of a quarter or year.
- To enter the adjustment, go to General Ledger > Manage General Ledger > GL Adjustments.
- Make GL Adjustment 2059 to record $250 for Mar 2024 depreciation of Fixed Assets.
- GL Adjustment Date is 3/31/24, no reversal, no recurrence.
- Created 2059.
- GL Posting is as follows:
Recurring GL Adjustment
- Write a check on 3/31/24 for 3 months’ rent and record as prepaid.
- Make a recurring GL Adjustment 2060 to credit prepaid expense and debit monthly rent in each of Apr, May and Jun 2024 for $2,000.
- GL Adjustment Date is 4/1/24, no reversal, recurrence set at 3.
- Created 2060, 2060R1 and 2060R2.
- GL Postings are as follows:
Auto-Reversing GL Adjustment
- Create auto reversing GL adjustment 2061 to allocate a payment made in one period between two periods.
- Pre-pay $800 on 4/1/24 booked to Professional Fees.
- Create auto-reversing entry to spread this equally to Professional Fees over Apr and May 2024.
- Created 2061 and 2061A.
- GL Postings are as follows:
- Effect of initial and auto-reversing entry is to allocate payment equally to Jul and Aug 2019 as follows
| Entry | Debit | Credit |
| Professional Fees – Apr 2024 | 800.00 | |
| Accounts Payable – Apr 2024 | 800.00 | |
| Prepaid Expenses – Apr 2024 | 400.00 | |
| Professional Fees – Apr 2024 | 400.00 | |
| Professional Fees – May 2024 | 400.00 | |
| Prepaid Expenses – May 2024 | 400.00 |