Recurring Journals

A recurring journal is a journal entry that repeats at regular intervals (monthly or annually) for routine transactions. It is commonly used for expenses that repeat over time on a consistent basis. Recurring journal entries can be automated in accounting systems to:

  • maintain consistency of financial statements

  • ensure accurate recording of routine transactions

  • reduce effort while minimizing the risk of errors

Create a Standard Recurring Journal

There is a new journal type called Standard Recurring. This type lets you define the frequency of automatic journal creation.

  1. Create Journal.

  2. For journal type, select Standard Recurring.

  3. For Recurring Journal Frequency, select one of the following:

    • All Time Periods

    • Monthly

    • Quarterly

    • Half Yearly

    • Yearly

    NOTE: The journal cannot recur more frequently than input periods allow. For example, if you are using quarterly input periods, you cannot have a monthly journal recurrence as Q1 would contain three months.

  4. Post a Journal. A new journal is created in the specified time period, and is a copy of the previous journal with the same naming scheme, settings, POV, and line items.

    NOTE: You must have process rights, as you are the creator of the recurring journal.

    You will receive a confirmation notice upon successful creation.

Journal import and export does not handle the Recurring Journal Frequency setting. Imports and exports that include standard recurring journals will default to All Time Periods.

Final Recurring Period

The final recurring period controls how the last occurrence of a recurring journal entry is handled. It defines the logic used when a recurring journal series reaches its final period (for example, the final month or final fiscal period of the schedule). This ensures that the series ends correctly, with the correct dates, the number of occurrences, and the amounts applied in the final period.

  1. Create or open a recurring journal entry.

  2. In Journal Settings, specify the Final Recurring Period in the Time Period Selection dialog box.

    NOTE: After this setting is configured, no recurring journals are created after the Final Recurring Period setting.