Journalling Tab

Enable Standard Options for your Set of Books. Each set of books has a number of flags that indicate the accounting practices you want to follow for that set of books.

Balance Intercompany Journals: Allows users to post out–of–balance intercompany journal entries (debits do not equal credits for a particular company or balancing entity), and automatically balance intercompany journals against an intercompany account you specify. If you enable this option, you must specify intercompany account(s) in the Intercompany Accounts window.
If you do not choose to balance intercompany journals, you can only post intercompany journals that balance by balancing segment (usually the company segment).

Journal Approval:
Allows you to use General Ledger’s Journal Approval feature in your set of books. When Journal Approval is enabled and a journal entry’s journal source requires approval, the journal must be approved by the appropriate level of management before any further action can be taken. If Journal Approval is not enabled, approval is not required, even if the journal source requires approval.
Note: When you mark the Enable Journal Approval check box, General Ledger will ask whether you want to require journal
approval for the Manual journal source. Choose Yes or No.
Note that this option applies only to manual journals with actual amounts. To require journal approval for budget or encumbrance journals, you must set the appropriate journal source to require journal approval.

Journal Entry Tax: Allows you to manually enter taxable journal entries in General Ledger. When you enable this feature for a set of books, the system will automatically calculate associated tax amounts and generate tax journal lines.

Suspense: If you choose to allow suspense posting of out-of-balance journal entries, General Ledger automatically posts the difference against this account. If you have multiple companies or balancing entities within a set of books, General Ledger automatically creates a suspense account for each balancing entity.

If you do not allow suspense posting, you can only post journal entries that balance.
You can also define additional suspense accounts to balance journal entries from specific sources and categories using the Suspense Accounts window.
Note: If you update the suspense account in the Set of Books window, the default suspense account is updated in the
Suspense Accounts window. Likewise, if you update the default account in the Suspense Accounts window, the account
in the Set of Books window is updated.

Rounding Differences: Allows you to track penny differences in currency conversions. If you enable this option, you must enter a rounding differences account for the set of books. Enable this feature if your foreign currency transactions include different balancing segments to represent multiple companies. General Ledger will automatically create a rounding differences account for each balancing segment.

If you do not enable this feature, General Ledger will post rounding penny differences to the transaction line with the largest amount.

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