PeopleSoft General Ledger Manual of Administrative Processes

PeopleSoft General Ledger
Manual of Administrative Processes

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Process Title:

23E Adjusting Journal Entries

Author:

FAST (Future Administrative Systems Team)

Effective Date:

September 1, 2001

Attachments:

Journal Entries Request Form
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23E Adjusting Journal Entries

DESCRIPTION

A journal entry is a balanced (Debit must equal to Credit) record of financial information. Journal Entries
in PeopleSoft GL consists of header, line, total and control panels which uniquely identifies the journal
entry and detail lines, which records the monetary amount and the affected Chartfield. A single journal
entry can have many detail lines but must have at least two, because the total debits must equal to total
credit for a single journal entry. Journal entry should be used to initiate cost center transfer, correction and
reallocation and cost center adjustments

PROCESS

-All Journal Entries must follow detail guidelines listed under Accounting Process 22A Journal Entries


Process Journal Entries – Panels

Navigation:
Go - Process Financial Information – Process Journal – Use – Journal Entry – Header -
Add/Update Display


Spreadsheet Journal Entry can be used to streamline journal processing and simplify journal data entry
using Microsoft Excel. EXHIBIT F


Adjusting Periods:

Journal Header
• At a minimum, PeopleSoft General Ledger journals consist of a header and entry lines. The header
contains the information that uniquely identifies the journal-business unit, journal ID, and journal date.

• Journal header also contains options that allow you to set up adjusting and reversing entries. EXHIBIT
A. An Adju sting Entry that need to be processed to impact 13th month or period 998, the Journal
Header panel contains a check box that allows you process transactions in period 998 regardless of the
Journal date. However, If you leave this option unselected, the journal date determines the accounting
period to which the entry will post.

• If you want this entry automatically reversed (as with an accrual), PeopleSoft General Ledger can
generate a reversing entry at the time this entry is posted. To choose the date of the reversing entry,
click the Reversal button to get multiple reversing date option.

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Cost Center Transfer, Accounting Transaction Adjustments, Correction and Reallocation:

• Make appropriate JE to Correct, Adjust and Reallocate transactions.

• Journal entry lines record the monetary amounts and the Cost Center values associated with each
transaction. Once you enter Cost Center information individually or by using speed type, your journals
are ready for processing. EXHIBIT B

• Nightly Edit, BCM and Posting process completes the process.




Journal Entry Detail Report
Navigation: Go -Process Financial Information-Process Journal-Reports-Update/Display
Select Run control, complete parameters, click traffic light, select printer and click Go.
Report ID:
FIN2001
Report Name:
Journal Entry Detail Report

EXHIBIT E

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EXHIBIT A




EXHIBIT A

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Process Chart
Process Journal Entries – Excel Form



START

Initiate JE
JE submitted to Acct
office (Placed in NT
Mailbox)
Is JE
Accounting Office contacts
accurate?
NO
initiating dept.
YES
Is request in
Accounting Office contacts
compliance
with applicable
NO
initiating dept.
policies?
YES
Copy of request
Acct Office places request in
sends to retention
approved status folder on server
folder on server
Upload to GL for processing
Copy of request
removed from
retention folder on
server
Edit BCM & Post nightly to the
Request stored in
C: Temp file in
GL
preparation for
upload

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Process Chart
Process Journal Entries – Panel


START
Initiate JE
JE submitted to Acct
office
Is JE
Accounting Office contacts
accurate?
NO
initiating dept.
YES
Is request in
Accounting Office contacts
compliance
with applicable
NO
initiating dept.
policies?
YES
Copy of JE to
Enter JE in PSGL
Retention Center
Nightly Edit, BCM & Post
Journal Line Panel Edit, BCM

& Post
OR

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