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JOURNAL ENTRY​
Function 
To produce a journal entry reflecting all activity within a specified Activity Period.  A Monthly Activity Report for the same period must be pulled prior to creating the journal entry.


Operating Instructions
When creating a Journal Entry, it is vital that the setup is first completed.  Once appropriate GL Codes have been established through Tools, they become available for selection when setting up the Journal Entry.

The Journal Entry may be setup by Agency or Specific Fund.  Selecting Agency will allow input of one general ledger account for each type of activity, regardless of which loan funds are affected.  Activities include:

GL Accounts Cash or Loan Clearing Asset Account 

Escrow Cash Asset Account 

Escrow 1 Liability Account 

Escrow 2 Liability Account 

Debits Loan Disbursements (Either Notes Receivable asset account or Loans Disbursed expense account.)

Credits Principal Repaid (Either Notes Receivable asset account or Loans Disbursed expense account.)

Interest Paid

Late Fees

Service Fees

NSF Fees

Other Fees
Selecting Specific Fund will allow entry of accounts specific to each fund.  For example, you may have separate bank accounts for some loans funds.  In that situation, selecting Specific Fund will allow you to enter different accounts into the setup function.

Setting Up the Journal Entry
From the Journal Entry screen, select the Setup Journal Entry tab.

Select either Setup by Agency or Specific Fund.  

If Agency is selected, it becomes unnecessary to enter anything into the field titled Loan Fund or GMS Accounting Element.

If Specific Fund is selected, use the combo box within Loan Fund to select the fund being set up.  Any loan fund established within Codes will appear as a potential selection.  The field titled GMS Accounting Element is there as a convenience to those users who also use GMS Accounting and Financial Management software.  If you wish to utilize this feature, first use Codes to establish elements and descriptions.  Those codes will then become available selections from the combo box.  It is not required that this field be completed.

Use the combo box to select the appropriate account for all of the fields listed under General Ledger Accounts, Debits, and Credits.  Any general ledger codes established through Codes will be available for selection.  Once selections are made, click on “Save” to save the setup file.  If you are setting up by specific fund, repeat these steps for each established loan fund.

Preparing a Journal Entry

Activity Period          
This will default to the most recently created Monthly Activity Report.  For example, if a journal entry for March, 2009 is desired, then a Monthly Activity Report for March, 2009 must first be created.  When a Monthly Activity Report is created, the data is held in a temporary table to be used when the journal entry is created.  

Note: Using the Journal Entry List tab will allow review of previously created Journal Entries.

Batch #                      
This is an automatic field used to number the batches (or Journal Entries) as they are created.  It may be overridden if desired.  A batch # can only be used once.  If you attempt to use a number that has already been used, a screen warning will appear offering you an opportunity to replace the previously saved Journal Entry with the new one.

Journal Entry #         
This is a required field, allowing entry of the corresponding Journal Entry number from your accounting department.  The same Journal Entry # may be used in more than one batch.  This field will accept both numeric and alpha input, so you may enter a generic Journal Entry # such as “RLSS”.

Send Journal Entry to Accounting System
If you use GMS Accounting software, once the journal entry has been created and saved, you can send it to the accounting database.  You will need to identify the correct database and posting period.  Once the entry is sent to accounting, it may be edited if needed prior to posting.

Journal Entry List
Displays all saved Journal Entries showing activity period, batch, and journal entry number entered in RLSS.  If you send your Journal Entries to the GMS Accounting software, you will also see the date it was sent along with the batch and entry number assigned to it in the accounting system.  Double clicking on a specific batch will bring the selected data on screen. 

Things You Should Know
  • Prior to producing a Journal Entry, a Monthly Activity Report for the specified activity period must be created.  Select that report from the Report Menu and review for completeness.  Keep in mind that an activity period may include activity beyond the calendar month, so it is important all dates be included. 
  • The Journal Entry is calculated based on the Monthly Activity Report.  If the numbers included in the Journal Entry do not seem accurate, return to the Monthly Activity Report corresponding to the entry and verify for accuracy. 
  • Sometimes a Journal Entry is prepared, and then additional or adjusting entries are made in the activity period for which the entry was prepared.  When this occurs, reprint the Monthly Activity Report, and then reprepare your Journal Entry which will incorporate the changes made within the activity period.  Using the same batch number, click on Save.  You will be given the option to overwrite the previous batch with the newer information.  Answering Yes will replace the data in your existing JE.  Answering No will cancel. 
  • The Journal Entry may only be sent to an Access database, not a SQL database.