Explain the concept of reccuring journals ?
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Answer / mstapps
Reccuring journal means journals, which are
repetitive nature is a year. On the basis of amount
reccuring journals are three types
1. Formula journals
2. Skeliton journals
3. Standard journals
FORMULA : means journal entries use formulas to create
journal amounts that vary from period to period
SKELITON : means journals have same accounts but have
different posting amounts
STANDARD : means journal entries use the same accounts and
amounts in each period
| Is This Answer Correct ? | 24 Yes | 2 No |
Answer / r k jain
Define recurring journal formulas for transactions that you
repeat
every accounting period, such as accruals, depreciation
charges, and
allocations. Your formulas can be simple or complex. Each
formula
can use fixed amounts and/or account balances, including
standard,
end–of–day, or average balances, actual or budget amounts,
statistics,
and period–to–date or year–to–date balances from the
current period,
prior period, or same period last year. You can quickly
create new
recurring formulas by copying and modifying existing
formulas.
You can define recurring journal formulas for your
functional currency,
foreign currencies which have a fixed relationship with
your functional
currency, and statistical currency.
You can use recurring journals to create three types of
journal entries:
• Skeleton Journal Entries: Skeleton entries affect the same
accounts each period, but have different posting amounts.
After you generate skeleton journal entries, you can edit
the unposted journal batch using the Enter Journals form
and enter the journal line amounts.
Skeleton journal entries are useful with statistical
information whenever you want to record journals for actual
transactions
based on statistical amounts, such as headcount, units sold,
inflation rates, or other growth factors. For example, if
you want to enter headcount for each cost center every
period, you can define a skeleton entry with your headcount
accounts. After you generate the skeleton entries, enter
the actual headcount
amounts before posting the batch.
• Standard Recurring Journal Entries: Standard recurring
journal entries use the same accounts and amounts each
period.
• Recurring Journal Formula Entries: Formula entries use
formulas to calculate journal amounts that vary from period
to period.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / nossam mallikharjuna reddy
there are 3 types of recurring journals..such as
1.standard recurring journal
2.skelton recurring journal
3.formula recurring journal
1.standard recurring journal:-
journals which are repeating with same account and same amount each and every accounting period is called a standard recurring journal.
2.skelton recurring journal.
journals which are repeating with partial information each and every accounting period is called a skelton recurring journal.
3.formula recurring journal.
in case of formula recurrring journal ,journal amount will be calculated by application using formula.
| Is This Answer Correct ? | 0 Yes | 0 No |
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