Tutorial 27 - An Opening Journal Entry

During this exercise, you will set up an Opening Journal Entry so that you can use the data for testing additional report formats. The amounts used were randomly picked and have nothing whatsoever to do with real-life situations.

1. Launch the Transaction Data Entry function.
2. Click on the New Source button in the now displayed Transaction Data Entry window.
3. Select JE from the Select Document panel.

Bring up the Preferences > Date ranges panel.

4. Click on the Period button.
This will display the Fiscal Periods panel.

5. Click-select the December 31, 1998 row and press the OK button (or double-click the selection).
This will update the Date ranges view of the Preferences panel.
6. Set the Validate dates by range switch and dismiss the Preferences panel.

7. Enter the following Journal Entries (for all three Prefixes as a single transaction).
For the purpose of this exercise, all entries will use the
Date = December 31, 1998 (unless otherwise indicated)
Reference = Tutorial 27
Description = Journal Entry (unless otherwise indicated)
The Transaction Templates which you created are designed to retrieve the Name of the Subledger and its Number using the text entered into the Description field, or the Name of the Subledger using the number entered into the Subledger field. The Journal entry that we supplied for this Tutorial only provides you with the Subledger Number. As a result, this is what will happen:

To replace the Subledger Name with the required text "Journal Entry," when this first occurs, enter 6 into the Change field (press Return key). This will select the Subledger Name in the Description field (field #6). Type Journal Entry and, before moving on, select the text string Journal Entry and select the Edit > Copy menu item (or Command c) - now tab out of the document line. On subsequent occurances, when you wish to replace the Subledger Name with the text string Journal Entry, enter 6 into the Change field - with the Subledger Name selected in the Description field, select the Edit > Paste menu item (or Command v) - then tab out.

Please Note: The Transaction Data Entry window shown displays in the Entered documents browser a broken dehighlighted bullet with an S and a Status of Suspended. This indicates that the transaction currently being entered was previously saved before having achieved zero balance (see Running total above the Entered documents browser). The Tutorial Journal Entry is relatively long and you may not want to finish it in one sitting - save it before completion. Even if this is not a factor now, practice this "interrupted save" a few times while working on this Journal Entry:
after finishing several transaction lines, select the Document > Save selected menu item;
select the Document > Quit menu item (to simulate quitting and walking away from the job);
launch the Transaction Data Entry function;
click on the Find button to display the Find records panel - click on the Do button to load the only record that you have saved (once you have several records in your data base you will limit your search by specifying a Search Criteria e.g. Document Status = Suspended - alone or in combination with other search criteria);
select the record in the Entered documents browser to display the individual transaction lines in the Document lines browser;
select the last record in the Document lines browser (this will load the record into the Template area and put the Document into Change line mode);
press the Enter button (this dismisses the transaction line and primes up all fields with Suggested as the Input action) - you are now ready to proceed, enter the Amount of the next transaction line and continue.

Now enter this Journal Entry (when entering credits start with the - sign e.g. -53610 --- DO NOT enter the commas but do use periods when amounts have decimal values):

To close Profit & Loss at December 31, 1998
Reference: Tutorial 27
Description: Close Profit & Loss
Date: December 31, 1998

To finalize 1998 Profit & Loss on January 1, 1999
Reference: Tutorial 27
Description: Finalize 1998 Profit & Loss
Date: January 1, 1999

Go To
  Tutorial 28 - Creating a Balance Sheet