Online Journal Entry
Finance Business Solutions
Shaleen BatraFinance Business Solutions – User Support & Training
Agenda
• Overview
• Creating and Editing Journals
• Attaching Supporting documents
• Approval and Posting
• Scenarios
• Journals with Error
• Deleting and Copying Journals
Journals Overview
Manual Journal Entry
• Online Journals• Spreadsheet Journals• End of Month Journal (EOM)
Automated/ System Generated Journals
• e.g. AP Journals• e.g. Payroll Journals
Manual JournalsThere are two ways to process Manual Journals
Online Journal (ONL) – which is entered and processed directly in NS Financials
Spreadsheet Journal (SSJ) – which is processed via an Excel Spreadsheet that is uploaded and then posted in NS Financials
Manual Journal Option A
Submit for Approval
Approve & Post Journal
ENTERER
MANAGEMENT ACCOUNTANT
Ove
rvie
wEnter journal with appropriate
supporting documentation attached
Manual Journal Option B
Notify Reviewer
Review Journal and notify enterer
ENTERER
Enter journal with appropriate supporting documentation
attached
Submit for Approval
REVIEWER
ENTERER
Approve and Post Journal
MANAGEMENT ACCOUNTANT
L30 and L50 forms
Instead of completing L30 and L50 forms – enter Journals directly in NS Financials
L30 Two lines: One Debit and One Credit
L50 Multiple lines
Online Journal should only be used for Max 10 lines. For more than 10 lines Spreadsheet journal should be used.
Header – Enter a journal long description, change the Ledger Group if necessary, use the journal source as ONL unless otherwise instructed and add attachments
Lines - enter your journal lines.
Totals - ensure your journal line totals balance to zero (i.e., your debits should equal your credits).
Errors - check your journal errors (useful only after you have edit checked the journal).
Approval – approvers use this tab to approve or deny the journal.
Approvers – select the person who is responsible for approving the journal.
Long Description
• What - is being transferred/ corrected
• Where - it is being transferred to/from
• Why - the original transaction was incorrect
• Who - is requesting and who is approving the journal
• When - what timeframes are the journal in relation to
• How - what supporting documentation there is to substantiate the reason
for a manual journal e.g. reference to emails, reports, invoices, drill-downs
50 characters
Attachments
Correction Journals should have a document that shows the original entry (nVision reports) Transferring a group of expenses must have drilldown as backup Multiple attachments can be uploaded
Attach any supporting documents relevant to the journal
Line Item DescriptionThe line description should clearly explain each journal line item and should contain enough relevant
information for stakeholders to identify what the line item relates to
Max 30 Characters
Relevant Info
Action Code
It is up to the discretion of the relevant Finance
teams within each Faculty/Division as to the
application of naming conventions in the Line
Item Description, however Finance recommends
to use the naming convention given on the next
slide;
Example A:• COR 6441 to 6486
Example B:• TRF Salary S BATRA SSIS to
OP001
Action Codes & DescriptionCodes Descriptions
COR When correcting an error in the original transaction's chart-field
PCO When correcting payroll expenditure which has been posted to anincorrect chart-field
ICH When processing internal charges between Faculty’s/Division’sfollowing the supply of a product or service
INT To be used for interest distribution
REV To reverse an incorrectly posted journal
RAC To reverse an incorrectly posted accrual
TRF To transfer from one chart field to another
CAP When correcting capital expenditure
PRE When expensing the ‘used’ portion of a payment made in advance
ACC When accruing for the cost of goods or services which have beenincurred in one accounting period but not paid in that period
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Scenarios
Expense Account – Journal Entry to transfer from PS30614 to PS243211
Expense Account – Journal Entry to transfer from PS19433 to PS26329 (refer to scenario sheet)
Revenue Account – Journal Entry to transfer from PS19319 to PS19317 (refer to scenario sheet)
2
3
Expense Account Journal – Expense was coded to PS30614 which is incorrect project.
It should have been coded to PS26329.
Manual Journal Option A
Submit for Approval
Approve & Post Journal
ENTERER
MANAGEMENT ACCOUNTANT
App
rova
l Opt
ions
Enter journal with appropriate supporting documentation
attached
Manual Journal Option B
Notify Reviewer
Review and notify enterer
ENTERER
Enter journal with appropriate supporting documentation
attached
Submit for Approval
REVIEWER
ENTERER
Approve and Post Journal
MANAGEMENT ACCOUNTANT
Manual Journal Option A
Submit for Approval
Approve & Post Journal
ENTERER
MANAGEMENT ACCOUNTANT
App
rova
l Opt
ions
Enter journal with appropriate supporting documentation
attached
Manual Journal Option B
Notify Reviewer
Review and notify enterer
ENTERER
Enter journal with appropriate supporting documentation
attached
Submit for Approval
REVIEWER
ENTERER
Approve and Post Journal
MANAGEMENT ACCOUNTANT
Option B*: Journal Review
Either inform the enterer via notify button or send an email via outlook//
Journals with errors
Contact your Management Accountant
http://www.fin.unsw.edu.au/InformationCentre/WhoCanHelp.html#8
Deleting Journals
Journals cannot be deleted once posted to the Ledger. Create another journal to correct the error
Journal Entry and Approval
////
Journal Approver
1. Enter journal Long Description2. Add attachments3. Enter Journal Lines4. Select Approver5. Save Journal6. Edit Journal Process7. Notify or Submit for approval8. If Notifying reviewer then submit later
View Journal for Approval – Link in the email – Worklist – Journals/ Journal Entry/ Manage Journal Approver
Check accounting and Chartfields Review supporting documents Approve Journal Post Journal
Workflow will be sent to the ApproverJournal Enterer
Workflow will be sent to the Reviewer
Journal Reviewer Review Journal – Link in the email – Check accounting and Chartfields
Review supporting documents Once reviewed inform journal enterer via email or notify button
User Support & Training
• Finance Website – Traininghttps://www.fin.unsw.edu.au/NSF_KnowledgeBase/FKB_Training.html
• Training EnquiriesExt. 53550 / 57665, Email [email protected]