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.

Business Unit: UNSWAJournal ID: NEXTDate: Current Date

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

////

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.

 

 

Header Entry- Scenario 1

Line Entry

Personalise Screen

Line Entry

Select Approver and Save the Journal

Save

Edit Journal Process

Journal and Budget Status

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 A*: Submit for Approval

Pending Approval

///

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*: Send for Review

* Refer to slide 5 for more information on Options

Option B*: Send for Review

Option B*: Workflow to Reviewer

Option B*: Journal Review

Either inform the enterer via notify button or send an email via outlook//

Journal Approval

Menu for Approvers

Journal Approval

Post Journal

Approver to Post ///

Journals with errors

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

Copying Journals

Template List

Change Values

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

Who Can Help?

For any Accounting Assistance contactyour Management Accountant or FinanceManager

User Support & Training

• Finance Website – Traininghttps://www.fin.unsw.edu.au/NSF_KnowledgeBase/FKB_Training.html

• Training EnquiriesExt. 53550 / 57665, Email fti@unsw.edu.au