Click to view/hide picture.General Journal processing is typically used to make adjusting journal entries and to post accruals. A single general journal entry can consist of as many debits and credits as needed to complete the transaction; however, the total credits must equal the total debits.
For example, a single general journal entry could consist of two line items, a debit and a credit; the debit and credit must be equal. Or, a single journal entry could consist of a single credit and several debits, as long as it balances (that is, the debits add up to equal the credit). Both of these examples are each just one general journal entry; the number of debits and credits in the entry does not matter.
To process general journals, go to Transactions menu > Journal Entries submenu > General Journals. The Select a General Journal Batch screen will display, where you can choose to either create a new batch or edit an existing batch. The General Journals data entry screen will appear.
Click to view/hide picture.
Click Add Record 
to enter
a new general journal, or search to find a general journal entry to modify.
After adding a new record, the Batch Code and Journal Ctrl # are assigned automatically. Specify the batch Apply Date, which is the date for these general journal entries to be recorded on the financial statements (see Transaction Dates for more information).
Additionally, specify the following fields:
Description Enter a description for the journal entry. The description is automatically placed into the Description field of each line entry. The description for each line entry can be changed if desired. The description you enter will appear in the Reference field in GL reports and inquiries.
Notes Enter any notes that you wish to associate with this record. Notes entered here can be displayed on General Journals Register and General Ledger Reports.
Auto-Reversing Check if this journal entry is Auto-Reversing. If checked, the entry is duplicated and reversed on a specified date in the future. The reversal date is controlled by the setup option G.J. Auto-Reversing Method, and is displayed in the Auto-Rev Date field. Auto-reversing is used to process accruals.
Note: You can override the reversal date if needed.
Inter-Company Check if this journal entry is Inter-Company. The posting of an inter-company journal entry automatically creates the due-to and due-from entries among the affected companies.
For each line item, specify information under the following columns:
Entity # If Inter-Company is not selected, accept the default of the company number you are logged into; only that company's books are affected. If Inter-Company is selected, enter the company number the entry applies to.
GL Acct #/Acct Description Enter the GL account number for the entry. The account description displays automatically.
Quick Tip: If the complete account number is unknown, enter as many digits as are known. Compeat will display the first account code(s) that matches the characters entered.
Description This field is automatically filled in with the description of the line item above it. You can change it if needed.
Debit/Credit Enter either a Debit or Credit amount. A value is not allowed in both fields.
Enter as many line items as necessary to complete the journal entry. Total debits must equal total credits. Compeat will not save a journal entry that does not balance. Compeat displays a running total of the total debits and total credits for each journal entry on the bottom of the screen (the total debits appears to the left of the total credits).
When you have entered all of the line item detail,
click Save 
.
You can now select any of the following buttons to continue processing general journal entries:
Add Record Starts a new general journal entry.
Delete Record Removes the displayed general journal.
Print Batch Prints a report showing the unposted general journal entries in either detail or summary.
Complete Indicates that a batch of general journal entries has been entered and is ready for posting. This is only required if security has been set up so that only some users have permission to post general journals. A user who does not have posting permission can enter a batch, then complete it without posting. Another user who has posting permission can subsequently post the completed batch. For more information, see Completing and Posting Journal Entries.
Post Posts a batch of general journals. For more information, see Completing and Posting Journal Entries.
Delete Batch Removes this entire batch of general journals.
Create from a Recurring Journal (Only available when recurring journals are defined for the current entity) Click this button to create a new journal from a recurring journal.
