4 Steps to Create Recurring Journal Entries in Sage Intacct
Organizations that enter the same journal entry on a regular basis can save time by automating the journal entry in Sage Intacct. Through the straightforward, four-step process detailed below, you can create a recurring entry for any type of book, including GAAP, tax, and user-defined books.
Recurring journal entries work the same as standard journal entries, except that the journal entry is repeated according to a schedule you set. You also have the option to set a reversing schedule for journal entries that are always reversed at a later time.
Step 1: Set the schedule for the journal entry
In the Schedules section, indicate when the first journal entry should be created, how often it should be repeated, and when it should expire.
- Journal entry start date: This is when the first journal entry should be created.
- Ending on: To keep the journal entry running perpetually, select “Never.” Otherwise, select a fixed number of transactions to be created or a specific date when the recurring journal entry should expire.
- Posting repeat by: To have the journal entry repeat at regular intervals, select Days, Weeks, Months, or Years, then type the number of intervals.
- Email: To send an email alert when a scheduled entry fails, in the Email field, type one or more email addresses. Separate multiple addresses with a comma or semicolon.
Step 2 (optional): Schedule an automatic reversal for the entry
If the recurring journal entry is always reversed, you can schedule the reversing entry.
- Select the option to “Automatically reverse this journal entry.”
- Select the type of reversing schedule you want to create, and then specify the schedule details.
You’ll see two scheduling options:
- Link reversing entry to original journal entry: This option lets you schedule the reversing entry for a certain number of days, weeks, months, or years after the original entry.
- Create independent reversal schedule: This option lets you create a reversing schedule that isn’t tied to the date of the original entry. If you select this option, you can use the same scheduling options that are available for the original journal entry.
Step 3: Add basic information about the journal entry
Go to General Ledger>Open Setup>Statistical Journals and click the Add button. If you need help, roll your cursor over “help” at the top right and click on “help on this page.” You’ll probably want to have different Statistical Journals for each type of Statistical Account.
- From the Book drop-down menu, choose the book for which you want to schedule a recurring entry. This can be your accrual book, or if you have GAAP, Tax, or a user-defined book, you can select that here.
- From the Journal drop-down menu, choose the journal for which you want to schedule a recurring entry.
- In Description, type a brief description of the recurring entry. The description is displayed on the Recurring Journal Entry list. A good description can help ensure proper use by other users.
- To add a reference number such as an account number, in Reference number, type a number. The system can sort and filter recurring entries by reference numbers.
- To permanently and safely store a digital version of a supporting document, in the drop-down next to Attachments, select an attachment, or click Add, then upload your attachment. The document is only linked to the first transaction created by the Recurring Journal Entry.
Step 4: Add the line items
In the Entries section, enter information for each line item:
- Click the Account field, and then click the account to which the entry should apply.
- In either Debit or Credit, type the amount of the transaction. A single line can have a value in only one of these fields. As you enter debits and credits, the journal entry keeps a running total in the Total fields. This is a quick reference to ensure a balanced entry. When you enter the next transaction on the next line, the system automatically enters the amount for the debit or credit from the previous line (or lines).
- If you use transaction allocations and want to set automatic distribution by line item, click the Allocation field, and then click the allocation that meets your needs. Or, set a custom distribution split for the line item:
- Next to the Allocation field, click the Redist icon to display the Allocation: Splits page. If you need another row, click Add rows.
- Enter the appropriate split Amounts, Departments, and Locations.
- Click Save.
- To assign the item to a department or location, click the Department or Location field, then click the appropriate department or location.
- To add a memo regarding the purpose or reason for the entry, in the Memo field, type a note.
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