How do I set up Journals in General Ledger?

Journal numbers are used on General Ledger entries to classify and group the entries for auditing and reporting purposes.

In General Ledger from the Setup menu, select Journals.
Enter a Journal number (must be numeric and up to 2 digits).
Enter a Title (up to 30 characters).
Enter an Abbreviation (up to 4 characters) that you wish to see on the Ledger reports.
Mark the Increment Reference 1 box if you want to have the Reference 1 field increment by one each time an entry is created.
Mark the Offsetting entries journal box to define this journal as an offsetting entries journal. When you create entries using an offsetting entries journal, General Ledger automatically generates offsetting entries between prefixes. This item is only available if the Offsetting Entries box is marked in GL Settings, Processing Options.
Select the Journal Type desired:
- Standard Journal: Use for all entries except recurring or auto reversing entries.
- Recurring Journal: Use for entries that have identical information for each accounting period. For example, prepaid insurance expense or depreciation.
- Auto Reversing Journals: Use for entering expenses that need to be entered temporarily and then reversed out. For example, certain accrued expenses can be entered before financial statements are printed to give a more accurate picture of net income/loss. Those expenses can then be reversed out when the actual expenses are entered so there will not be a duplication.
  - Auto Reversing (reverse entry) reverses a debit by creating a negative debit.
  - Auto Reversing (opposite entry) reverses a debit by creating a credit.
Click Save.
Repeat steps 2 through 8 for any additional journal codes you need to create.
Enter the journal codes in the various application settings as desired or as required. For example, AP Settings, GL Entry Settings or CM Settings, GL Information tab, etc.

TIP: You can copy Journal codes from another data folder. Refer to article ID 76829 "How do I copy the General Ledger Journal codes from one company folder to another?"