This section summarizes the activities you can use in managing GL transactions.

A journal entry, or posting, is the basic transaction in the accounting system. Journal entries are often composed of multiple posting lines, each associated with a GL account and an amount.

Use the Journal Entry activities (25.13.1) to create, view, modify, delete, and reverse journal entries. See Journal Entry.

Additional GL Numbering lets you generate a secondary numbering sequence for GL transactions. This sequence number is an alternative reference number for use in countries where local GAAP constraints require that GL posting numbering be sequential, without any gaps. See Additional GL Numbering.

GL transactions can be verified and approved in order to prevent fraud.

You can use the functions on Status Transition Menu (25.3.12) in combination with the Verify and Approve activities in the Journal Entry function to define and implement a process to verify and approve transactions. See Verifying and Approving Transactions.

Each GL transaction is denominated in a transaction currency. Currency fluctuation means that transaction amounts can inflate or devalue, with respect to the base currency amounts or statutory currency, within the GL period in which they are posted. Revaluation enables you to identify the results from variances in exchange rates. See Revaluation.

Open items are unpaid and partly-settled invoices, both from customers and suppliers. You can resolve open items and balance the relevant accounts by posting journal entries, by closing invoices and reducing the open balance, or by posting payments. See Open Item Adjustment.

You can also reconcile the outstanding balance of a GL open item account with the underlying transaction detail using GL Open Item Reconciliation (25.15.2.13). See GL Open Item Reconciliation.

You can correct errors in GL transactions by reversing the transaction in the current or subsequent GL period. Recording a reversing transaction as a correction effectively mirrors the original transaction, which lets you net the transaction amount and balance the account. See Reversing Transactions.

If you plan to record the same journal entry on a regular basis, posting templates let you save the posting details for reuse. Templates are usually used with recurring entries, in which the template is posted at recurring intervals according to a predefined schedule. See Posting Templates.

The majority of GL transactions are similar in nature. For example, monthly or quarterly GL postings often use the same account, currency, and exchange rate types, and credit or debit the same amounts each time. You can use posting templates to save the structure of the journal entry for reuse. See Posting Templates.

Recurring transactions are set up to post according to a predefined schedule; for example, a direct debit payment for building rent or insurance. By creating a posting template for a predetermined number of GL periods, you automate these transactions. Recurring entries, as with all other GL transactions, can also be adjusted at any stage before posting. See Recurring Entry.

You can reverse a journal entry in two ways: manually or automatically.

See Recurring Entry.

Costs and revenues must be correctly sourced in the chart of accounts. Allocation is a method of breaking a single payment or cost down to its constituent parts, and identifying and distributing the correct amounts to each source component. You can create allocations as templates. See Running Allocations.

Unfinalized transactions are generally posted to daybooks in a transient layer for review or for simulation purposes. Mass layer transfer lets you move postings from the transient layer to the management or official layers. When transactions are moved to another layer, the overall account balances remain the same, but the balances are now stored in the layer to which you have moved them. See Mass Layer Transfer.

You can use a second transfer function, Mass Layer PC-Transfer Execute (25.13.12), to transfer batches of unfinalized periodic costing calculations from the transient layer to the management or official layers. See Mass Layer Transfer for Periodic Costing.

An intercompany transaction is a single GL transaction or journal entry that indicates trade with another entity in your organization. The transaction only updates the GL of the entity in which it is recorded, but contains an intercompany code within the GL transaction, as a reference to another entity. The GL transaction posts to one entity only.

Cross-company transactions reference each other across more than one entity, and the associated GL transaction posts to both entities. Both of these types of accounting are required to generate the account balances for multi-entity organizations. See Intercompany and Cross-Company Transactions.

You can also use Journal Entry Cross Co Excel Integration (25.13.1.10) to load cross-company journal entries defined in an Excel spreadsheet. See Journal Entry Excel Cross-Company Integration.

Mirror accounting links a set of source (balance sheet) accounts to a set of mirror (income statement) accounts. This function ensures that inventory transactions are reflected immediately in the income statement, as well as in the balance sheet.

When an inventory transaction is posted that updates the source accounts, the system generates a mirror posting that updates the mirror accounts simultaneously. A mirror transaction can optionally be split into two sub-transactions. You create source and mirror daybooks as part of the configuration task; and the split transactions can be posted to either the source or mirror daybooks. See Mirror Accounting.

Year-end financial statements are the most important reports generated by the organization. Generate year-end transactions once all GL periods, except the last period, are closed. GL transactions primarily affect the current fiscal year. You can create adjusting transactions in a separate correction period, and optionally, use a different daybook to help distinguish between audited and unaudited results.

See Year-End Transactions.

You can use Accounting Data Export (25.13.23.1) to export files of accounting data in standard format, including file types that are required by financial authorities in certain countries. See Exporting Accounting Data.

See Reviewing Posted Transactions.