Journal Entries

Journal Entries have a direct impact on financial reporting. To access Journal Entries select the Financials menu then Journal Entries.

All financial transactions in Gravity will generate a posted journal entry once the original transactions are posted. Users have the ability to create manual transactions within or across entities that they have access to.



With Advanced Multi-Entity turned on, the entity can be selected for each transaction without having to close the form. See Advanced Multi-Entity

Use journal types to categorize journal entries for reporting purposes. Transactions from other modules automatically select a journal type such as AR for revenue transactions.

Select from the standard JE types or create new ones as needed. See GL Account Types

The entry date is the date the JE was created. The date defaults to the current date. Change the date if required.

The apply date is used to determine the accounting period the transaction applies to based on the company fiscal periods.

For example, an apply date of 4/19/2019 applies the transaction in the calendar period of April if calendar periods are selected in system set up.

With the applicable user permissions assigned, the user can apply transactions to past and future periods.

Use the calendar function to navigate and select the correct period and date.

Enter a transaction description to be displayed on reports.

Header level descriptions are automatically copied to each line item, and may be line edited if needed.

Enter a recurring key to identify the transaction recurring on a given cycle such as monthly.

Use the recurring field's drop down list to select the key required.

Recurring transactions are re-created in an unposted state so they can be edited before posting.

See Recurring Transactions

JE's can be set to automatically reverse on a future date. When the original entry is posted an unposted reversal entry is made with the apply date specified.

The reversal entry can be edited and posted.

When reverse entry is set to "yes" a reversing date is required. This is usually the following fiscal period, although any future period can be assigned. The reversing date becomes the apply date of the reversing JE.

Dimensions are used to define how transactions are categorized for unique reporting requirements.

Dimensions defined on the header are automatically copied to line items. Specify dimensions if most or all of the line items will have the same dimension codes.

See Dimensions

If using multi-currency you can select the functional currency that you want to use to create the Journal Entry. The functional Rate and Gravity Exchange rates will populate from the Currency Exchange Rate table based on the selected apply date. The rates can be overridden on the transaction before it is saved.

Use the JE screen's Grid (Distributions) section to complete the JE detail.

The entity code field only appears if multi-entity has been enabled. Select the entity code representing the entity the line is to be posted to. This will default to the entity you are working in.

Note that the account number selected is validated against the COA that is approved for the selected entity.

Use the account number field's look up function to select an account number. Select an account number from the list displayed. Click the add button to add the account to the screen.

Enter a part of an Account Number or Account Name for fast lookup and Gravity will show the top 5 matches as you type in the account box.

Enter a monetary amount as a debit or credit on the line item. Amounts entered cannot be negative.

Enter a source document alphanumeric reference. Note that the doc number is text only.

The line description defaults from the JE header description. It can be edited for each line item.

Dimensions are used to define how transactions are categorized for unique reporting requirements.

Header dimensions are automatically copied to the line items. Dimension rules will determine if dimensions are required or optional on each line item.

If enabled in the Entity configuration the source entity field will show the entity that created the transactions on posted Journal Lines. This field is for reference only.

This field lets you override the currency exchange rate when the line entity code is to an entity with a different home currency. See Multi Currency for more information.

Use the Activity and Notes tab to attach documents like PDFs and to enter detailed notes and activities related to the document. Multiple documents, notes and activities can be attached.