Processing ConfigurationJournal Configuration

Journal Types

A comprehensive guide to journal type configuration in Fynapse.

Overview

This article provides information about Journal Types you can configure in Fynapse.

Journal Types determine the behavior of a Journal within Fynapse. They have to be properly assigned to Posting Components on the Accounting Rules Navigator, to ensure correct processing within the Accounting Engine.

The following types of Journals are available in Fynapse:

  • Permanent
  • Reversing

Journal Types have to be configured prior to uploading any Business Events for processing in the Accounting Engine.

Permanent Journals

Permanent Journals are standard Journals that record a transaction and create DR and CR.

Reversing Journals

Reversing Journals are Journals that will be reversed on a specified date. Such a Journal consists of the original Journal posted on the Posting Date and its Reversal posted on a “reversing” date. The date on which a Reversal is posted can be configured individually per Journal Type.

Reversing Journal Date Types

The following types of reversing dates currently implemented in Fynapse:

  • Next day - in which the reversal is posted on the next day after the original journal
    • next day is calculated as Core Date of the original Journal +1 day
  • Next business day - in which the reversal is posted on the next business day after the original journal
    • business day is calculated based on the implemented Business Calendar
  • First day of next period - in which the reversal is posted on the first of the next period
    • first day of the next period is calculated based on the implemented Fiscal Calendar
  • First business day of next period - in which the reversal is posted on the first business day of the next period
    • business day is calculated based on the implemented Business Calendar
    • first business day of the period is calculated based on the implemented Fiscal Calendar
  • Last day of current period - in which the reversal is posted on the last day of the current period
    • last day of the current period is calculated based on the implemented Fiscal Calendar
  • Last business day of current period - in which the reversal is posted on the last business day of the current period
    • business day is calculated based on the implemented Business Calendar
    • last business day of the period is calculated based on the implemented Fiscal Calendar
  • Journal line field - in which you can select a field from Journal Line Definition to map as the Reversing Date Field

The Business and Fiscal Calendars which allow Fynapse to calculate the reversing date are configured in the Accounting Base. The Accounting Base is assigned to the Posting Component based on which Journal entries are created. For more details, refer to How to Configure a Reversing Journal for a Posting Component on the Accounting Rules Navigator screen?

Journal Types Screen

To go to the Journal Types screen, go to Configuration > Journal Types. The Journal Types screen comprises a grid with existing Journal Types, which can be filtered using the filtering options in the grid columns. On the screen, you can also create a new Journal Type.

To view the details of a Journal Type, left-click the Journal Type in the grid. A details section will open on the right-hand side of the grid. In the Details section, you can see the Code, Description, and Type of the Journal.

The Journal Type screen also has the Refresh button, available above the grid. It allows you to refresh the data on the screen and see if other users added a new Journal Type.

It is not possible to edit existing Journal Types.

Information about whether a Journal is reversing appears on the Journals Subledger screen. If a Journal Line is “reversing“, the Reverses column is populated with the Journal Line ID of a Journal Line being reversed.

Tutorials

  1. Go to Configuration > Journal Type.
  2. Click the Add button. An editing section will open on the right-hand side of the screen.
  3. Type a unique code of your Journal Type. This field is obligatory. 
  4. You can also type a short description. This field is optional.
  5. In the Settings section, select the type of your Journal. You can select:
    1. Permanent (selected by default)
    2. Reversing
  6. If you selected a Reversing type, you have to choose the Reversing Date from the drop-down:
    1. Next day
    2. Next business day
    3. First day of next period
    4. First business day of next period
    5. Last day of current period
    6. Last business day of current period
    7. Journal line field
  7. Click the Save button to save your Journal Type or the Cancel button to discard your configuration.

Prerequisite: You have to have data uploaded into the Accounting Engine.

  1. Go to Configuration > Accounting Rules Navigator.
  2. On the Accounting Rules Navigator screen, click the Edit button. The + button will appear next to the search box in the Business Event Type column.
  3. Expand the Posting Components section, click + to add a new Posting Component:
  4. Type a type and an optional description. 
  5. Select the Journal Type from the drop-down list. The available types are grouped into:
    1. Permanent
    2. Reversing

      The Journal Type Codes available in the two groups are the codes for Journal Types defined on the Journal Type screen.

  6. Select the Accounting Base from the list.

    The Accounting Base determines the Business and Fiscal Calendar used to calculate the reversing date.

  7. Click the Save button on the editing pane above the grid to save your Posting Component, or the Cancel button to discard your changes. You can also click the Delete button at the bottom of the editing box to discard the Posting Component, but remain in editing mode on the screen. Alternatively, you can change the Journal Type of an existing Posting Component or clone an existing Posting Component and change its configuration. For more details on editing and cloning Posting Components, refer to Working with the Accounting Rules.

Once a Posting Component with a Reversing Journal Type is created, it has to be incorporated into the Accounting Rules of the Accounting Engine by mapping it with a Business Event Type and creating a Posting Pattern for linking it with an Account Lookup Posting Code. For more details on how to incorporate a Posting Component into Accounting Rules, go to Working with the Accounting Rules.