What is a Recurring Journal Entry?

A recurring journal is a journal entry recorded periodically. The amount in the journal can be identical or varied depending on the requirement. For e.g. a payroll entry calculated for work done on hourly basis will have variable amount but identical accounts. Similarly a monthly rental expense can be an example of a fixed amount recurring entries.

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How to setup recurring journal in X3?

Let’s take an example for creation of recurring journals aimed at monthly rental expenses. Primarily, we need to setup the recurring journals but prior to this a template journal should be created which would act as the reference document during journal creation.
When a recurring journal is generated it will be an exact replica of the template journal using the same Entry Transaction, the site, account postings and analytical postings. We have a template journal setup for this example where the accounts used are the rent expense and the Bank account (refer screenshot below)
Specify the start date, end date and periodicity according to the necessity and save the data. Make sure that you mark Task code as Active.

This brings us to the end of the first part of ‘Guide to X3 recurring journals’. Hope this blog was helpful. Our next blog will explain about the how to generate the recurring journals in X3.

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