Company Journals

Company journals make it possible to connect journals in local currency or in group currency with values already reported for a specific company.

You can use this option when you need to make journals in specific companies, for example, to comply with US GAAP or to make a revaluation comply with tax regulations.

You can create company journals as separate journal entries. Each company journal has a unique journal number, and is saved with a copy rule, which determines how the company journal is processed in other contexts, e.g. when you copy company journals. Company Journals can be created from several menus:

  • Company/Data Entry - Reported Values - where you enter the company journals directly in adjustment columns.
  • Company/Data Entry - Company Journals - where you enter the company journals as standard journal entries.
  • Company/Copy/Company Journals between Periods or Company/Copy/Company Journals between Companies where you copy company journals.
  • Transfer/External Data/Import General Ledger Journals

Journal Types and Closing Versions must be defined in Maintain/Configuration/Define/Closing Versions/Journal Types.

For more information, see Define Journal Types and,Define Closing Versions.

Ways to Create Company Journals

  • Company journals are created in the local currency, group currency or any other currency. You can create them by:
  • Manual entry
  • Copying from earlier periods
  • Copying from another company
  • Import
Note: You can only enter company journals on companies defined as subsidiaries in the company structure. You should use group journals for groups and legal units.

For more information, see Group Journals.

Reconciliation Codes Between Statistical and Main Accounts

If you are working with main accounts and statistical accounts, which are defined with codes for reconciliation between accounts, that is, they have cross checks between them, it is important that you consider updating both types of account. If this is not done, there may be reconciliation errors between these accounts. Statistical accounts can often appear in a sub-form (for example Analysis of Reserves) and main accounts in a main form (for example Balance Sheet).

Journal Update According to Reconciliation Between Accounts

The Journal Update According to Reconciliation Between Accounts function updates the main account automatically when you have created company journals against statistical accounts. You enable this function in the general configuration using the General 3 tab. It requires the statistical account to be defined with reconciliation codes against the main account. When you create company journals against the statistical account, the main account is then automatically updated when you save the journal entry.

Note: You must also enter an offset account for automatic updating, so that the journal entry balances. Otherwise, it will not be possible to save.

Company journals, which are created against statistical accounts (types R, S, T and U) with reconciliation rules, will automatically update accounts on the profit and loss and balance sheet (types A, L, E, I and C). The update will appear directly in the journal entry when you save the journal entry. In order for you to carry out the update, you have to create the company journal against the statistical account containing the reconciliation code. If you create a company journal against the account referenced by the reconciliation rule, the statistical account will not be updated.