Overview and Purpose of Journals
Users with journal entry rights can create and manage journals with unique IDs, allowing them to enter adjustments directly into debit and credit fields. When entering journals, users can select specific audit trail members, which determine whether the journal will undergo currency conversion, be included in consolidation, or be affected by other logic. Journals can be applied at the entity level or as top-line adjustments on consolidated balances, with entries made manually or uploaded from an Excel file. Users have full control over their journal entries, including the ability to save, post, un-post, lock, unlock, and delete them, ensuring accurate financial management across subsidiaries and their holding companies.
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Understanding Journal Entries in the Consolidation Extension for SAC
Users can create different types of journal entries to address various scenarios during the consolidation process. While the Consolidation Extension for SAP Analytics Cloud (SAC) automates most eliminations and adjustments, there are instances where manual one-time entries are necessary. Journals serve this purpose.
Journal entries may involve currency conversion if entered at the entity level in local currency, or they might be recorded directly in the reporting currency. Some entries are subject to consolidation rules when made at the entity level, while others function as top-line entries in group currency. The treatment of these entries during the consolidation process is determined by the selected audit trail members, which govern the rules applied to the values. Additionally, audit trail members dictate whether journals are carried forward to the next year’s opening balances or not.
Journal governance is crucial, linking roles and authorizations to ensure control over the process. The Consolidation Extension for SAC allows for the differentiation between users who can create journal entries and those who can post them, following approval. Furthermore, granular permissions can be set to determine who can edit, un-post, or unlock journals, ensuring proper oversight and security throughout the process.
Creating new Journal entries
Enter the description and select all the intersections you want to save the data records on from the dimensions dropdowns: version, currency, scope, audit, and date.
Provide a journal description and adjust the context using the dimension dropdowns.
Choose the version (actual, budget, plan, or forecast), select the currency (reporting or local), define the scope (impacting consolidation or standalone), determine the adjustment type under audit, and specify the date (year and month) for your journal.
Enter the description and select all the intersections you want to save the data records on from the dimensions dropdowns: version, currency, scope, audit, and date.
Click the plus sign to add a row, then fill in the cells either manually, using the member ID if known, or by selecting members from the dimension popups.
Mass data entry
Alternatively, you can conduct a mass upload of Journal entries from Excel.
Simply click the “Import” button, paste your Excel data into the provided input field, and then click “Import” to efficiently create all the journal entries at once.
Saving data
After the entries have been added to the journal, you can proceed clicking the “Save button” to temporarily store your journal entries without finalizing them. This action lets you review and adjust the entries before posting. It ensures your work is preserved and can be edited or reviewed later.
To check the entered values, which have been saved, you can click on the Report View Button. This will show you the debit, credit and saved values in the journal table.
Posting entries
By clicking “Post Entries,” the values are published to the consolidation model. This action updates the financial records by adjusting any existing amounts according to the new debit and credit values, based on the account types.
Locking Journal
Click “Lock” to secure your journal entry after it has been saved and posted, to prevent any further modifications. Only users with the Journal Manager role have the authority to lock a journal. This step is crucial for maintaining data integrity and preventing unauthorized changes.
Un-locking and un-posting Journal
The same users with Journal Manager role can unlock the Journal. This activity needs to be done if the journal should be unposted, edited and or deleted.
Entries that have been posted can now be unposted. The delta effect is recorded on the consolidation model, for each of the accounts in the journal.
Last, users can delete saved journals in full. This will remove all the entries from the journal table and delete the journal ID and all its properties from the journal table.
Finding a Journal
To open a previously created journal, click on the Find Journal button, a popup with all the available journals will appear, chose the desired journal and click View Select Journal.
To open a previously created journal, click on the Find Journal button, a popup with all the available journals will appear, choose the desired journal and click View Select Journal.
The journal with all the saved and published records on both the InsightCubes Journals Model and InsightCubes Cloud Consolidation Model reports are open.
To edit a journal, first click the “Edit Journal” button.
Data can be changed from in edit mode table view simple through selecting the data point updating the information and clicking the save entries button.
