IMOS - Journal Entry

This is a Key Topic, with high value for all users.

Journal Entries move money between accounts, so a Journal Entry includes a debit account and a credit account. The layout of the Journal Entry form is consistent with that of the Transaction Data Entry form.

Creating a Journal Entry

On the Financials menu …, under Transactions, click Journal Entries.
Add a line for the debit and a second line for the credit information.
On the Accounting View tab, complete at least the Comp, Vsl, and Acct for each line.
Make sure that debits equal credits; the Journal Entry must net out to zero.
On the Remarks tab, you can enter Invoice Details and Additional Remarks. On posting, the text is captured in the output invoice XML.
To save the transaction, on the toolbar, click Save and Post.

Ad Hoc Voyage Journals

Selecting the voyage number on the journal detail line item will apply it to the Voyage P&L, if the account code selected is a P&L account category (expense or revenue). To ensure that the Actual column is properly reflective of the line item amount, you will need to add a Business Rule with a source of XJOU and the code matching the one you select for the line item.

Requires CFGEnableAdhocVoyageJournals to be enabled.

Automatic Reversal

Journal Entries can be set to automatically reverse on a specified date. Select the Autoreverse check box and then complete the Reversal Date field. The date entered is used as the Accounting Date for the reversal.

A daily Scheduled Task must also be set in the Messaging Service. For more information, see Autoreversing Journal Entries in the Messaging Service Manual.

Deleting Journals

Journals can be rejected, but there is no option to delete them. To delete a journal, you must replace the existing journal that was run for a given period with a new one by recalculating Monthly Accruals and clicking Create Accrual Journals.

Failed to Update Bill Record - Error

To resolve this error from the Voyage view, navigate to the Journal Entry Module under Financials, search for the corresponding vessel/voyage, and Save/Post the entry.

Alerts in the Journal Entry Form

We recommend that IMOS admins configure alerts in collaboration with department heads

In the Data Center under Task & Alert Rule Set List, you can configure rules that generate alerts in the Journal Entry form (and/or the Transaction Data Entry form). With alerts you can:

Guide your users through the correct workflow
Prevent mistakes
Define required fields

You can nudge users with acknowledgeable warnings and really get their attention on important items using errors.

Name/Flag	Description

Name/Flag	Description
Create Ad Hoc Voyage journals that reflect in Voyage P&L CFGEnableAdhocVoyageJournals	When enabled, you can create ad hoc voyage journals that will be accounted for in the P&L Actual and Posted columns. These new journals will have a description of Ad Hoc Journal and replace the Non-Voyage Journal description used when the configuration flag is disabled.
Post Offhire CFGPostOffhire	When enabled, posts Off Hire and Off Hire bunker costs to journals when posting vessel cost or posting bunker cost (respectively) from the Voyage Manager.
Enable Save Only CFGActEnableSaveOnly	When enabled, a Save button is available on the Transaction Data Entry form. Using it creates a new invoice status V (these types of transactions should be numbered using the VVVV company code). A Reject button deletes these provisional invoices and also resets the bill items.
No Default Reversal Date CFGActNoDefaultReversalDate	For reversals, leaves the reversal date blank for entry, rather than defaulting to the current date.
Block Closed Voyage Invoice Reversal CFGBlockClosedVoyageInvoiceReversal	Prevents reversing an invoice that is linked to a closed voyage.
Use Company Lob Trade Area Hierarchy CFGUseCompanyLobTradeAreaHierarchy	Sets up a hierarchy between Company, LOB, and Trade Area on several forms.
Enable GL Validation CFGActEnableGLValidation	Have any selected Chart of Accounts check boxes (LOB, VES, VOY, PRT, DPT, I/C) be required fields for posting from the Transaction Data Entry form, where they appear as columns under Invoice Details.
Enable Accounting Date Warning CFGActEnableAccountingDateWarning	Displays a warning if a future date is entered into the Accounting Date field on the Transaction Data Entry and Journal Entry forms.
Journal FX Threshold CFGActJournalFXThreshold	When non-zero, Exchange Rate Difference line will be created for journals and invoices where the total amount is zero if the sum of line items in base currency is not equal to zero. If the absolute value of such a sum is greater than the value of this flag, the user will be prompted to create an Exchange Rate Difference line. In addition, when non-zero, the payment bank amount may differ from the sum of line items in bank currency.
Invoice Date Warning Months CFGInvoiceDateWarningMonths	Enables a warning message when an Invoice Date is too far in the future. To indicate how many months after the current date of saving or posting is acceptable, enter a number greater than 0. Invoice Dates outside this range will trigger a warning but still allow the user to save or post. To disable the warning, enter 0.
Accrue Demurrage Bad Debt CFGAccrueDemBadDebt	When this config flag is enabled and CFGVoyaccAccrualType is set to Ops, when Accrual Percentage of a Laytime Calculation is less than 100%, demurrage bad debt is accrued with a journal separate from demurrage. Its source code is MACR and bill code is DEMBADDEBT. This feature is applicable to both laytime.exe and laytime_c.exe.
Approvals Mask CFGActApprovalsMask	Bitflag: If accounting approvals are enabled, determines which are active. Possible values: 0 = None 1 = Payables only 2 = Receivables only 4 = Journals 64 = By company; adds an Approval Company node in Object Rights for each user. The default value is 7=1+2+4.
Bunker Cost Journal Approval Needed CFGActBunkerCostJournalApprovalNeeded	Specify how many approvals are needed for Bunker Cost Journals before posting: 0 = Voyage Bunker Cost (VBNK/ARDB/ATCB) Journals are automatically approved when they are created and need no approval to be ready to post. N > 0 and CFGActApprovalsMask enables the approval of journals: A VBNK/ARDB/ATCB Journal must be approved by N different users before being ready to post.
Enable Invoice Det Proration by Itinerary CFGEnableActInvDetProrationByItin	When enabled, turns on functionality in the system to allocate voyage related invoice detail amounts to related cargo itinerary line items, prorated by quantity. This includes a new Cargo Itinerary Allocation form, accessible from the Transaction Data Entry and Journal Entry forms.
Enable Edit TDE and Journal Accounts Entry CFGEnableEditTDEandJournalAccountsEntry	This flag provides two new security permissions: Edit Account on Transaction Data Entry and Edit Account on Journal Entry. These new permissions can be set to allow or deny users the ability to edit the accounts on the individual forms. This flag is independent of and supersedes the already existing CFGEnableModifyTDEAccounts flag.
Act Allow Intercompany Journals CFGActAllowIntercompanyJournals	Allows creating a journal that can balance the books automatically for internal companies. Criteria: Open period in Accounts Period needs to have intercompany account entered. The journal entry needs to be between two different companies (type "W").