When to Copy a Journal

Before answering the question of when to copy a journal, let us review the two types of copy processes.  The first copy process is to take an existing journal and create an exact copy of those journal lines but assign a different journal ID and/or different journal date.  The second copy process takes an existing journal and copies the lines with a different journal ID and/or different journal date, but it also reverses the signs of the dollar amounts.  The effect of the second copy process is to reverse an existing journal.

Use the Copy Journal function:

1. When you need to make similar entries in the current, or in a future accounting period, with few or no changes to the journal line detail.  Simply follow the procedures to copy an existing journal and assign a new journal ID and/or new journal date.  If you need to make similar entries on a long-term basis, consider using the PeopleSoft recurring or template journal options.
2. When a journal entered into the general ledger for the current month does not post prior to the month-end closing.  If journal errors occur and are not corrected to allow the journal to post before closing, you will need to copy this journal and assign a journal date that falls into the next month.  In addition, you must delete the original journal.  See the instructions for deleting a journal if you are not familiar with this process.
3. If a journal generated by a feeder system interface is created with a journal date that falls within a prior month that is closed.  For example, during the month of December, 1999 the GAMBIT gift interface is run.  One of the gift batches produces a journal with a date of September, 1999.  September is closed, therefore, this journal must be copied and given a new journal date that falls within December.  The September journal must then be deleted from the general ledger.

1. When a journal has been posted by mistake.  If all the lines of a posted journal are found to be entered by mistake, then create a copy of the posted journal, assign a new journal ID and/or new journal date, and set the dollar signs to reverse.  An example would be if a journal was submitted and posted that charged incorrect cost centers and/or account codes.  Copy this journal with the reversal to eliminate the error, and submit a new journal with the correct lines.  Another example would be a journal that was posted in June that should not have been posted until July.  Copy the journal with reversal, and assign a date that falls within June to eliminate this error.  Use the regular copy function (without reversal) to create the correct July journal, or submit a new journal for July.
2. To create a journal to reverse the accrual of a revenue or expense.  On a monthly basis, or at the fiscal year-end, entries are often posted to accrue for revenue earned but not yet received or to accrue an expense that has been incurred but not yet paid.  In the month following an accrual, a journal must be posted to reverse the accrual entry.  Accrual entries from a feeder interface system are usually reversed automatically by that system.  Accrual journals submitted through general accounting or loaded through excel with a reference code of "MC" will reverse automatically.  A user entering a journal in PeopleSoft directly may elect the creation of a reversal at the time of entry.  But if an accrual entry is entered without a reversal created, then use this function to create a reversal journal.

How to Copy a Journal

In PeopleTools, follow the navigation below to begin the copy process.

Navigation
        From the PeopleTools Start select   Process Financial Information > Process Journals
        From Process Journals select   Process > Copy Journal > Update/Display*

*The first time you use the Copy Journal function select Add rather than Update/Display.  Enter a run control name for this function such as COPY_JOURNAL.  From that point forward select Update/Display, enter your run control name, and select OK; or select OK and find your run control in the list.

The Copy Journal panel shown below will appear.

In the Copy Journal Section of the panel (left side):

• Enter UNIV for the business unit if it does not default
• Enter the journal ID that you wish to copy (note: although a dropdown list is available, your processing will be quicker if you type the journal ID rather than select it from the list)
• Enter the journal date for the journal that you want to copy, or select it from the dropdown list (note: the dropdown list works well for the journal date selection).

• Enter a journal ID as desired or type 'NEXT' to have the system assign a journal ID (note: it is often a helpful reference to use the same journal ID number and change only the journal date.  You may also modify the journal ID slightly if you want to keep the journal date the same)
• Enter the desired journal date
• Enter the currency effective date - same as the journal date
• DO NOT check the reverse signs box.

• Click on the traffic light to run the process 
• Select Client for run location
• Select desired output destination: printer
• File/printer: lpt1 (a report should be sent to your local printer.)
• Select OK to initiate the process
• Once the job is initiated, the Copy journal panel will return.  Note in the bottom left corner of the panel the process instance number assigned to this job.

Checking the process status

Once the process is kicked off , you can open the Process Monitor to check the status of the copy process (Start > PeopleTools > Process Monitor). The status may be initiated, processing, error, or success.

• If a status of ‘success’ is received, the process has ended successfully. Check your local printer for the report output. See sample Report Output.  The copied journal should be available within the journal lines panels for review.

How to Copy a Journal with Reversal

The steps for copying a journal with reversal are the same as the copy journal procedure with one exception.  Prior to running the copy job, you will check the box to reverse the signs.  Debits and credits in PeopleSoft are determined by the sign of the dollar amount.  A debit is always a positive amount and a credit is always a negative amount.  Therefore, reversing the signs will reverse the effect of the original journal that was posted.

Navigation
        Start > Process Financial Information > Process Journals
        Process > Copy Journal > Update/Display*

*The first time you use the Copy Journal function select Add rather than Update/Display.  Enter a run control name for this function such as COPY_JOURNAL.  From that point forward select Update/Display, enter your run control name, and select OK; or select OK and find your run control in the list.

In the Copy Journal Section of the panel (left hand side):

• Enter UNIV for the business unit if it does not default
• Enter the journal ID that you wish to copy (note: although a dropdown list is available your processing will be quicker if you type the journal ID in rather than select it from the list)
• Enter the journal date for the journal that you want to copy, or select it from the dropdown list (note: the dropdown list works well for the journal date selection).

• Enter a journal ID as desired or type "NEXT" to have the system assign a journal ID (note: it is often a helpful reference to use the same journal ID number and change only the journal date.  You may also modify the journal ID slightly if you want to keep the journal date the same)
• Enter the desired journal date
• Enter the currency effective date - same as the journal date
• CHECK the reverse signs box.

• Click on the traffic light to run the process 
• Select Client for run location
• Select desired output destination: printer
• File/printer: lpt1 (a report should be sent to your local printer.)
• Select OK to initiate the process.

• Once the process is initiated, the Copy Journal panel reappears with a process instance number in the bottom left corner.  Note the process instance number
• Open the process monitor (Start > PeopleTools > Process Monitor)
• Locate the process instance number from the copy job
• Review the status of the job*.

Copy Journal Report Output (Sample)

The copy journal process produces a report that is sent to your local printer.  A sample of this report appears below.

The Report Output identifies the journal ID used as the basis for the copy, the new journal ID and date, the currency date, and whether the signs were reversed (Y for yes, N for no).  The report also notes that the process completed successfully.  The new journal should be available for review within the journal lines panels (Process Journals > Use > Journal Lines > Update/Display).

© Copyright 1999, Georgetown University