How to manually generate Journal Entries in RevRec?

Scope

How to manually generate Journal Entries in RevRec?

Why I can't find create journal option on the accounting page?

Summary

Manually generating Journal Entries is not enabled by default, reach out to RevRec Support to enable it on your site. To enable this reach out to revrec-support@chargebee.com, once enabled click Accounting > Create Journals to start the journal entry process.

Solution

This feature provides you with more flexibility in terms of how you would like to handle the accounting close process: instead of generating journal entries and closing an accounting period in a single step, you can do them separately: you can generate the journal entries first, review and analyze the results, and be able to make data changes and rerun the journal entries if required, before closing the accounting period. The ability to review journal entries before closing an accounting period is useful when dealing with a more complex revenue accounting operation.

Note: Manually generate Journal Entries is not enabled by default, reach out to RevRec Support to enable it on your site.

1. Once this feature is turned on, you can click on the 'Accounting' tab on the left panel and click the 'Create Journals' button to start the journal entry process.

Please check that you have both Journal Accounts and Journal Account Mapping configured properly before generating journal entries

2. Revrec will prompt you to select the accounting period(s) for generating the journal entries. You can select either one accounting period or multiple accounting periods as long as they are still open and are not in the future.

3. Click on 'Create' to kick off the journal entry process, which can take a minute or two the completion. RevRec will delete any existing journal entries for the selected period(s) and regenerate the entries for the selected period(s).

4. Once it is completed, the user can then click on the 'Journal Entry Report' icon on the top left corner of the page, to review the journal entry results.

5. If there are any issues in the journal entries, you can use this time to take required corrective actions - for example, to update data or custom fields required for the journal account mapping, and then rerun the journal process. You can repeat this as many times as you need. Note, if input data has been updated, you will need to reprocess the dated data first, before regenerating journals.

6. Now that everything looks good, you can proceed to close the accounting period.

The accounting period still needs to be closed one period at a time

RevRec will check if there are journal entries in place for the accounting period and send you a friendly reminder if this is not the case.