Viewing and Creating Journal Entries

Summary

Journal entries are used to move existing transactions between accounts in the General Ledger. Some financial users have the ability to view and create their own journal entries in IC Finance Cloud. This article contains instructions on how to look up and create journal entries.

Audience

This article is intended for all faculty and staff.

Platform

IC Finance Cloud

Contents

• Looking Up Journal Entries
• Creating a Manual Journal Entry
• Creating a Journal Entry from a Spreadsheet

Looking Up Journal Entries

Users can search or browse in the Journals app to resume work on an incomplete journal or view details on a completed journal.

To look up journal entries:

Fig. 1 IC Finance Cloud home page, General Accounting tab near top of screen, Journals app in middle of screen under Apps

1. On the IC Finance Cloud home page, click the General Accounting tab, then click the Journals app.

2. On the right hand side of the Journals screen, click the Tasks button, then click Manage Journals.

3. Type search criteria into at least one of the search fields. Searching by "Starts With" and typing your initials in the field for Journal Batch should pull up all of your journals.

4. Click Search. Journals matching your search criteria will be listed below.

5. Click the link under Journal or Journal Batch to open and view details on a journal.

Creating a Manual Journal Entry

There are two methods that can be used to create journal entries. The manual method, covered in this section, is used to create a journal entry entirely within IC Finance Cloud. This method is more commonly used than the alternative method of uploading a journal via spreadsheet, which is covered in the next section.

To create a manual journal entry :

1. On the IC Finance Cloud home page, click the General Accounting tab, then click the Journals app.

2. On the right hand side of the Journals screen, click the Tasks button, then click Create Journal.

3. On the Create Journal screen, the Accounting Period field will default to the current month. Click the dropdown list to select a different month if needed.

4. Click the icon next to Attachments to add supporting documentation. Examples of attachments might include an email chain giving authorization for the journal entry or a report showing the underlying transaction(s) to be adjusted. Click the Browse button to select a file from your computer, type a Description and update the Title of the attachment if necessary. Click the button to add more attachments if needed, and Click OK when finished.

5. Type your initials and today's date, separated by a space, in the Journal field (e.g. "XYZ 12/31/2020")

6. Type the reason for your journal entry in the Description field.

7. The Accounting Date will default based on the selected Accounting Period. Click the calendar icon to update if necessary.

8. Click the Category field and make the appropriate selection from the dropdown list. "Chargebacks" should be used for any journal using 9000 series subcodes. Use "Adjustment" for all other journal entries.

9. Under Journal Lines, on the first line, type or click to enter the first account number to be used under Account, type the appropriate dollar amount under Credit or Debit, and type descriptive details to be displayed in the transaction history of the affected account under Description.

10. Click on the second line and enter an Account number, Credit or Debit amount, and a Description for the second account to be used. If needed, click the icon to add more accounts and enter an account, amount, and description for each additional account. The totals at the bottom of the Credit and Debit columns must match before you proceed.

11. Scroll back to the top of the screen and click the Save button. Click Batch Actions, and click Reserve Funds. If funds reservation fails, you can click the "Failed" hyperlink next to Funds Status to see more details. Funds Status must show as "Reserved" before proceeding.

12. Click Batch Actions and click Request Approval to submit your journal entry to be reviewed by Financial Services.

Creating a Journal Entry from a Spreadsheet

Journal entries can be created using an Excel add-in which allows users to upload journals via spreadsheet. This method is often used when creating journals that affect a large number of accounts.

Before using this method for the first time, you must install the Excel add-in on your computer. This is a one-time setup. Skip ahead if you have already completed this installation.

To create a journal entry using an Excel spreadsheet:

1. On the IC Finance Cloud home page, click the General Accounting tab, then click the Journals app.

2. On the right hand side of the Journals screen, click the Tasks button, then click Create Journal in Spreadsheet.

3. Your browser should now download an Excel file. Open the file when prompted.

4. Click Yes when asked if you want to connect. If prompted, log in using your NetPass credentials. If you are uploading via spreadsheet for the first time, click Install if prompted to complete installation of the Excel add-in.

5. In Excel, click Enable Editing at the top of the window if prompted. At the top of the Excel window, click Review, then click the Unprotect Sheet button.

6. Click in the field to the right of Journal, type your initials and today's date, separated by a space, and press Enter.

7. Type the reason for your journal entry in the field to the right of Description and press Enter.

8. Click in the field to the right of Ledger, click on the dropdown arrow, and click to select "Ithaca College" from the dropdown list.

9. Click on the field to the right of Accounting Date, type the effective date of your journal entry (usually today's date) in mm/dd/yyyy format, and press Enter.

10. Click on the field to the right of Category, type "Chargebacks" or "Adjustment", and press Enter. "Chargebacks" should be used for any journal using 9000 series subcodes. Use "Adjustment" for all other journal entries.

11. Use the table in the lower part of the spreadsheet to enter the lines of your journal. For each account in your journal, type the account number one segment at a time in the corresponding columns. Under Currency, click the dropdown menu to select or type "USD". Type the debit or credit amount for the account under Entered Debit or Entered Credit. Type descriptive details to be displayed in the transaction history of the affected account under Line Description. Add more rows to table if needed to accommodate more account lines.

12. At the top of the Excel window, click Create Journal, then click the Submit button.

13. In the box that appears, click to select “Submit Journal Import and Posting” for Submission Option, click to select “Yes with validation” for Import Descriptive Flexfields, and click the Submit button in the bottom right corner. A confirmation message will appear if the journal is uploaded successfully.

14. Return to IC Finance Cloud to open the journal. Click the Ithaca College Logo or icon to return to the home page. Click the General Accounting tab, and click the Journals app. Click Incomplete, and the new journal should be in the list that appears, though you may need to wait 5 to 10 minutes from the time it is submitted in Excel for it to appear here. Click the hyperlink for your journal to open it.

15. Click Batch Actions, then click Reserve Funds. If funds reservation fails, you can click the "Failed" hyperlink next to Funds Status to see more details. Funds Status must show as "Reserved" before proceeding.

16. Click Batch Actions and click Request Approval to submit your journal entry to be reviewed by Financial Services.