New financial journals

Business value

Most organizations heavily use the financial journals, such as the general journal, vendor and customer payment journals, and vendor invoice journal. The wide use of these journals affects the efficiency of daily tasks, and especially at period end. This series of features aims to address the following challenges that users face when using the financial journals:

• Unacceptable performance for importing, validating, and posting large journals.
• No support for a true global or multicompany journal, which allows entry of vouchers for different legal entities within a single journal. This support is necessary to support how organizations work, which is by management of business units, regions, or cost centers rather than by legal entity.
• Transactions that you can't easily reverse due to limitations in the current design.
• Financial dimensions that don't default for the originating company when you enter an intercompany voucher on multiple lines.
• No ability to preview accounting entries before posting.
• Poor visibility into errors for each voucher.

Feature details

New general journal - The primary focus of this release is delivering a new general journal, built on a new journal framework, which is the base for all financial journals. We considered the strengths of the current journals while addressing the challenges finance users face. The new general journal has limited functionality, supporting the following features:

• Ledger accounts only.
• Significantly improve performance for the end-to-end process of importing, validating, and posting.
• Import and manual entry of vouchers for multiple companies within a single journal. For example, you can create a journal and enter transactions for two different companies within a single journal. This feature is limited to legal entities based on your security access.
• Move processing down to the voucher level. You can still initiate validation, approvals, and posting at the journal level, but processing happens at the voucher level.
• Introduce a 'Document type' that identifies the type of transaction you're entering. This type improves lifecycle control for each transaction type.
• Utilize Data Management Framework (DMF) for the new general journal for importing, with an improved interface for finance users from the journal UI.
• Add support for customer to the account types in the new general journal - The next phase of the new journal framework is to add support to enter the customer account type. To allow entry of a customer document, a new document type for customer will be added.
• Add support for tax calculations to the new general journal - This will add the necessary changes to the tax engine to calculate taxes on the new financial journals.
• Add support for intercompany transactions - This will add support for intercompany transactions and address the issue with financial dimensions not defaulting when a multiple-line voucher is entered.

In future releases, we will continue to add features to get to parity with the 'classic' general journal. Parity means we will get to match business processes, but how it's done may be different.

Geographic areas

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Language availability

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