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Periodic journals are sometimes called recurring journals because the amount, text, and other information repeat each time that you post the journal. When you create the journal, you specify the period interval for the recurrence, such as days or months. You also specify the number of periods for which the journal posts.
To repeatedly retrieve and post transaction lines, use the Periodic journals page. For legal entities in Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, and Russia, the Periodic journals page is extended by the split for periods functionality. For more information, see Post periodic journals.
Example: Split for periods in periodic journals
An insurance company offers your organization a discount for prepaying the insurance policy for an entire year. The payment is posted to an asset account such as prepaid insurance. You then amortize your monthly insurance expense throughout the year by creating a periodic journal that contains a credit to the prepaid insurance account and a debit to an insurance expense account. In this case, you can use the split for periods functionality. Select the Split for periods button on the Action Pane on the Periodic journal lines page, and then specify the following fields.
| Field | Description |
|---|---|
| Start date | Select the date for the first periodic journal line. |
| Number of periods | Enter the number of periods across which to split the journal line. This value determines how many new transactions are generated. The transaction amount is distributed evenly among the new transactions. |
| Unit | Select the unit of measure for the period. |
| Period interval | Determine an interval between posting periods. |
To generate quarterly postings, enter 4 in the Number of periods field, select Months in the Unit field, and enter 3 in the Period interval field. The system generates four journal lines, each for one fourth of the journal line amount that you entered, at 3-month intervals. Similar functionality is also available for the general journal. When viewing general journal lines, select Period journal > Save journal.