GL - What are different types of Journal entries?

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What are different types of Journal entries?

Total Answers and Comments: 6

Last Update: January 28, 2008

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Submitted by: tgs100

There are 4 types of journal entries.

1. Basic Journal Entry - Used for most of the accounting transactions

2. Reversing JE - Created by reversing the existing journal entry

3. Recurring JE - Defined once and then generated for subsequent

accounting period

4. Mass Allocation - Created to allocate the revenues and assets to a

group of resources(cost centers, depts, divisions,etc) from a single

Journal.

Above answer was rated as good by the following members:
madivalappa

July 21, 2005 08:51:06

mahathma bachu

RE: What are different types of Journal entries?

These are Standard Recurring Reversal Stastical Formula Budjet encumbarance Tax Journal

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September 27, 2005 08:33:01

a.s.reddy

RE: What are different types of Journal entries?

Actual Budget Encumbrance Suspense Tax Reverse Statistical Recurring.

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December 12, 2005 05:29:16

tgs100

Member Since: December 2005 Contribution: 12

RE: What are different types of Journal entries?

There are 4 types of journal entries.

1. Basic Journal Entry - Used for most of the accounting transactions

2. Reversing JE - Created by reversing the existing journal entry

3. Recurring JE - Defined once and then generated for subsequent

accounting period

4. Mass Allocation - Created to allocate the revenues and assets to a

group of resources(cost centers depts divisions etc) from a single

Journal.

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1 0

Overall Rating: +1

May 06, 2007 06:59:16

chvgupta2001

Member Since: May 2007 Contribution: 4

RE: What are different types of Journal entries?

There are 5 types of jouranl entries

1. Manual Journal

2. Recurring Journal

3. Allocation Journal

4. Budget Journal and

5. Imported Journals from other sub ledgers.

Regards

Gupta

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October 10, 2007 05:35:12

sathishkumar

RE: What are different types of Journal entries?

There 3 types of journal available in Gl

1.Suspense journals

2.Tax Journals:a)Input tax b)output Tax

3.Recurring journals

a)skeleton b)Standard c)Formula

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January 27, 2008 09:28:19

kinj84

Member Since: January 2008 Contribution: 6

RE: What are different types of Journal entries?

There are total of five types of journal entries

1) manual journal - Are the journals entered int he system when noother subsystem exists to create the journals. Basically a manual way of going into the general ledger responsibility and creating a journal via data entry.

2) recurring journal - are the journals that occur periodically.

For ex)
- a journal entry that has to be created for rent expense every month
- a journal entry that has to be created for fixed interest expense paid to the bank every month on the bank loan

3) allocation journal - are the journals that allocate or distribute cost pools to various accounts based on usage rations. For example) mass allocation journals for a company's rent expense would allocate rent expense across company's departments based on the square foot usage by that department.

4) budget journal - are journals created in budgets portion of journal ledger. these entries basically insert or update budget data.

5) imported journal - these are the journals that have been imported into the oracle general ledger from oracle receivables or oracle payables etc.

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