Manual Journal Entries

Knowledge Center > Zuora RevPro > Manual Journal Entries

Manual Journal Entries

Business transactions are first recorded in a journal and then transferred to the book of accounts.  A manual journal entry that is recorded in a company's general journal will consist of the transaction date, the amount and accounts that will be debited. In RevPro, there are certain setups that have to be performed before making Journal Entry.

There are certain setups that have to be completed for the Manual Journal Entry in RevPro. Ensure that you make these necessary settings listed in this document. Profiles are created and associated with MJE to specify whether MJE is integrated with Oracle or not. When it is not integrated, then manual data with exchange rates have to be uploaded for performing MJE calculations.

During MJE upload, there is no functionality to derive Ex Rate based on the currency for non-Oracle Customers. For Oracle based integrated customers, there is a validation/derivation based on Exchange rate type such as Corporate/Daily Rate, and so on. 

When Customers do not have non-Oracle EBS as the upstream application, they can validate exchange rate with Oracle ERP and place the information in RevPro.

To support this, it is expected by the customer to populate the exchange rates into the RevPro standard table RPRO_EX_RATES with the minimum data points like RATE_TYPE, FROM_CURRENCY, TO_CURRENCY, START_DATE, END_DATE, and EX_RATE.

Set Profiles for MJE

In certain cases, grouping rules values can change on the existing SO lines when interfaced/uploaded as SO update. When the grouping column values are changed, the system treats this as a new line, which leads to creating a duplicate line with the same DOC_LINE_ID instead of updating the existing SO line. To overcome this issue and not to impact the overall performance if for any customer implementing RevPro and if it is anticipated that the grouping column values are changed as part of SO update, then system to check if the profile option is set to Yes, then it will perform scan across all the RC lines to identify the RC ID it is associated with.

To set a profile for the MJE, perform the following steps:

  1. Navigate to Setups > Application > Application Setups > Profiles.
  2. Select the Category as JE and all the JE related profiles are displayed.
  3. Select and right-click the Exchange Rate Validation related profile.
  4. Profile Name has the name of the profile.
  5. Profile Type can be Lookup or Checkbox.
  6. Lookup lists the type of the lookup.
  7. System Level Value can be one of the following values:
    • Oracle – Select if data from Oracle is integrated with RevPro.
    • Non Oracle - Select if RevPro is not integrated with RevPro. Data populated in RPRO_EX_RATES table will be considered for Exchange Rate Derivations. 
    • No Validation - Select this if you wish to bypass the validation check.

Set Up Accounting

At least one MJE approval rule are defined before performing Manual JE Upload. Accounting Segments displayed in the Standard/Waterfall Template will be based on the number of accounting segments enabled in the Accounting Setup.

In the Application Setups screen, you can enable the number of accounting segments.

  1. Navigate to Setups > Application > Application Setups > Accounting Setup.
  2. Select the Display check box to enable/add the accounting segments in the Manual JE Template.

Upload a Manual JE

To upload manual JE:

  1. Navigate to File Upload > Manual JE.
  2. In the Manual Journal Entries screen, click New JE.
  3. Enter a valid name for the Journal Entry and Description.
  4. Select Period Name, SOB Name from the list.
  5. Select Ex Rate Type. The different types of exchange rates are as follows:
    • User: Exchange Rate will be derived based on the uploaded file irrespective of Ex Rate Validation Profile Value.
    • Daily, Corporate, Period Average, Period End:

      • If Ex Rate Validation Profile Value is No Validation, the system will throw error on creating New JE.

      • If Ex Rate Validation Profile Value is Non Oracle, the system will derive the Ex Rate from RPRO EX RATE Table.

      • If Ex Rate Validation Profile Value is  Oracle, the system will derive the Ex Rate from GL DAILY RATE Table.

      Note: If Ex Rate Validation Profile Value is Non Oracle and Oracle, the exchange rate will be derived based on the Exchange Rate Date provided in the Uploaded File.

  6. Select the SOB Name from the drop-down list. The drop-down values for this field are populated from the Oracle App or ERP. Based on the SOB Name selection, SOB ID & Currency Code field is auto-populated.
  7. Select  MJE Type as Standard or Waterfall from the drop-down.
    • Standard – The Current Open Period or the Period Name provided while creating the new manual JE is considered as the period. In this template, Debit and Credit entries are placed as two different line entries. The Schedules are not ratable in this method.
    • Waterfall – You can give the Revenue Start Date and Revenue End Date and that duration is considered for schedules. In this template, single line entry is made for both the credit and debit entry.
  8. Select the Category Code.
  9. Reverse a JE in one of the following ways:
    • Select the Reversal Period for reversing a JE. The Reversal Period dropdown is enabled only when you select Standard as the MJE Type.
    • Ensure that the JEs are approved and the schedules are created before reversing them. This reversal can be done only for approved JEs from the Manual JE Schedules Screen.
      1. Select an existing Manual Journal, right-click and select JE Details.
      2. From the JE Details page, select the Manual JE Schedules pane.
      3. Select a Period Name and click Reverse MJE to reverse the schedules even after their creation. The reversal status of the JE is set as Approval Pending.
      4. If you have the privileges of an Approver, navigate to Approvals > Approval Details or request the Approver to approve the JE. Only after approval, reversal schedules are created. The reversal status of the JE changes to Approved.

      Note: The Steps 1-4 are not relevant for MJE approval. This can happen only after the MJE is created and file upload portion is completed.

  10. Click the + button to create the Manual Journal entry and click Save to save the details. The status of the Manual Journal is set as New.
  11. In the Manual Journal Entries screen, click Download Waterfall Template or Download JE Standard Template to download the relevant template based on the MJE type selected.
  12. Place the raw data in the template excel and save it.
  13. Select the newly added JE, right-click and select Upload.
  14. In the File Upload - <Template Name> screen, click Browse and select the name of the file in which you have placed the raw data.

    The newly uploaded file is listed in the Uploaded Files pane with the success message as Successfully Uploaded and the status of the Manual Journal changes to Validated. If the uploaded file is not valid, an error message appears. Resolve the error, validate the status, and select Submit approval. After the Approver approves the JE, status changes to Approved.

  15. In the Uploaded Files pane, the following details are displayed:
    • File Name – Name of the uploaded .csv file.
    • Created By – Name of the RevPro user who uploaded the template.
    • Creation Date – Date on which the file was uploaded in RevPro.
    • Download - Link to download the uploaded file is available.
    • Status – Successfully Uploaded status message appears if the upload is successful. Error appears if the upload is not successful.
    • Message – Count of the success or failures that occurred while uploading the file.
  16. Right-click the JE and select Submit Approval. The Status of the JE changes to Approval Pending.
  17. Select the Manual Journal, right-click and select JE Details.
  18. In the JE Details page, go to Approvals pane where the approver has to provide the approval. Now the status of the JE changes to Approved. On Successful approval,JE Status changes to Approved. If the approver/override approver rejects the JE batch status, status changes to Rejected. Override Approver can approve/reject all user approvals.
Last modified

Tags

Classifications

(not set)