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Journal Entries

by Gary Byrne

September 22, 2011

It’s late September, and in the lyrics to Rod Stewart's "Maggie May," "I really should be back at school." However, for finance managers, the time for completing month-end and quarterly financial reports has arrived. One task that companies do during this period is posting journal entries to adjust or recategorize their financial transactions. In the Financials Expert article titled “An Introduction to Posting Journal Entries in SAP BusinessObjects Planning and Consolidation,” Ryan Leask, senior director, BPC Solution Management, Enterprise Performance Management, SAP BusinessObjects, and Prakash Darji, director, BPC Solution Management, Enterprise Performance Management, SAP BusinessObjects, explain how SAP BusinessObjects Planning and Consolidation enables you to post, unpost, and track journal entries in planning applications.

Journal entries, according to the article “allow business users to carefully track changes to their financial data. Typically, journal entries are used on actual data because any adjustments are ... done to recategorize financial information. However, it would also be possible to use journals on plan data to make late adjustments to a financial plan.”

One stage of using SAP BusinessObjects Planning and Consolidation for journal entries that the authors describe is setting up a template. The authors outline how to use the journal wizard to complete five necessary steps to cre ate a template. The authors provided the following tip with regard to template creation with the journal wizard:

“If you have an existing journal template, you should be cautious before using the journal wizard. If you make any structural changes to the template (i.e., you change any header or detail dimensions), then your existing journal template is deleted and replaced with the new definition. Doing so deletes your existing journal audit trails, but any changes made to your data are kept. If you do not make any structural changes, then you can keep the existing journal entries if you want.”

Of course, you’ll need to follow the article’s section that explains how to use the template to create journal entries in SAP BusinessObjects Planning and Consolidation for Excel and the tips on journal security; however, I wanted to cite the authors’ caveat about using the journal wizard to make structural changes to existing templates.

Maybe this tip will help you avoid inadvertently deleting a journal audit trail.
To paraphrase Rod Stewart, that's a pain you could do without.

Do you have your own questions about SAP BusinessObjects Planning and Consolidation? Join Scott Cairncross on Tuesday, September 27, from 1 to 2 p.m. in the Financials Forum for a Q&A on the entire EPM suite, including SAP BusinessObjects Planning and Consolidation 10.0. Register today for more details.

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