Use Recurrence feature for Journal Entries

The ability to copy quickly and easily is a hallmark of the digital age. It allows you to eliminate administrative work to the point of what you can replicate from one item to the next. Thankfully, Workamajig embraces this concept, and has features that allow you to copy and recur many items throughout the software.

Using Recurring journal entries is a great practice for efficiency and data entry accuracy. I first began using the recur feature (those were the only transactions you could recur at that time) for two reasons. First, it allowed the me to make copies of my recurring transaction, and keep them together (under the ‘Recurrence’ tab. Second, it served as my reminder to perform those transactions in the first place.

The ability to copy and link together my payroll transactions was huge. Payroll can have many line items, and it’s simply not efficient to enter the same information period to period when you can simply update from the recurring entry. Workamajig will take this a step further by allowing you to update any number of the grouped, recurring entries using the current entry as the template.

So, in the case of payroll if you hire or fire someone, your list of recurring payroll entries is not lost. Just adjust your current entry, and update all subsequent entries using that same entry. NOTE: in my former life, I kept separate, recurring payroll entries. So, in a bi-monthly pay cycle there would be one set of payroll recurring entries for the 15th of the month and one set for the end of the month.

This feature also helped remind me of monthly accounting entries that I needed to make to close out the period. For my company, I only had two entries of this kind, which were Depreciation and Prepaid Expense Accruals. If you create/recurr journal entries for these transactions, leave the recurring transactions un-posted. This way when you run your posting reports, the transactions will appear, reminding you to make any adjusts that are needed for the accounting period (if needed).

Please feel free to comment on this topic or send any topic suggestions my way. Your interaction with this blog is what transforms it into a conversation. In the Workamajig consultant world, there is plenty to talk about!

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