Answers were Sorted based on User's Feedback what is the difference between journal entry and journal voucher.. Is This Answer Correct? More Accounting General Interview Questions. How to prepare in yearly turnover? Remember that Dec [D] in an expense line is a minus value, while Inc [I] in a liability line is a minus value.
Use the signed totals when computing the net payroll cash amount, even though all amounts recorded on the document remain unsigned. The following illustrates sample Payroll Voucher Amount computations.
Example 1. This is an example of the most common situation. All expense lines are I s and all liability lines are D s. The net payroll cash amount represents the total cash outlay reflected on the payroll voucher document and is computed as follows:. Example 2. This example illustrates a case where past deductions were too large. Example 3. This example illustrates a case where past deductions were too small. The net payroll cash amount is computed as follows:. Example 4. This example illustrates a case where personnel were overpaid and past deductions were too small.
Object codes used on the expense lines are personal service objects. Otherwise, the document is rejected. If your installation has an automated payroll disbursement system, it may be possible to write interface programs to transfer the data from that system into the MARS ledgers.
The resultant data can then be input directly to MARS through the offline mode of operation. This procedure eliminates user participation in the payroll expenditure process no documents have to be entered or data entered online for the expenditures and liabilities to be reflected in the financial system's General Ledger. Accounting Model and the Ledger. Payroll voucher lines are posted to the Current Detail General Ledger in the following manner:.
The amount posted is the line amount from the payroll voucher document. The following illustrates the accounting model for payroll voucher documents. The monthly table clearing process clears all lines on Document Control Inquiry DCTL associated with the accounting period being closed.
One line exists in Document Control Inquiry DCTL for each payroll voucher document accepted by the system, for all open accounting periods. Accounting Period is a key in the table. Therefore, you can use a scheme for assigning document numbers that reuses the same numbers, but in different accounting periods.
General Accounting - Special Features. Recurring Journal Voucher Masters. The recurring journal voucher master JVM capability of MARS automatically generates documents on a monthly, bimonthly, or quarterly beginning or end basis, using data that users previously entered in a window.
The information is entered only once, along with starting and ending dates and an indicator controlling how often the document should be generated. An offline program run by the computer operations personnel generates the documents and adds them to the Document Listing SUSF. Users then access the transactions, change them if desired, and process them. This facility is useful for processing specific month-end adjustments. During data entry, data is validated codes are validated against the entry Start Date and Fiscal Year , however, no validations are made against the budget tables.
A comprehensive validation of data entered occurs when the documents are added to the Document Listing SUSF and processed by the journal voucher document processor. The user may not know the exact line amount when the recurring information is being entered. If the amount is not entered, the system places the words fill-in the Credit Amount field to serve as a reminder that an amount is still required.
The valid values for the transactions are:. Your computer operations personnel runs the recurring journal voucher master offline program once a month.
See the System Administration Guide for a list of the parameters required by the programs. The generated documents have the following accounting periods:. The To-Date parameter determines whether particular entries in the table should be selected for document generation:.
The recurring journal voucher master documents are not batched. The Transaction IDs are composed of the following pieces:. Recurring Journal Vouchers Selection Examples. The following figure shows the relationship between the various dates in the selection process for recurring journal vouchers. However, when the ending date is after the current to-date but before the next run's to-date , the entry is not deleted immediately.
Thus, the entry would not be selected for two succeeding months. It is not selected again until the to-date is Automated Journal Voucher Reversal Process. Journal vouchers can be used to record documents that should be automatically reversed at a later date. To create journal voucher reversal documents, follow these guidelines:. The documents that you code are processed as usual.
Then offline programs create the reversal documents on or after the reversal date. The reversed documents look like the original documents, except:. At the end of every accounting year, the organization is required to make estimates for the expenses which will be relevant for the end part of the accounting period Accounting Period Accounting Period refers to the period in which all financial transactions are recorded and financial statements are prepared.
This might be quarterly, semi-annually, or annually, depending on the period for which you want to create the financial statements to be presented to investors so that they can track and compare the company's overall performance. Hence, provisions are needed to be made. However, the actual bill from the relevant parties if any is received in the next accounting period. The documentary evidence is not available. Thus, journal vouchers help serves the purpose.
As evidence, a working is prepared wherein the basis of amounts are provided. Journal vouchers are the inception of the recording of any non-cash transaction. These have a material impact on the profits or losses of an organization. Also, these transactions are ignored at the time of preparation of the cash flow statement Cash Flow Statement Statement of Cash flow is a statement in financial accounting which reports the details about the cash generated and the cash outflow of the company during a particular accounting period under consideration from the different activities i.
At this point no dollars are posted to GL. The whole reason for the Journal Voucher is to give some control to the process so the dollars which are posted are accurate. Think of it basically as a double check to make sure things are going correctly. If you encoded directly in Journal Entry, the entry is automatically posted in the General Ledger.
On the other hand, if you encoded in the Journal Voucher, which consists of one or more journal entries, the entries will not be posted to GL not unless the Journal Voucher is approved.
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