Creating a Journal Entry Using SpeedTypes
Purpose: Use this document as a reference for creating a journal entry using the Speed Type functionality in ctcLink.
Audience: Finance or Business Office Staff.
You must have at least one of these local college managed security roles:
- ZZ GL Journal Entry
You must also set these User Preference Definitions:
If you need assistance with the above security roles or User Preference Definitions, please contact your local college supervisor or IT Admin to request role access.
A Speed Type is another word for a valid ChartString filled with valid Chartfield values. In the HCM pillar, there's Combo Codes that hold payroll data. In the CS pillar, there's Item Types that hold student-related tuition and fees. In Finance, there's Billing Charge Codes and AR Speed Types. All these different terms really say the same thing: the ChartString. These are the values are what hold the financial part of our pillars together. In Finance, setting up Billing Charge Codes and AR Speed Types can reduce errors and expedite processes by auto-filling pre-approved ChartStrings.
Please see QRG Creating AR Speed Types for assistance with creation and setup.
Create a Journal Entry Using SpeedTypes
Navigation: General Ledger > Journals > Journal Entry > Create/Update Journal Entries
- Select the Add a New Value tab to add a new journal entry. Your local college Business Unit should auto-fill.
- Leave the Journal ID field as "NEXT".
- Select the Add button.
- The Header page displays journal header information that uniquely identifies a journal, such as Business Unit, Journal ID, and Journal Date. This page also has options for setting, adjusting, and reversing entries.
- Enter the desired information into the Long Description field. Enter a valid value e.g. "Miscellaneous office expenses". The more detail or information provided, will help further down the line when reconciling.
- Use the Ledger Group field to specify the ledger group to which you want to post the journal.
- Use the Source field to specify the option for entering and editing journals. Select the Source field and enter the desired information. Enter a valid value e.g. "ONL".
- Select the Lines tab.
Use the Attachments link to add backup documentation.
- Select the SpeedType lookup icon.
- Select the SpeedType checkbox from the existing list.
- Select the OK button to populate the ChartString.
Within the SpeedType List window, find the existing SpeedType by using the SpeedType search box or click on the SpeedType column to sort
- Enter the line Amount.
- Mark the checkbox of the journal line to copy.
- Add the number of lines to add (it will copy the above ChartString onto new Journal lines).
- Select the plus icon [+].
- The selected number of lines will be added and the SpeedType ChartString will be copied down. Review or update the ChartFields as needed.
- For each added line, enter the Account and Amount.
- Select the Save button to save the journal and generate a Journal ID.
- A message window displays that the Journal ID is saved. Select the OK button.
- In the Process drop down arrow, select Edit Journal and then select the Process button.
- A Message will display asking if you would like to wait for confirmation that the Edit process has completed. Select the Yes button.
After editing, the Journal Status value is V (valid) and the Budget Status value is V (valid).
Depending upon your security roles or AWE, use the Process drop down menu to:
- Submit Journal for Approval.
- Submit & Post Journal.
For more information on Posting Journals, please see Posting a Manual Journal Entry or Posting Journals.
- Process complete.
Video Tutorial
The video below demonstrates the process actions described in the steps listed above. There is no audio included with this video. Select the play button to start the video. - coming soon!
Video Tutorial Via Panopto
View the external link to Creating a Journal Entry Using SpeedTypes. This link will open in a new tab/window. - coming soon!
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