Use of Recurring Journal Entries & Account Assignment Models

Accounting Services uses recurring entries to ensure the timely and consistent recording of regularly occurring entries. The entries are typically established at the beginning of the fiscal year and are recorded automatically at the beginning of each new month. The following are established as standard recurring entries: electric, water, thermal, solid waste, and utility charges to residence halls. Recurring entries may be revised as situations arise. Any entries not yet posted (i.e., for future periods) can be easily modified. Changes to recurring entries that have already been posted require manual journal entries.

Similarly, the Accountants use the account assignment model functionality provided by SAP to create templates for commonly used journal entries. Each template has a unique identifier and provides the Accountant with the ability to input the debit / credit general ledger accounts, cost center or business area, amount, and/or journal entry description text. To post the entry, the Accountant retrieves the Account Assignment Model, enters the posting date, modifies it as necessary (i.e., completing the fields that were not established at the time the template was set up, such as the amount), and posts the entry.

The use of Account Assignment Models helps ensure the consistent recording of common journal entries.​

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