Journal Entries & Transaction Reclass Workflow and FAQs

Feature Benefits: Journal Entries & Transaction Reclasses

The ability to add transaction reclasses and journal entries saves you time, keeps all financial activity within the platform, and creates error prevention.

• All activity takes place in the platform, eliminating the need for spreadsheets
• You control when entries are entered and submitted
• Only available GL accounts can be selected, eliminating “fat-finger” entries
• Built in error validation ensures credit and debits tie out
• Validation screen assists to view the journal entry’s impact prior to submittal

• Accurate and timely submittals are critical to ensure accurate financials and to verify necessity of Journal Entry adjustments
• When posting back to a prior year, an alert will populate notifying that if taxes have been filed, this adjustment could result in a need to amend the return
• When posting back to prior period, an acknowledgement will populate that it will adjust that periods financial statement(s)
• Adjustments will be posted to the week-end or period-end date unless a specific date is selected. This date can be used for research purposes when drilling into the trial balance
• Prior Journal Entries & Reclasses can be researched by clicking on the “View Previous” or through the GL Adjustment Query
• Once an entry has been submitted it cannot be deleted. To correct the entry, you will need to enter in a reversing Journal Entry or reversing transaction reclass
• Once Entries have been submitted, they will post to the financial statements within 15 minutes
• If the week/period that you would like to post back to is not available, it is because those financials have not yet posted. Please reach out to the RASI accountant to post the financial statements
• Permissions need to be set under the group settings in Profit Center for any applicable users. Separate permissions can be set for GL Reclass and Journal Entries
• If a GL is not available in the drop down, reach out to your RASI accountant to add it to the drop down options
• For multi-unit users, you can complete the journal entries for all locations under one page. If you would like to add journal entries to multiple sites, reach out to the RASI team to discuss
• Transaction Reclasses need to be completed at the individual restaurant level and cannot be accessed in one location for all units
• To ensure the accuracy of your financial statements, if new users are given Journal Entry access, reach out to the RASI team to lock down Journal Entries for assisted submittal