Summary Journal Entry in Accounting

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Summary journal entry indicates the summary of Zuora deals with amounts ordered by accounting codes. The entry also includes the availability of ledger segments. The segment consists of granularity within the dimensions existing in the business. The dimensions can be in the form of a product or of a country. There are particular characteristics, which demonstrate ways of producing summary in journal entries. The summary journal is created automatically through the configurable runs in the magazines (Debreceny and Gray, 2010. P. 160). The journal has sections about the business dimensions, which assists in the granular analysis and reporting. Moreover, there is a need to combine the summary-level amounts into the external accounting systems. Lastly, another key feature directly relates to the control user access by use of the Z-finance journal entries as well as the journal runs. The summary journal entry is created in a unique way. The journal series has the mandate to collect the transactions from a more selected period. In so doing, it selects and generates a given summary of amounts in a journal entry format. The journal run can pick up the segments by use of a GL-segmentation rule. The journal runs have the ability to process the transactions in both open and closed accounting periods. Some of the Zuora transactions, which are supported in the summary journal entry includes but are not limited to the stated examples. Billing is a case of Zuora transaction backed up in the summary journal entry (Debreceny and Gray, 2010. P. 180). Billing includes tax, invoices and invoice items. The other transaction is the cash transaction. It includes electronic and external payments as well as refunds. Credit balances are also part of the operations contained in the summary journal entry. Finally, the revenues also stand a chance to be part of the summary journal entry. Therefore, it is evident that a summary journal entry is more elaborate as compared to the ordinary journal entry.

Reference

Debreceny, R.S., and Gray, G.L., 2010. Data mining journal entries for fraud detection: An exploratory study. International Journal of Accounting Information Systems, 11(3), pp.157-181.

October 12, 2022
Category:

Business Science

Subcategory:

Management

Subject area:

Accounting Journal

Number of pages

2

Number of words

346

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30

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