“Wait, you can import journal entries directly into Applied Epic?” was the surprised response from the individuals sitting within earshot at last year’s Applied Net.
The answer? An emphatic “yes, you can!” Doing so simplifies long tasks, reduces data entry errors and lets the team spend more time analyzing data rather than entering it.
The GL JE Import Tool
The GL JE Import Utility is a tool developed for Applied Epic using the Applied Epic SDK (Software Development Kit). It allows users to upload an Excel document directly into the journal entry module of Epic. Users can upload a single journal entry of infinite lines or multiple journal entries, even for separate agencies and branches within one upload.
When To Use the Tool
Some tasks require a separate Excel schedule, maintained outside of Epic. This could include fixed asset depreciation, amortization and ASC 842 Lease entries. We use the data from these schedules to type in a monthly journal entry and then post it to the general ledger. The more data, the longer it takes to type in and post. Despite the system control that requires the entry to balance before posting, errors still happen. Sometimes, the data must be reviewed to find the two cents that are off which can be hidden among dozens of lines. Oftentimes, an accounting super user will create a reoccurring journal entry in Epic to speed up these monthly adjustments. The user will need to make updates to the memorized transaction and then manually post it to the ledger.
This tool is also helpful when interacting with third-party vendors. An agency might use a payroll company to process employee wages and producer commissions, or they might be utilizing an expense management service such as Concur or Bill.com. Once these transactions are completed each month, you still must get the data into Applied Epic, broken down into expenses for different teams and departments. Though the vendor can provide an Excel report with the appropriate transactions, you’d still have to massage that data each month in order to prepare it to be manually input as a journal entry.
How the Tool Can Help
The GL JE Import Utility allows you to take an Excel spreadsheet and upload it directly into Applied Epic. Though this spreadsheet is wonderfully efficient and inclusive, it does require all columns to be in the correct location. Simply typing your journal entries into this standard template then uploading the data is faster than navigating to Journal Entries in Epic and typing in the debits and credits, but with some additional effort we can increase efficiency even more. At Sequel, we’ve created a simple template for each monthly journal entry we need to upload into the system. The first page of the template has variables you might want to change, such as the posting date, agency name or journal entry description. The second page is the external information which will be imported, which could include a third-party csv file like payroll data, an Excel schedule like fixed assets or any other series of data that you might want to upload. The final page uses Excel formulas to look at the data on the second page and organize it into a journal entry that can be uploaded.
This initial setup process requires time to connect each data with the journal entry on the third sheet. Once you have each document ready, the amount of time you save each month is invaluable.
Becoming More Efficient
At Sequel, we have created one general template to use for all journal entries. This template can be turned into the monthly upload as explained above, but it can also be used for one-time journal entries. For example, while reviewing our balance sheet, I might find a journal entry I need to post. Rather than creating that JE right away in Epic, or taking notes to type it in later, I’ll type the details right into a blank template. Then I’ll continue to another balance sheet account and review until I find another correction that needs to be made. Once completed, I might have a handful of journal entries that need to be posted. In this process, I can decide which subaccount, agency, branch, department and profit center each line of each journal entry pertains to. I can mark one as a reversing entry while another is not. And if my Epic is set up to require journal entry approvals before posting to the ledger, then the journal entries I upload won’t circumvent this internal control. Instead, it will still need to be reviewed and approved to hit the ledger.
With this amazing tool, there are still considerations that require oversight. There are system settings that block a user from back posting data into a closed period, and these can be turned off in the GL JE Import Utility settings. Additionally, when data is uploaded through the SDK the user who posted the entry will be EPICSDKUSER rather than their own username. Like a manual journal entry in Epic, you can only use one bank account ledger number per journal entry.
Getting GL Upload Import Utility
While most major ERPs have journal entry upload functionality as a standard resource, this feature is not found in any of the agency management systems within the insurance industry, except Applied Epic. When it’s time to implement this tool in your agency reach out to Applied and ask for the SDK with the GL JE Import Utility. The tool can be installed locally on your computer and functions flawlessly with both local and browser versions of Epic. The annual cost is easily mitigated by the amount of time that can be saved through process improvements.
Getting Ahead With Import Utility
Let’s face it, most third-party companies, like payroll providers and banking don’t have APIs that work with Epic to automatically pull in the data. When that is the case, and you want to bring in a large pool of data, the GL JE Import Utility can be your best friend.
Each month, my agency downloads our sweep transactions from our bank accounts and posts them as individual transactions to our ledger. Twice a month, we upload our payroll journal entries, each of which represents 130 lines of data. We also upload credit card information to expenses, which is an additional 200 lines of data. Typing these kinds of transactions into Epic manually was once cumbersome and took hours, but now with the GL JE Import Utility it means you might leave the office in time to beat the rush hour traffic home.