GL> Journal Entries

Reversing a Journal Entry

 

Summary

 

The Reverse Journal Entry feature allows you to reverse a selected journal entry. This feature creates a reversing journal entry; it does not remove the original journal entry from the general ledger.

 

Step by Step

 

1     Open or create a Journal Entries batch. 

 

  • The Settings step is used to define the fiscal period and fiscal year the journal entries in a batch will be posted to.
  • Create a Journal Entry batch.

 

2     View the journal entries in the batch. 

 

  • After the Settings step is complete, open the Journal Entry Selection window (GL> Journal Entries> Journal Entries) to view the journal entries in the batch. This window will be empty if you have created a new batch.
  • Click the Generate icon drop-down menu and select Generate Reversing Journal Entries to create a reversing journal entry. This will open the Reverse Journal Entry window.

 

3     Create the reversing journal entry. 

 

  • The Reverse Journal Entry window is used to select the journal entry you would like to reverse. Enter information into the fields in the Search Criteria section and then press ENTER or click the Refresh icon to populate the window with a filtered list of journal entries.
    • The System drop-down menu is used to filter the journal entries that display in the window by the module used to create them.
    • The Status drop-down menu displays Committed and is disabled because you can only reverse journal entries that have been committed.
    • The Type drop-down menu is used to filter the journal entries by the journal entry type.
      • This feature has not been fully implemented, so it currently does not have a function.
    • The Batch field is used to select a committed Journal Entry batch. This will add all of the journal entries in the selected batch in the window.
    • The Fiscal Year and Fiscal Period fields are used to filter the journal entries by the fiscal year and fiscal period they are posted to.
    • The Journal Entry field is used to filter the journal entries in the window by journal entry number. Each journal entry is assigned a sequential number when they are committed.
    • Press ENTER or click the Refresh icon to update the journal entries that display in the window.
  • Highlight a journal entry in the window and click the Display icon if you would like to view the journal entry line items of the selected journal entry.
  • Select the journal entry you would like to reverse in the window and press ENTER or click the Confirm icon . This will close the Reverse Journal Entry window and populate the reversal journal entry in the Journal Entry Selection window.
    • If you would like to view the reversing journal entry created by the process, highlight the reversing entry in the Journal entry Selection window and click the Modify icon . This will open the Journal Entries window, which displays the journal entry line items of the reversing journal entry.
  • The Reversing Journal Entry is automatically created by the system by effectively reversing all Journal Entry lines within the chosen Journal Entry. The description associated with journal entry lines will read "Reversal of JE # XXX.XX.XXXX".

 

4     Commit the reversing journal entry.