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Reverse Journal

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206 views8 pages

Reverse Journal

Uploaded by

ishaan0643.be21
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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REVERSE JOURNAL

What is reverse journal ?

 It is a journal entry used to cancel out or nullify a previously existing (recorded )


journal(because one posted in ledger it cannot be deleted)

Its main uses are –

To correct errors ,mistakes

To do accrual reversal like if u have a estimate or a expense ,revenue that u recorded as


accrual and now have received it and want to make a re entry for it so to remove the accrual
entry u use reverse journal
For adjustment of year end or period end or month end that need to be reset in next period
(temporary display of financial position that is showed at the end of a period and then
revered to avoid double counting or a accrual amount that is to be paid or received )

Methods of journal reversal –

Manual journal reversal – you can manually reverse a journal that are eligible for reversal on both
manage journals and edit journals pages

If a journal is already reversed the settings display the name and link to the reversal journal

To reverse a journal first create or use a pre existing journal

1st method for manual reversal –

Step 1: On home page go to general accounting -> jorunals -> Taskbar->manage journals -> search for
your journals
Note- always change data access set to the ledger u want to access the journals of

Step2: select a jorunal from a journal batch of the batch u want to reverse it will enable the reverse
batch option now click on it

Step 3: U can select mutliple journals of same batch or different batches and perform reverse journal
or reverse batch operation also only if that particular journal is elligible for reversal i.e has a reverse
period set ( U can chose multiple journals by using shft+ cntrl+ select ) .if it doesn’t now have any
reversable period selected it will show a error - You haven't submitted any processes. (GL-781521)
Step 4: when u select reverse batch option on one journal it will pop up a window which will ask 2
things reversal period and method

1 For period - Select in which period u want to record the reversal journal in .

2 For reversal method – there are 2 way :

 Change sign –The change sign setting means that the reversal puts the
original journal amount in the same Debit or Credit column, but with the
opposite (negative or positive) sign

 Switch dr or cr - The switch debit or credit setting means that the


amount is moved to the other column. Required for reversal. This is the
default setting

After reversal the journal or batch still remain unposted u have to go on the journal and post it manually ( In auto
reverse method u can choose a option that reverses it and also posts it simultaneously )

Step 5 : A process is scheduled after clicking ok on the pop up and process id is given u can go to
navbar-> tools-> scheduled process and check the status of your process for success or error
Click on this reload button to check the latest status or in search drop down mention your process id

2nd method of manual reversal –

Step 1 – Go to general accounting->journal->taskbar->manage journals->search for your jounal

All steps as mentioned before then click on the particular journal u want to reverse ,open it for
editing by clicking on it or in actions in top left click edit journal option

Step 2 – Once inside journal go to journal header and click on show more then go to reversal

You can select any journal from the batch u are in by navigating it through drop down mentioned by

Arrow

Step3 – Similarly select reversal period and reversal method as mentioned in previous method then
go to journal actions and select reverse

It reverses the specific journal then u can post it in ledger

Note- the first reverse manual method overrides the inner journal header reverse method so if u
have selected reversal setting for journal in header and want to reverse them according to those and
still be efficient and use revrse whole batch option then leave the batch options empty and submit
them it will reverse all those journal which are eligible for reversal in the batch i.e those journal to
whom u provided revrsal settings
This concludes the manual method of journal reversal

AUTO REVERSAL OF JOUNRAL –


The automatic reversal process only selects reversible journals whose categories
are enabled for automatic reversal in the journal reversal criteria set that's
assigned to the ledger.
Only those journal who have the category selected in this criteria are reversed
when we intiate the process and these reversal criteria are assigned to specific
ledger in ledger options
So basically there are 3 parts to it first creating journal reversal criteria set
second assigning it to the ledger and third is to initiate auto reversal process
CREATING JOURNAL REVERSAL CRITERIA SET –
 Navigate to settings and actions on top right corner then select setup and
maintainance
 In this select offering as financial and go to general ledger task

 Now select Manage journal reversal criteria set in it


 Then click on the + button then this window opens up u can select the category of
journal for which auto reversal will work and other specifications like
1. Reversal Period- No Default, Same Period, Next Period, Next Nonadjusting
Period, Next Day, Same Day
2. Reversal Date- First Day, Next Day, Last Day
3. Reversal Method- Change Sign, Switch Debit or Credit
4. Automatic Reversal Option- None, Reverse Automatically, Reverse and Post
Automatically

 Select options accordingly and then save and close and give a name to this
reversal criteria set so u can assign it to ur ledger easily

ASSIGNING REVERSAL CRITERIA SET TO LEDGER –

 Navigate to settings and actions on top right corner then select setup and
maintainance
 In this select offering as financial and go to general ledger task
 Now select specify ledger options (change scope of the ledger if needed and
then click on apply and go to task)
 Now scroll down to intercompany section
 Select the drop down menu of Journal Reversal Criteria Set and also select the check box
of Run AutoReverse After Open period
 Save and close the page now u have successfully assigned criteria set to the
ledger

RUNNING PROCESS OF AUTO REVERSAL OF JOURNAL-


 As we have specified the reversal criteria set for accrual clearing journal
category the reversal period will be auto populated when u make a journal
with this category
 Now go to general accounting->taskbar->Run Autoreverse

 Choose the data access set to yours and select the ledger and give the
reversal period which u specified in reversal criteria set
 You can also schedule this process by clicking on advanced options ( choose
frequency there ex daily then start date ,weekly start date and end date etc)
 Then click submit it will run the process and reverse all the journal that come
under the reversal criteria access set settings This completes the process of
auto reversal

Side note – If u want that sub ledger and ledger are in perfect sync then tick this
check box

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