Ad Hoc Reversing Journal Entry

Menu Path: General Ledger $Images\bluerarw.gif$ Journals $Images\bluerarw.gif$ Ad Hoc Reversing Journal Entry

Purpose

Reverse incorrect journal entries that were not tagged as reversible when originally posted.

Overview

Use Ad Hoc Reversing Journal Entry to reverse posted or unposted entries that were not marked for manual reversal when originally generated. For journal entries marked for manually reversal, use Manual Reversing Journal Entry instead.

Reversing a Journal Entry

To reverse a journal entry:

If your company uses consolidation ledgers, verify the ledger ID for which you want to reverse a journal entry is entered in the Ledger ID field.
Enter the journal entry number of the original entry in the Journal Entry # field. Information for the selected journal entry appears. You cannot edit the information.
Select the posting period and year for the reversing entry.
For cash accounts, review the bank reconciliation dates in the grid.
Select a posting option.
Click the Make Reverse Entry button in the ribbon. The Confirm Reverse Journal Entry dialog box appears, and asks you to confirm that you want to reverse the selected journal entry.
Click the Yes button. The reversing entry is created.

If you selected the Direct Post radio button, the reversing entry is automatically posted to the general ledger. Otherwise, you will have to manually review and/or post the journal entries in Journal Entry Hold Management or Journal Entry Post.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the Ad Hoc Reversing Journal Entry window.
Make Reverse Entry	Click this button to generate the reverse entry. If you selected the Direct Post radio button, the entry is automatically posted to the general ledger.
Journal Entry Detail	Click this button to display Journal Entry Detail, which allows you to view journal entry information.

General Tab Fields and Buttons

Field or Button	Description
Journal Entry #	Enter a journal entry number to reverse, or click the Lookup button to select a journal entry number. If you use the Lookup button, you can only select journal entries posted in the selected period and year.
Posting Period	Click the Lookup buttons to select the accounting period and year in which the reversing entry will be made. These fields default to the current period and year.
Ledger ID	Enter a ledger ID for the journal entry you want to reverse, or click the Lookup button to select a ledger ID. Note This field is only available if at least one consolidation ledger is set up.
Currency	This field displays the currency for the selected journal entry.
Batch #	This field displays the batch number against which the original journal entry was made.
Amount	This field displays the total amount for the selected journal entry.
Comment	This field displays the comment for the selected journal entry.
Remark	This field displays the remark for the selected journal entry.
Credits/Debits	This grid displays information for all credits and debits for the selected journal entry. The Bank Reconciliation Date column defaults to the bank reconciliation date of the original journal entry for cash accounts, but you can change the date if necessary.
Posting Option	Select one of the following options to indicate how the chart of accounts should be updated when journal entries are generated: Manual Post - Require the journal entry to be manually posted to the general ledger. Hold for Review - Place the journal entry on hold for manual review before posting to the general ledger. Direct Post - Update the general ledger automatically as soon as the journal entry is made (without requiring manual posting). Note You cannot edit a directly posted entry after generation. To correct an erroneous entry, you must make a reversing, or adjusting, journal entry. You cannot edit or post on-hold entries until you review and release them from hold.
Batch	Enter the batch number against which the journal entry is being made. The batch number can be used to group journal entries for later reporting or analysis.