Manual Reversing Journal Entry

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

Purpose

Generate journal entries tagged as reversible.

Overview

Use Manual Reversing Journal Entry to reverse journal entries marked for manual reversal. Although you may not edit a journal entry after it is posted, you can easily reverse posted entries that were marked for manual reversal. For example, if a shipment comes in during the current period, but the bill comes at a later date, you may want to make a journal entry for the shipment. However, you know when the bill comes in, you will need to make an adjusting entry. To reverse journal entries that were not marked for manual reversal, use Ad Hoc Reversing Journal Entry.

Creating Reversing Journal Entries

To create reversing journal entries:

If your company uses consolidation ledgers, verify the ledger ID for which you want to create a reversing journal entry is entered in the Ledger ID field.
Select the posting period and year for the original entries. The Journal Entries grid displays all the journal entries marked for manual reversal for the selected posting period.
Select the check box in the Select grid column for journal entries you want to reverse, or click the Select All ribbon button to select all displayed journal entries.
Select the posting period for reversing entries.
Select a posting option.
Click the Make Reversing Entries ribbon button. The Confirm Make Reversing Entries dialog box appears, and asks you to confirm that you want to reverse the selected journal entries.
Click the Yes button. The reversing journal entry is created.

If you selected the Direct Post radio button, reversing entries are 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 Manual Reversing Journal Entry window.
Show Data	Click this button to refresh the Journal Entries grid.
Select All	Click this button to select the check box in the Select grid column for all journal entries in the Journal Entries grid.
Deselect All	Click this button to clear the check box in the Select grid column for all journal entries in the Journal Entries grid.
Make Reversing Entries	Click this button to generate the reversing entries. If you selected the Direct Post radio button, the reversing 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.

Ribbon Batch Tab Buttons

Button	Description
Select	Click this button to display Select a New Batch, which allows you to select a previously created batch.
Open	Click this button to display Open a New Batch, which allows you to create a new batch.
Close	Click this button to display Close A Batch, which allows you to close a batch.
Edit	Click this button to display Edit A Batch, which allows you to edit an existing batch.
Post	Click this button to display Journal Entry Post, which allows you to post journal entries for the selected batch.

General Tab Fields and Buttons

Field or Button	Description
Ledger ID	Enter a ledger ID for the journal entries that are being reversed, 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.
Posting Period (Original G/L Journal Entries)	Click the Lookup button to select the accounting period of the original journal entry that is being reversed.
Posting Year (Original G/L Journal Entries)	Click the Lookup button to select the accounting year of the original journal entry that is being reversed.
Posting Period (Reversing to G/L Journal Entries)	Click the Lookup button to select the accounting period in which the reversing entry will be made.
Batch #	This field displays 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. Use the buttons on the Batch tab in the ribbon to select, open, close, and edit batches.
Posting Year (Reversing to G/L Journal Entries)	Click the Lookup button to select the accounting year in which the reversing entry will be made.
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.
Journal Entries	This grid displays reversible journal entries for the selected period that have not been reversed. Select the check box in the Select grid column for the journal entries you want to reverse. Double-click a journal entry to display Journal Detail for Entry, which allows you to view journal entry detail information.