What This Process Does


  • This process creates reversing journal entries in mass.


Best Practices


  • This process is desirable when there are a large number of journal entries to reverse.
  • If there are a small number of entries that need to be reversed, it would be best to delete them rather than reverse them or use the Reverse Journal Entry tab on the J/E Maintain screen (see Additional Information below).


Requirements


  • For 101 customers, the Reverse J/E Software Bundle (FM04) may be purchased; otherwise, it is not part of Financial Management.


Steps to Reverse a Journal Entry


  1. Finance → Financial Management → Maintenance → Reverse → Reverse Journal Entries
  2. On the range screen, the fiscal month and year fields at the top of the range screen must be specified and should be the fiscal month and year of the original entry you want to reverse.
  3. Additional range criteria should be specified so that only the entries needing reversal are selected. The most common range criteria are specified below.
  4. The reversing entries that are created must be verified, distributed and posted.


FIELDSOpt.Rec.Req.Description
Fiscal Month (at the top of the range screen)——♦The fiscal month you want the J/E reversed to. Normally, this is the month of the original entry
Fiscal Year (at the top of the range screen)——♦The fiscal year you want the J/E reversed to. Normally, this is the year of the original entry
Fiscal Year——♦The fiscal year in the entries you want to reverse
Journal ID——♦The Journal ID of the entry
Transaction Number——♦The transaction number of the journal entry. If the entries are queried, the transaction number is on the individual entry or may be displayed using the define list for a group of entries
Entry Date♦——The date the journal entry was entered
Opt. = Optional  Rec. = Recommended  Req. = Required


Additional Information


  • Reverse Journal Entry Button: If you only have a few entries to reverse, you can query the journal entries and use the Reverse Journal Entry button on each entry.
    • Please note: If you have the optional Affect Date Software Bundle (FM25), the reversing entries will have the same affect date as the original entries.


To query the journal entries


  1. Finance → Financial Management → Query → Journal Entries
  2. Enter the necessary range criteria.
  3. From the Journal Entry Browse screen, select the entry you want to reverse.
  4. In the top left hand corner of the screen, you will see the Reverse Journal Entry button.
  5. Follow the directions on the screen.


  • Deleting Journal Entries: You may prefer to just delete the original entries to eliminate additional records that are created from doing the reversals. If so, follow the query instructions above, but mark the entry as deleted in the upper left hand corner and save it. The entries must be undistributed prior to deleting them.
  • Creating the same entries in a new month and/or year: If you need to create new entries that are the same as the ones you reversed, but need to make them to a different fiscal month and/or year, you can reverse your reversals. If this is desirable, you must range on the Fiscal year, Journal ID and transaction numbers associated with the reversals. The transaction numbers can be identified by querying the entries and using the define list to identify them. In this scenario, the Fiscal year and month at the top of the range screen would reflect the new month and/or year you want the entries made to.