14 Revise and Void Posted Journal Entries

This chapter contains these topics:

Section 14.1, "Revising a Posted Journal Entry,"
Section 14.2, "Voiding a Posted Journal Entry,"
Section 14.3, "Voiding a Posted Reversing Journal Entry."

You can change a limited amount of information in journal entries that have been posted. To remove a posted journal entry, you must void it. For a change or void to be reflected in both the Account Ledger (F0911) and the Account Balances (F0902) tables, you must post the batch again.

What You Should Know About

Topic	Description
Audit trails	The system maintains an audit trail when you revise a posted journal entry.
Batch status	The system changes the batch status on the original batch from posted to pending or approved (depending on your constants) if you revise a posted journal entry. If the batch status is pending, you must approve the batch before you can post it. If the batch status is approved, the batch is eligible to post.
G/L dates for voids	When you locate a journal entry, the system displays a blank G/L date in the header part of the form. If you need to locate specific detail such as reversing entries, enter a date in the G/L Date header field during inquiry. Also use the G/L date in the header part of the form to assign the current accounting period or any G/L date that is open as the date for the void to take effect. You cannot assign a G/L date in a period that has already been closed. For example, if you void a journal entry that has a May date and May is closed, you must enter a G/L date in June or some later period that is open.

Topic

Description

Audit trails

The system maintains an audit trail when you revise a posted journal entry.

Batch status

The system changes the batch status on the original batch from posted to pending or approved (depending on your constants) if you revise a posted journal entry.

If the batch status is pending, you must approve the batch before you can post it. If the batch status is approved, the batch is eligible to post.

G/L dates for voids

When you locate a journal entry, the system displays a blank G/L date in the header part of the form. If you need to locate specific detail such as reversing entries, enter a date in the G/L Date header field during inquiry.

Also use the G/L date in the header part of the form to assign the current accounting period or any G/L date that is open as the date for the void to take effect. You cannot assign a G/L date in a period that has already been closed.

For example, if you void a journal entry that has a May date and May is closed, you must enter a G/L date in June or some later period that is open.

14.1 Revising a Posted Journal Entry

Navigation

From General Accounting (G09), choose Journal Entries

From Journal Entry, Reports, & Inquiries (G0911), choose Journal Entry

After you post a journal entry, you can change its associated explanations. You can also add lines to the G/L distribution.

To revise a posted journal entry

On Journal Entry

Locate the journal entry.
Display the detail area.
3. Change any of the following fields:
- Explanation
- Explanation 2
- Reference 2
- Purchase Order/Suffix
- Service/Tax Date
Add lines to the G/L distribution, if necessary.
Use the Change action.

14.1.1 What You Should Know About

Topic	Description
Changing other fields	To correct information that you cannot change, you must void the existing journal entry and enter a new one.

14.2 Voiding a Posted Journal Entry

Navigation

From General Accounting (G09), choose Journal Entries

From Journal Entry, Reports, & Inquiries (G0911), choose Journal Entry

You can void a posted journal entry in any open fiscal period. The system creates a reversing journal entry as of the G/L date you specify.

To void a posted journal entry

On Journal Entry

Locate the journal entry.
Complete the following field with V:
- Reverse or Void
3. Complete the following field:
- G/L Date
Use the Change action.

Field	Explanation
G/L Date	A date that identifies the financial period to which the transaction will be posted. The company constants table for general accounting specifies the date range for each financial period. You can have up to 14 periods. Generally, period 14 is for audit adjustments. Form-specific information If you do not specify a G/L date when you are locating journal entries, the system displays journal entries for all G/L dates associated with the document, as specified by document number, document type, and document company. To keep the periods in balance when you void reversing journal entries, use the same date in the voiding entry as shown for the corresponding journal entry you are voiding.
Reverse or Void (R/V)	A code that controls whether transactions are automatically reversed or voided. Valid codes are: R – Create automatic reversing entries when the original entries are posted to the general ledger. Date the reversing entries as of the first day of the following period. V – Create reversing entries (reverse the sign on the amount on the original entry) and date them as of the current date. This code is only valid if you are changing an existing transaction. To void a transaction, locate the original entry and change the Void field to V. If the journal entry has not been posted, you can delete the journal entry. Blank – Do not reverse or void transactions.

Field

Explanation

G/L Date

A date that identifies the financial period to which the transaction will be posted. The company constants table for general accounting specifies the date range for each financial period. You can have up to 14 periods. Generally, period 14 is for audit adjustments.

Form-specific information

If you do not specify a G/L date when you are locating journal entries, the system displays journal entries for all G/L dates associated with the document, as specified by document number, document type, and document company.

To keep the periods in balance when you void reversing journal entries, use the same date in the voiding entry as shown for the corresponding journal entry you are voiding.

Reverse or Void (R/V)

A code that controls whether transactions are automatically reversed or voided. Valid codes are:

R – Create automatic reversing entries when the original entries are posted to the general ledger. Date the reversing entries as of the first day of the following period.

V – Create reversing entries (reverse the sign on the amount on the original entry) and date them as of the current date. This code is only valid if you are changing an existing transaction. To void a transaction, locate the original entry and change the Void field to V. If the journal entry has not been posted, you can delete the journal entry.

Blank – Do not reverse or void transactions.

14.3 Voiding a Posted Reversing Journal Entry

Navigation

From General Accounting (G09), choose Journal Entries

From Journal Entry, Reports, & Inquiries (G0911), choose Journal Entry

You can void reversing journal entries that are posted if both the applicable fiscal periods are open. This is a two-part process. You must void each of the following journal entries individually to keep the periods in balance:

The original journal entry that you marked for reversing
The reversing journal entry that the system generated for the following period

14.3.1 Example: Dates for Voiding Posted Reversing Journal Entries

To keep your periods in balance, use a date in the same period as the journal entry you are voiding, as shown in the following example:

Journal Entry	Date
Original journal entry	05/15/18
Void of original	05/15/18
System-generated reversing journal entry	06/01/18
Void of reversing	06/01/18

To void a posted reversing journal entry

On Journal Entry

Locate the original journal entry by completing the following fields:
- Document Type
- Document Number
- G/L Date
Follow the steps to void a posted journal entry.
Locate the reversing journal entry with the same fields that you used to locate the original journal entry, but substitute the G/L date of the reversing journal entry.
Follow the steps to void a posted journal entry.