Generating Reversing Journal Batches
You can generate reversing entries from the Enter Journals window, or you can use the Reverse Journals window to reverse any unreversed journals. The unreversed journals must have an assigned reversing period and reversal method. Also, if average balances are enabled, the unreversed journals must have an assigned reversing effective date.
You can reverse a single journal or an entire batch from the Enter Journals window. You can even reverse a journal entry or batch if you have not assigned it a reversal period and, if average balances are enabled, a reversal effective date.
If you reverse a journal batch, General Ledger creates a reversing journal entry for each journal entry in your batch. Note that this also generates a separate reversal batch for each reversed journal. General Ledger automatically names the reversal batch Reverses [Original Journal Entry Name] [Date] [Time].
Prerequisites
Enter journals.
If you want to reverse journals from the Reverse Journals window, assign a reversing period to the journals. If average balances are enabled, you must also assign a reversing effective date.
To reverse a journal entry from the Enter Journals window when the journal entry has a defined reversal period, effective date (average balances enabled), and reversal method:
1. Navigate to the Enter Journals window.
2. Query the batch and journal within the batch that you want to reverse.
3. Choose Review Journal.
5. Choose Reverse Journal. General Ledger names the reversal batch Reverses [Original Journal Entry Name] [Date] [Time].
6. Post the reversing journal batch.
To reverse a journal entry that does not have a defined reversal period, effective date (average balances enabled), and reversal method:
1. Navigate to the Enter Journals window.
2. Query the batch and journal within the batch that you want to reverse.
3. Choose Review Journal.
5. Choose Reverse Journal.
6. Select the Reversal Period. If average balances are enabled, you must also select the Reversal Effective Date.
7. Choose OK, then select a reversal method for your journal:
Switch Dr/Cr: General Ledger creates your reversing journal by switching the debit and credit amounts of the original journal entry. This method is often used when reversing accruals.
Change Sign: General Ledger creates your reversing journal by changing the sign of your original journal amounts from positive to negative. This reversal method is often used when reversing journals to correct data entry mistakes.
General Ledger will display your concurrent request ID. The reversal batch will be named Reverses [Original Journal Entry Name] [Date] [Time].
8. Post the reversing journal batch.
To reverse an entire journal batch:
1. Navigate to the Enter Journals window.
2. Query the batch you want to reverse.
5. Choose Reverse Batch to generate unposted reversal batches for each entry.
If you did not assign a reversal period (and effective date, if average balances are enabled) for one or more journal entries, General Ledger prompts you for a default reversal period (and effective date).
6. Choose OK, then enter a reversal method:
Switch Dr/Cr: General Ledger creates your reversing journal by switching the debit and credit amounts of the original journal entry. This method is often used when reversing accruals.
Change Sign: General Ledger creates your reversing journal by changing the sign of your original journal amounts from positive to negative. This reversal method is often used when reversing journals to correct data entry mistakes.
Use Defaults: General Ledger uses the reversal method assigned to the journal categories you used to create the journals in your batch.
Once you choose a reversal method, General Ledger will submit concurrent requests to reverse the journals in your batch.
7. Post the reversing journal batches.
To generate reversing journals from the Reverse Journals window:
1. Navigate to the Reverse Journals window.
2. Query the journals you want to reverse. For each journal you see the Period Entered and Period Reversing which indicate the accounting period of the original journal entry and the accounting period you specified as the reversing period.
If you have enabled average balances, there will be a poplist on the Reverse Journals window. The poplist displays Effective Dates, and for each journal you see the effective date Entered and Reversing, which indicate the effective dates of the original journal entry and the specified reversing period. Optionally, select Periods from the poplist to see the Period Entered and Period Reversing.
3. Select each Journal Entry you want to reverse. Note that even though a journal may have a reversing period and effective date (average balances enabled), it may not be reversible for several reasons, such as the reversal period or effective date is closed or General Ledger is checking funds.
4. Choose Reverse to generate an unposted reversing batch for each selected journal.
General Ledger names the reversal journal batch as follows: Reverses [Original Journal Entry Name] [Date] [Time]. For example, Reverse Accruals 01-JAN-95 12:00:00 55379.
5. Post the reversing journal batches.
See Also
Creating Journal Batches
Entering Journals
Defining Reverse Journal Entries
Posting Journal Batches
Overview of Average Balance Processing
