Reversing Statistical Journal Entries

A reversing statistical journal entry is the exact opposite of and permanently linked to the original statistical journal, absolute balance update journal, and absolute balance update offset journal. Any change you make to the original entry affects the reversing transaction. You cannot directly edit a reversing statistical journal.

The date of the reversing journal entry is tracked in system notes.

To create a saved search for reversing statistical journals, include Reversal Date in the criteria or results as needed.

Users with the Custom Transaction Forms permission can create a custom statistical journal entry form with fields different from the standard statistical journal entry form. For more information, see Creating Custom Entry and Transaction Forms.

To reverse a statistical journal you can create a reversing entry, or you can reverse an existing statistical journal transaction if it has not been posted. For more information, see Modifying Statistical Journal Entries.

To create a reversing statistical journal entry:

Go to Transactions > Financial > Make Statistical Journal Entries.
In the Primary Information section:
1. In the Entry No. field, accept the default or enter a different number.
  
  Note:
  If journal entries are assigned autogenerated numbers in your account, you cannot change the default number unless the override permission is enabled for Journal. Go to Setup > Company > Setup Tasks > Auto-Generated Numbers. On the Document Numbers subtab, check the Allow Override box on the Journal line. For more information, see Set Auto-Generated Numbers.
2. In the Date field, accept today's date or enter a new date for the statistical journal entry.
3. If you use fiscal accounting periods, enter or accept the posting period of the original statistical journal.
  
  Important:
  When a statistical journal entry transaction has no defined posting period, users with View level of the Manage Accounting Periods permission see a suggested accounting period in the Posting Period field on the transaction.
4. In the Reversal Date field, enter the date on which you want the reversing entry to be posted.
5. In the Memo field, enter information to help you identify this intercompany journal entry in a list of other intercompany journal entries.
  
  The value in this field displays on the List page.
In the Statistical Information section:
1. Select the Unit of Measure Type.
  
  This value cannot be modified after you save the statistical journal.
  
  The Unit of Measure field displays the base unit defined for the selected unit type.
2. Check the Absolute Update box to update the balance of one or more statistical accounts at the same time.
  
  The account balances you enter in the Amount field overwrite all previous values. If you check this box, you are prompted to confirm the action when you save the transaction.
  
  Note:
  If you confirm the action, NetSuite creates an Absolute Balance Update Offset Journal. Click the offset journal number link to view the Absolute Balance Update Journal record. To adjust the value of the absolute balance of a statistical account, make a regular statistical journal entry with a date that precedes or is later than the date of the Absolute Balance Update Journal record. NetSuite updates the value in the Absolute Balance Update Journal record, but does not update the value in the Absolute Balance Update Offset Journal record.
  
  There is no limit to the frequency with which you can enter an absolute balance for a statistical account because there is no time stamp on a Absolute Balance Update Offset Journal.
  
  Absolute Balance Update Offset Journals are always created using the system date rather than the date of the manual update.
  
  Important:
  After you save this statistical journal, if you later edit the record by changing the date, NetSuite does not synchronize the Absolute Balance Update Offset Journal with the Absolute Balance Update Journal. This may result in a difference in balance.
In the Classification section:
1. If you use NetSuite OneWorld, select a Subsidiary to associate with this statistical journal.
  
  The statistical journal posts to only this subsidiary and only entities associated with the subsidiary can view the entry.
  
  You cannot associate a statistical journal with more than one subsidiary.
  
  Note:
  If the subsidiary you select is assigned to one or more shared vendor or customer records, you can make statistical journal entries for any of the vendors or customers to which the selected subsidiary is assigned. To do this, on the Lines subtab, select the shared vendor from the Name field. For more information about shared records, see Assigning Subsidiaries to a Vendor and Assigning Subsidiaries to a Customer.
2. If you have enabled Departments, Classes, or both on the Company subtab of the Enable Features page, select the appropriate classification to associate with this journal entry.
  
  For information about Departments and Classes, see Departments and Classes Overview.
On the Lines subtab, enter the detail information for the statistical journal lines.

Tip:
You can navigate down the lines by pressing the Enter key on your keyboard. You cannot navigate up the lines.

The columns that appear are based upon the permissions set for your user role.
1. In the Account field, select the statistical account to be affected by this statistical journal.
  
  Note:
  The list of accounts available in the Account list is filtered according to the statistical account type, designated subsidiary, and unit type set for your role.
2. In the Amount field, enter the value associated with the default Unit of Measure.
3. The Units field defaults to the unit type associated with this statistical account.
4. Optionally, enter a memo to help you recognize this entry in the Statistical Register for this account.
5. Optionally, select a name of a person or company to associate with this entry.
6. If you specify classifications at the line-level, select a department, class, and location.
7. Click Add.
  
  Tip:
  When line details are similar, click Copy Previous and then make modifications as required.
8. Repeat these steps for each line item.
Click Save.

To create a reversing statistical journal entry:

Related Topics: