Tip of the Month for: January 2019
Easily Create A Reversing Entry in G/L
An option is now available in G/L Account Maintenance to assist in making reversing, or offsetting G/L entries easier. This will assist in making offsetting or correcting entries when items were incorrectly posted to the error account (all 99999's) account or any other incorrect account. The Activity and History tabs now provide a [Reverse Entry] button that you can click on after clicking on an entry to high-light it, to create an entry that would be the reversal of the original entry. After you click on the "Reverse Entry" button, you will be taken to a Manual Journal Entry window with the same accounts and amounts already defaulted except that all debits and credits will be reversed.
When using this feature, keep the following things in mind:
· The Source Code will not default as it is recommended you use something different for manual and reversing entries than automated entries created by the system.
·
The date will default to the original
entry date but can be changed if desired.
·
The
header comment will default from the first line but can be
changed if needed.
All line
comments will default to the same as they were originally.
·
The Reversing Flag will default the
same way in which the original entry was set.
·
While
the account numbers will default to all the same accounts as
on the original entry, they can be changed as needed.
For
example, if an entry was sent to the Error Account 99999
because of a configuration setting was missing or an
interface entry not setup properly, you could create a
reversing entry and leave the Error Account 99999 entry in
place to zero it out, while changing the other account
involved in the entry to the account that should have been
on the entry to begin with.
· Once the reversing entry is posted, you will be prompted if you want to view or print the Journal Entry Register just as if you were doing this entry manually.
· If you get into the reversing entry and decide not to proceed with the entry, you can exit/cancel back out without affecting creating the reversing entry.