Reversal Journal Vouchers

ISSUE: Automated Accrual Journal Entry Processing:

Develop system functionality where accrual entries are reversed automatically in the subsequent period.

Eliminates duplication of effort by avoiding manual reverse entries. Increased accuracy since no transposition misstatement potential

Solution: The ability to create and process reversing journal vouchers has been added to the system's functionality.

At journal voucher entry time:

A new check box – Reversal JV – now appears in journal voucher entry.  Clicking this checkbox will begin the process that will result in the journal voucher being reversed in the following period.  Otherwise, enter the journal voucher as normal and send for approval.

At journal voucher approval time:

Journal voucher review also begins exactly like usual.  Find the journal voucher and select Review.  The journal voucher will display, including the check box.   Click Approve when ready to proceed.

Once approval has been granted, the system will create another journal voucher, identical to the first except with the signs reversed.  Then, in addition to prompting the user for the  posting period for the original journal voucher, it will also prompt the user to approver the reversal voucher as well, with the period defaulting to the next unlocked period.  If the original journal voucher is created in Period 12, the reversal will default to period 01 of the following year.  In all cases, the user’s security access (year change and audit variance) will be respected as well as locked periods.

If for whatever reason the approver chooses not to post the reversal, that journal voucher will remain in journal voucher management until it is sent for approval.  

If you have any questions, comments or concerns with the above, please log a ticket with Edsembli FIN