US Exercise: Reversing Entries

General Ledger Transactions > US Exercise: Reversing Entries

When not specified in the exercise, use the following data where needed:

• Sub-account: Gserv

• Cost Center: Adm

• SAF structure and SAF: choose any from the lookup list.

1 Use the template ACCR-M001 (created in the previous exercise) to create the accrual posting for the last day of the next GL period. The TC amount is 8,000 USD (total amount of the posting in TC). Use daybook JE.

2 Use Journal Entry Reverse (25.13.1.5) to reverse the standard transaction created in step (1) in the same period because the posting was incorrect.

In the browse, specify daybook JE to limit the list of transactions and make your search easier. Select your transaction, and click OK. Review the transaction and save.

3 In Journal Entry Create (25.13.1.1), click the Replacement field and create the following new posting (use template ACCR-M001). Specify 10,000 USD as the template posting amount.

Description: Accruals (to post on the last date of the next GL period)


Account	Amount	DR/CR
GL 7000 (Travel)	$3,000 USD	DR
GL 7010 (ICT)	$4,500 USD	DR
GL 7200 (Repair & Maint)	$2,500 USD	DR
GL 2470 (Accrual account)	$10,000 USD	CR

Automatic Journal Entry Reversal

1 Create an automatic reversing journal entry in Reversing Journal Create (25.13.1.14).


Field	Value
Daybook	JE
Description	Accruals 2
Reversal Posting Date	First day of next month (default).
Correction	Select
Posting details:
GL 7200	USD 10,000 DR
GL 2470	USD 10,000 CR

2 Click Save.

On the first day of the next month, the system will automatically create a reversal posting and all positions will be netted.