Reverse / Cancel posted journals

Journals ››
Parent Previous Next

This facility allows you to cancel or reverse all the transactions and balances which were entered or imported into a journal, and which have been posted (updated) to the ledger. This process will automatically -

•Export (remove) the transactions from the transaction file (TransAct), reset the totals and account balances of all the accounts, tax codes, etc.

•Import the transactions to the journal which was reversed.

•Once this is done, you may edit the transactions, balance the journal, and then post the journal.

If any transactions are already entered or imported in a journal, which is not yet posted (updated) to the ledger, and all or some of the transactions are incorrect, you may use the following options to edit the transactions in the journal:

•Delete journal - delete the entire journal as well as all the transactions entered or imported.

•Delete transaction - delete only the selected transaction in the journal.

•Reverse journal (D<-->C) - all amounts entered or imported in the debit column of the journal, will be transferred to the credit column, and all amounts entered or imported in the credit column of the journal will be transferred to the debit column.

This option should only be used to correct critical errors. Errors encountered in the normal accounting process, (for example, errors of omission, errors of principle, posting to incorrect accounts, errors of principle, etc.) should be corrected in the general journal or specific journals.

It is recommended that you make a backup of the Set of Books, before you start to use this facility to cancel or reverse a posted journal. In the event of making a mistake or if some problems are experienced, you may then easily restore the Set of Books from the backup file.

To reverse or cancel all the transactions in a posted journal:

1.On the Setup ribbon, select Tools → Global processes → Reverse posted journal/document.

No document posted

•If this field is selected, it will only list the journals processed in the Journal entry (F2) option.

•If this field is not selected, it will list all the journals processed in the Journal entry (F2) optionas well as any documents (i.e Invoices, Credit notes, Purchases and Supplier returns.

2.Select the posted journal from the list to be reversed or canceled.

You may identify the posted journal by Journal number as displayed on the Journal list lookup facility, alias or date and time. If you changed the alias of the journal, it will be easier to identify the journal to be reversed, or canceled, by the alias (journal name).

3.View the details of the journal to make absolutely sure that it is the correct journal.

To view the details of the transactions in the selected journal, you may:-

•Double-click on the selected journal.

•On the Details tab, the transactions for the selected journal will be listed. (If you wish to print a list of the transactions in the posted journal, you may click on the Print button to print a Journal type - Posted journal report).

4.If you double-click, or select the Details option on the context menu, the following screen is displayed:

5.All the details of the transactions entered or imported and posted (updated) to the ledger for the selected journal, will be displayed. Check that the selected journal contains the transactions which needs to be reversed or canceled, and click on theJournal  entry tab.

It is recommended to print (Print button) to print the transactions in the journal, if it is not already printed. The journal will be removed and the Journal type - Posted journal report cannot be printed for the selected journal.

6.Click on the Reverse posted journal  button to start the process.

7.Click on the Yes button, only if you are absolutely sure that the selected journal is correct, and that you need to continue with this process.

If you have not made a backup of the Set of Books, before starting this process, it is recommended that you click on the No button, and first make a backup of the Set of Books.

8.If you click on the Yes button, the following confirmation screen is displayed:

This is your last chance to cancel the process. If you are not absolutely sure, click on the Yes button to cancel this process.

9.If you click on the No button, the process will be started. The following Processing screen is displayed:

10.Wait until the process is finalized.

It is advisable not to use your system for other tasks while this process is running.

Once this process is finalized, the selected journal will not be listed on the Reverse posted journal screen.

11.Click on the Close button in the title bar of the Reverse posted journal/document screen to exit (close) this facility.

12.Click on theJournal  entry icon, and select the journal type, to see the transactions of the posted journal which was reversed. You may then edit these transactions, delete the transactions, etc. Once your transactions is corrected, you need to balance the journal, and post (update) the transactions to the ledger.

13.Once this process is done, you need to do a Data integrity check on the data of your Set of Books.

Created with the Personal Edition of HelpNDoc: Write eBooks for the Kindle