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Reversing a Journal Entry: A Quick Reference Guide for GL Users, Study notes of Accounting

Goldsmiths, University of LondonAccounting

Step-by-step instructions for General Ledger (GL) Journal Entry users on how to reverse a previously posted journal entry. The process involves accessing the journal, selecting the batch, entering the reversal period and method, and requesting approval. Once approved, the reversal journal entry is posted, updating the GL balances.

What you will learn

  • What steps are involved in reversing a journal entry?
  • How do you access the journal to reverse a journal entry?
  • What is the purpose of reversing a journal entry?

Typology: Study notes

2021/2022

Uploaded on 09/27/2022

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REVERSING A JOURNAL ENTRY
QUICK REFERENCE GUIDE CM-30
CM
The purpose of this Quick Reference Guide is to provide General Ledger (GL) Journal Entry users with step-by-
step instructions on how to reverse a journal entry.
Ov erview
Journal Entry users may need to update a transaction or remove a transaction all together once a transaction
has been approved and posted. In this case, the user needs to reverse a journal entry. Reversing a journal
entry updates the GL account balances and can be accessed via the General Accounting Module.
Ke y Te rms
Key Terms
Description
Journal Entry
A tool to record financial transactions to the system's general ledger.
Journal creation, posting, and editing work together in the recording
process to produce accurate financial records.
Journal Batches
A Journal Batch is a single or group of journal entries processed under a
combined "header."
Journal Category
Journal categories are used to differentiate journal entries by purpose or
type, such as accruals, payments, or receipts.
Ledger
Ledger is the main record-keeping ledger. It records transactional
balances by using a chart of accounts with a consistent calendar and
currency, and accounting rules implemented in an accounting method.
Reversal
A reversing entry is a journal entry to undo a posted entry.
Infor mati on need ed to co mple te this Process
o Journal Batch Name
o Journal Number
Ou tput of this Process
o Reversed Journal
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REVERSING A JOURNAL ENTRY

QUICK REFERENCE GUIDE CM- 30

CM

The purpose of this Quick Reference Guide is to provide General Ledger (GL) Journal Entry users with step-by- step instructions on how to reverse a journal entry. Overview Journal Entry users may need to update a transaction or remove a transaction all together once a transaction has been approved and posted. In this case, the user needs to reverse a journal entry. Reversing a journal entry updates the GL account balances and can be accessed via the General Accounting Module. Key Terms Key Terms Description Journal Entry A tool to record financial transactions to the system's general ledger. Journal creation, posting, and editing work together in the recording process to produce accurate financial records. Journal Batches A Journal Batch is a single or group of journal entries processed under a combined "header." Journal Category Journal categories are used to differentiate journal entries by purpose or type, such as accruals, payments, or receipts. Ledger Ledger is the main record-keeping ledger. It records transactional balances by using a chart of accounts with a consistent calendar and currency, and accounting rules implemented in an accounting method. Reversal A reversing entry is a journal entry to undo a posted entry. Information needed to complete this Process o Journal Batch Name o Journal Number Output of this Process o Reversed Journal

Reversing a Journal Entry To reverse a journal entry, please follow the steps below.

  1. Access the Home Page and click the General Accounting icon.
  2. Click the Journals app. The General Accounting icon on the NCFS Homepage NCFS Journals app
  1. Select the journal by clicking the Journal Hyperlink.
  2. Click Batch Actions. Select Reverse from the dropdown. User Tip: Users can only reverse a journal entry that has been posted so be sure to include this in the journal search. The Journal Hyperlink on the Manage Journals Screen The Edit Journal Screen
  1. Enter the Reversal Period and Reversal Method. Click [OK].
  2. A pop up appears that confirms the process has been submitted. Click [OK]. Then click [CANCEL]. Reversal Journal Batch Criteria Reversal Journal Batch Submission Confirmation Notification User Tip: The OSC preferred Reversal Method is "Switch DR or CR."
  1. Scroll up and click Batch Actions.
  2. Click Request Approval. Batch Actions Request Approval
  1. A pop up appears. Click [OK]. Then Click [CANCEL] to return to the home screen. Wrap Up A user can reverse a posted journal by following the steps above. Once a reversal journal entry is submitted for approval and approved, it is posted in the next AutoPost run. Once this transaction is posted, the GL balances will be updated. Additional Resources For more information on reversing a journal entry and journal entries in general, please review the following materials: Web Based Training (WBT)
  • None Instructor Led Training (ILT)
  • GL 100: Journal Entry Quick Reference Guides (QRGs)
  • Entering a Journal Entry (via Spreadsheet Upload)
  • Entering a Journal Entry (Manually)
  • Editing a Journal Entry
  • Cash Availability Report Reversal Submission Confirmation Notification