Creating a Reversing Journal

If you want a journalClosed A document that enables you to make corrections or adjustments to your existing accounting data. to automatically reverse itself, you can create and post a reversing journalClosed Type of journal that automatically reverses itself in a subsequent period.. This is a journal that automatically reverses itself in a subsequent period.

Note: You cannot reverse:
  • A journal that has already been reversed.
  • A canceling journal.
  • The source journal that was used to create the reversing journal.

To create a reversing journal:

  1. Open the relevant journal that has a status of "In Progress" or "Complete". For more information, see Viewing Journal Lists.
  2. Click Reverse. If you can't see this button, contact your administrator.
  3. Do one of the following:
    • Accept the default reversal period. This is one period after the period specified in the source journal.
  4.  [Optional] Edit the journal date, reference, and description fields. The journal date should not be earlier than the original journal date. The default is today's date.
  5. The reversing journal inherits the status of the source journal, therefore:
    • If the source journal's status is "In Progress", click Save to create the reversing journal.
    • If the source journal's status is "Complete", click Save & Post to create the reversing journal and immediately post it.
    This creates a new journal of type "Reversing Journal" using the same information as the original, but with the opposite amount for each line item. The reversing journal also inherits any existing currency override values from the source journal.
  6. If the source journal is still "In Progress", click Post on its detail page. The source journal's status is now "Complete".
  7. If the reversing journal is still "In Progress", click Post on its detail page. The reversing journal's status is now "Complete
  1. Create and validate, but do not save, a new journal as described in Creating a Standard Journal. This is called the source journal.
  2. Once all line items on the source journal have been completed, click Reverse. This opens the reversing journal page.
  3. Do one of the following:
  4. Click Reverse to create both the source and reversing journals. Both journals are now "In Progress".
  5. Click Post on the source journal's detail page. The source journal's status is now "Complete".
  6. Click Post on the reversing journal's detail page. The reversing journal's status is now "Complete".
  1. Locate and retrieve the journal that you want to reverse. This journal can be In Progress or Complete. For more information, see Viewing Journal Lists.
  2. Click Reverse/Cancel on the button bar. If you can't see this button, contact your administrator.
  3. Leave the Reverse option selected.
  4. Do one of the following:
  5. [Optional] Edit the journal date, reference and description fields.
  6. The reversing journal inherits the status of the source journal, therefore:
    • If the source journal's status is "In Progress", click Save to create the reversing journal.
    • If the source journal's status is "Complete", click Save & Post to create the reversing journal and immediately post it.
    This creates a new journal of type "Reversing Journal" using the same information as the original, but with the opposite amount for each line item.
  7. If the source journal is still "In Progress", click Post on its detail page. The source journal's status is now "Complete".
  8. If the reversing journal is still "In Progress", click Post on its detail page. The reversing journal's status is now "Complete".