Creating a Canceling Journal

If a journalClosed A document that enables you to make corrections or adjustments to your existing accounting data. has been posted in error, you can use it to create a canceling journal. When the canceling journalClosed Type of journal used to cancel out the transactions a previous journal posted in error. is posted, it reverses the transaction line items from the original source journal. For more information about canceling journals in bulk, see Canceling Multiple Journals.

You can cancel an intercompany journal. For more information, see Canceling and Reversing Intercompany Journals.

Note:

You can only create a canceling journal from a posted journal once. Once a particular journal has been used to create a canceling journal, its Cancel Journal button is disabled. You will be able to cancel the canceling journal.

You cannot amend a journal that has been canceled.

To create a canceling journal:

  1. Locate and retrieve the posted journal that you want to cancel. For more information, see Viewing Journal Lists.
  2. Click Cancel Journal. This will create a new journal of type "Canceling Journal" using the same information as the original, but with the opposite amount for each line item.
  3. [Optional] Edit the period, reference or description fields. You can also edit custom analysis fields if any have been set up for sub-analysis mappingClosed Mapping of custom fields at header and line level for the purpose of profitability reporting..
  4. Click Save & Post to save and immediately post the canceling journal. Both the source and canceling journals are updated with a reference to their associated journal.
  1. Locate and retrieve the posted journal that you want to cancel. For more information, see Viewing Journal Lists.
  2. Click Cancel Journal. This will create a new journal of type "Canceling Journal" using the same information as the original, but with the opposite amount for each line item.
  3. [Optional] Edit the period, reference or description fields. You can also edit custom analysis fields if any have been set up for sub-analysis mappingClosed Mapping of custom fields at header and line level for the purpose of profitability reporting..
  4. Click Save & Post to save and immediately post the canceling journal. Both the source and canceling journals are updated with a reference to their associated journal.
  1. Locate and retrieve the posted journal that you want to cancel. 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. Select the Cancel option.
  4. [Optional] Edit the period, reference or description fields.
  5. Click Save & Post to save the journal and immediately post it. This will create a new journal of type "Canceling Journal" using the same information as the original, but with the opposite amount for each line item.

Both the original and canceling journals are updated with a reference to their associated journal.

Note:

You cannot cancel a journal if the posted journal was created in Accounting v9 (or earlier) and the customer/vendor account's Account Trading Currency specified at V10 (or later) is different from the customer/vendor account's Account Currency.