Overview
This application allows you to reverse a journal by creating a contra journal that will cancel the original.
Typical Users
Accountants, Financial Analysts, Controllers, Auditors, Financial Managers
Risk Factors
Double-Counting: If the reversing entry is not properly matched with the original entry, it can lead to double-counting of revenues or expenses
Timing Errors: Incorrect timing of reversing entries can result in financial statements that do not accurately reflect the company's financial position
Complexity: For businesses with complex transactions, reversing entries can add to the complexity and increase the risk of errors
Miscommunication: If the accounting team is not well-informed about the reversing entries, it can lead to confusion and mistakes in the financial records
Function
Once opened you will view the following Journal Reversal screen:
Complete the fields. Fields marked with an asterisk (*) are compulsory.
Enter the existing Journal Number into the field, or use the up and down arrows 
to navigate to the correct number. The list of uploaded journals can be found at Financial Management – General Ledger – Journals – Capture Journal.
When a non-existing journal number is entered, an error message will be displayed:
When an existing journal number is entered, a message will display the relevant period and type of the journal:
Select the Reverse Date by clicking the calendar icon 
and choosing the applicable date:
Select the relevant Approver from the drop-down menu:
To include the journal history, tick the checkbox next to 'Include History.' Uncheck it if you do not want the journal history included.
Click the 'Post' button to submit the journal reversal. A message will pop-up confirming that the record has been sent for Workflow approval, along with the relevant ticket code.
Click the 'Hold' button to place the journal on hold. A pop-up message will be displayed, confirming that the journal number has been successfully held.
