How To Reverse GL Journals Entry in Oracle Fusion

How To Reverse GL Journals Entry in Oracle Fusion

In this post , we will do reversing of GL journal entry in Oracle Fusion Application . 

Entries can be reversed to either the current or a subsequent period. Only Posted Journals Can be reversed. Reversing entries are made on the first day of an accounting period in order to remove certain adjusted entries that were made in the previous accounting period. We do reversing in the middle of the month too due to other business needs.Use reversing journal entries to reverse accruals, estimates, errors or temporary adjustments and reclassifications.

 

How To Reverse GL Journals Entry in Oracle Fusion

Step1:- Navigate to the Manage Journals Screen. Journals -> Manage Journals

 

 

Step2:-
Search for the journal entry to be reversed.  Enter Parameter , Journal, Journal Batch, Accounting Period, Batch Status
Search for the journal entry to be reversed.  Search ( B)

Step3:-
Open the Journal .Highlight the journal entry to be reversed and click the link Either on Journal Name or Journal Batch

Step4:- Cross Check the   Reversal Period.
Edit Journal -> Journal -> Show More -> Reversal Tab : Choose the Current Period as the Reversal Period from LOV

Step5:-Save your work. Save (B)
Reverse Journal.
In the top right of the Journal window is the Journal Actions drop down menu.
Choose Reverse from Journal Actions button.

Step6:- Verify the  Reversed Journal.
Journals -> Manage Journals -> Provide Parameters with "Reverses" Followed by Journal Name)