Journal reversal criteria set in oracle r12
In this post , we will discuss about Journal reversal criteria set in oracle r12. We need to create the Journal reversal criteria set when we want to implement auto reversal GL journals in oracle apps. To implement auto reversal Gl journals we need to create the Journal reversal criteria set in oracle r12. In the Journal reversal criteria set we specifies which GL category we want to do the Auto reversal GL journals and on which period and date.
Reversing entries are made on the first day of an accounting period in order to remove certain adjusting entries made in the previous accounting period. Reversing entries are used in order to avoid the double counting of revenues or expenses.
Reversing entries are made on the first day of an accounting period in order to remove certain adjusting entries made in the previous accounting period. Reversing entries are used in order to avoid the double counting of revenues or expenses.
When you create a journal entry you want to automatically reverse, specify a journal category that has assigned reversal criteria. Your journal will be reversed based on the method, period and date criteria you defined for that journal category.
Steps for Journal reversal criteria set in oracle r12
General Ledger generates and posts reversals for journals that satisfy the following conditions:
· The journal balance type is Actual.
· The journal category is enabled to be Auto-reversed.
· The journal is posted but not yet reversed.
· The journal reversal period is open or future enterable.
We can set Profile option GL: Launch Auto-Reverse After Open Period to YES to automatically lunch reverse journal program when you open a new GL period.
Open the Next Period and as per the Auto Reversal rule , Auto Reverse Journal will be Triggered for the Category : Accrual.
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