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)


 

Entering Manual Journals in Oracle Fusion

Entering Manual Journals in Oracle Fusion

In this post , We will discuss how to create an GL manual journals in Oracle Fusion. We creates GL journals in Oracle. I will show you step by step process to create GL manual journals in Oracle Fusion.

 

Entering Manual Journals in Oracle Fusion

 

Step1:-

Log into Oracle Fusion Application With Appropriate Job Role to Process General Ledger Journals 

 

Navigator -> General Accounting -> Journal

 

 

 

Step2:-

Navigate to the Create Journal screen Journal -> Create Journal under task pane

 

Step3:-

Enter Journal Batch Name, Description (optional) ,Source Manual will get Defaulted

select the appropriate Accounting Period from the drop down selection box.

Enter Journal batch, Description, opened Accounting period from LOV.

 

 

 

Step4:-

Enter Journal Name, Journal Description, Ledger, Accounting Date, Category (i.e. purpose of entry), and Currency. 

 

Step5:-

 

Navigate to Journal Lines. Journal -> Down Arrow(Expand)

Enter Debit or Credit amount.  Optional: Enter journal line description for each line. Debit  amount and JE Line Description

Enter general ledger Line1 account .Select Line level Account & Enter  Click OK

 

 

 

Click on Complete Button on the top of the journal Batch

 

 

Step6: -

Deleting Journal Line .Select the Line/Row -> Action -> Delete & Save

 

 

 

Step7:- Post GL journal as below.

 

 

 

Entering Manual Journals in Oracle Fusion