In most cases those provisional journals which you have entered into one period need to be reversed out of the following period. This option provides an automatic way to reverse the journals that were not entered with a specific reversal date, and clears the flag which marked them as provisional.In effect, for every provisional journal encountered, a new journal is written to the same nominal account or accounts but with a credit value instead of debit, and vice versa.
Although you may choose to reverse journals selectively according to date, journal number or transaction record number, it is generally better to reverse all the provisional journals in one go. If the event for which you raised the provisional journal has still not occurred, then you can always re-apply the provisional journal.
First you must answer some initial questions:
Transaction Record Numbers From / To
Transaction Date Range From / To
Journal Number Range From / To
These options allow you select the provisional journals you want to reverse. Initially the whole transaction record range is offered, although you may choose a different range. If you always reverse all transactions, then you should only need to reverse transactions from the highest record number you reversed last time.
In addition you may choose a date and/or journal number range within which to search. Enter the options, if any, that you require. If you leave a ‘From’ date or journal number blank, then it assumes there is no lower limit, and if you leave the ‘To’ date or journal blank it assumes there is no upper limit to the search.Both the ‘From’ and ‘To’ values are inclusive.
Post Reversed Journals in Period / Date
Enter the period number into which the reversed provisional entries are to be posted, and the date to give to the reversed transaction. The date must be within the range for the period number given, otherwise you cannot proceed.
Once you’ve answered all the above questions you are then asked ‘Ok to Commence Reversing of Journals?’A reply of ‘No’ takes you back the menu.If you reply ‘Yes’ and the journal transactions you’ve selected are scanned. Any provisional journals are reversed with normal journals, and the provisional flags are removed.
Article ID: 1030
Created On: Wed, Jun 27, 2012 at 2:22 PM
Last Updated On: Mon, Jun 19, 2023 at 7:18 PM
Online URL: https://kb.datafile.co.uk/article/reverse-provisionals-nominal-1030.html