Reversing Journal Sets

In this article we look at how to to use the Reverse option on journal sets in Jiwa.

Before proceeding we recommend that you review the article Jiwa GL - Journal Sets.  

Overview

The Reverse option on journal sets in Jiwa can be used to,

1. Set-up accrual journals that will be reversed on a selected period or date, or

2. Reverse incorrect General Journal entries

Any transaction that needs to be reversed should always be reversed from the source ledger or module.

Note: Only journal sets with the source of Local should be reversed using the reverse journal set option.

Accrual Journals

Create your GL journal as normal.

Prior to saving the journal set ensure that you set the Reverse option by selecting when you want the accrual reversed, the following options are available;

• Next Period Start,

• Specific Period Start, and

• On a Specific Date

 The journal set is updated with the status of Waiting for Reversal

When you have completed your accrual journal select Save from the menu ribbon to save your accrual.

The General Ledger is updated and the journal set is locked from further editing.  The reversal is still waiting to be processed.

Processing Reversals

The reversal entry is then posted to the General Ledger using the Automatic Journals form.

From the menu select General Ledger | Journal Transactions | Automatic Journals

From the menu ribbon select New to create a new batch

The automatic journal grid is populated with all journals that are due to be posted, this is based on the current system date.

To post your reversing journal/(s) select Save from the menu ribbon.

Once the batch is posted to the General Ledger the Destination Set No field is updated with the reversing journal set number.

The originating journal set is also updated indicating that the reversal has now been processed.

Reversing Incorrect Journals

Before proceeding it is important to note that only journal sets with the source type of Local should be reversed using this method all other journals must be reversed from the source ledger.

Reversing a journal set that was generated from a sub ledger will result in variances between the sub ledger and control accounts in the General Ledger.

Load the incorrect journal set into the Journal Set form, confirm that the source is Local.

Select the Reverse option On A Specific Date this will allow you to set the date you want the journal set reversed  

From the menu ribbon select Save and then process your reversal using the Automatic Journals form as per the instruction's above.