How to setup Auto Reversal of Journals?
Posted: Wed May 22, 2019 7:58 am
During month end process Finance team has to reverse journals in the next period so here are steps to configure automatically to avoid any manual mistake,
1) Define the Auto reversal criteria for the required Journal Category from:
GL-->Setup-->Journal-->AutoReverse.
select the Category. In R12 you also need to select the Criteria Set associated with the Ledger in the Accounting Setup Manager.
check the AutoReverse button.
select the Reversal Period and Reversal Method to use with the journals of this category.
2) Set the Profile Option GL: Launch AutoReverse After Open Period to Yes.
3) Enter a journal in GL either manually, import from a sub-ledger or upload through a worksheet and post the Journals. Ensure that the
period of reversal has never been opened.
4) Open the next period /period of reversal, and thus the trigger is automatically set to reverse the journal in this period.
5) The reversed journal has to be Posted to update the balances.
1) Define the Auto reversal criteria for the required Journal Category from:
GL-->Setup-->Journal-->AutoReverse.
select the Category. In R12 you also need to select the Criteria Set associated with the Ledger in the Accounting Setup Manager.
check the AutoReverse button.
select the Reversal Period and Reversal Method to use with the journals of this category.
2) Set the Profile Option GL: Launch AutoReverse After Open Period to Yes.
3) Enter a journal in GL either manually, import from a sub-ledger or upload through a worksheet and post the Journals. Ensure that the
period of reversal has never been opened.
4) Open the next period /period of reversal, and thus the trigger is automatically set to reverse the journal in this period.
5) The reversed journal has to be Posted to update the balances.