REVERSE POSTED JOURNAL ENTRY
Use this screen to create a reversing journal entry for a previously posted journal entry. After you specify the journal entry number, journal entry type, and the subperiod in which the entry was originally posted, the process creates a journal entry in the subperiod selected. You can then edit and post this journal entry in the normal fashion.
You can use this screen to reverse all types of journal entries: adjusting, recurring, reversal adjusting, reversal recurring, project transfer, and multi-job allocations. This includes journal entries created through separate processes such as the Manage Cost of Goods Sold process and the Create Multi-Job Allocation Entry process. The journal entry type of the reversing journal entry is always Adjusting. When you create the journal entry, Costpoint assigns it the next journal entry number in the sequence.
If your firm's accounting operations policies include segregation of duties, perhaps to comply with the Sarbanes-Oxley Act of 2002—or if it has otherwise decided to require that journal entries be approved—you can use the Approve Journal Entries screen to approve journal entries. In that case, you can also use the Approve Journal Entries check box on this screen to override other journal entry approval settings and approve the reversal of a journal entry that was originally approved for posting.
Do not run this process while other users are using the Manage Journal Entries screen. Before you start this process, make sure that no one is using the Manage Journal Entries screen.
Location
Identification
Use the fields in this block to create a new parameter ID or to retrieve
a previously saved parameter ID. A parameter ID represents a set of screen
selection parameters. After you have saved a parameter ID and its related
parameters, you can retrieve them using Query.
You can use the retrieved parameters to produce reports and run processes
more efficiently and with greater consistency. The saved parameters are
also useful and necessary when you want to run the process as part of
a batch job. Many users save a unique set of parameters for each different
way they run a report or process. When you select a previously saved parameter
ID or parameter description, the associated saved screen selection parameters
automatically display as selection defaults. The page setup and print
options are also included in the saved parameter ID if there are any.
You can change any of the associated selection defaults as necessary.
Parameter ID
Enter, or click 
to select, a parameter
ID of up to 15 alphanumeric characters. Choose characters for your parameter
ID that help identify the type of selections you made in the screen, such
as PERIOD or QUARTERLY.
When you save your record, all the selections made in the screen are
stored with the parameter ID. Later, you can retrieve the parameter using
Query.
You can use the parameter to run the process more efficiently because
you can select the parameter ID with its previously defined screen selections.
After the default selections display in the screen, you can override the
defaults.
Description
Enter, or click to select, a parameter
description of up to 30 alphanumeric characters.
Selection Ranges
Journal Entry
JE Number
Enter the journal entry number that you want to reverse.
Journal Type
Select the journal entry type of the entry that you want to reverse from the drop-down list. (A journal entry number can be posted more than once, each time with a different journal entry type.)
Subpd of Original JE
Fiscal Year, Period, Subpd
Enter, or click 
to select, the fiscal year, period, and subperiod in which the journal entry was originally posted.
Selection Ranges: Subpd For New JE
Fiscal Year, Period, Subpd
Enter, or click to select, the fiscal year, period, and subperiod for which you want the reversing entry to be entered.
Options
Approve Journal Entries
If your firm uses the Journal Entry Approval feature:
-
Select this check box to override all other approval settings and approve the reversing journal entry for journal entry that was originally approved for posting.
-
Leave this check box cleared to apply the journal entry approval settings specified on the Approval Settings subtask of the Configure General Ledger Settings screen and the Assign Journal Entry Approvers to Users screen.
Reverse Posted Journal Entry
Click Reverse Posted Journal Entry on the Action menu to create the reversing journal entry. When the process is completed, Costpoint displays a message that indicates the journal entry number it assigned to the reversing entry.