Reversing a journal entry

You can define a reversing journal entry to reverse an incorrect journal entry that has been posted to the Multi-Book Ledger application. You can then define a new, correct journal entry, if needed. This procedure describes the process for reversing a journal entry.

If you are posting the reversing journal entry or a new journal entry to a previous period, you must open the period for backposting.

Reverse a journal entry

  1. To reverse a journal entry for a closed period, open the period for backposting by completing these steps:
    1. Access Ledger Calendar Map (ML12.1).
    2. In the Ledger and Company fields, select the ledger and company you want to reverse a journal entry for.
    3. Select the Inquire form action.
    4. Click the Backpost button to open the Backposting Control subform.
    5. In the Status field of the period you want to reverse a journal entry in, select Backposting Allowed.
    6. Select the Change form action.
  2. Create a reversing journal entry by copying the journal entry you want to reverse with Yes selected in the Reverse Values field. You can assign a new post date to the reversing entry. Copying a journal entry

Follow up tasks

  • Release the journal entry. Releasing journal entries

  • Post the journal entry. Posting journal entries

  • If you opened a period for backposting in the current year, close the period you opened using Ledger Period Closing (ML199). Or, if you opened a period for backposting in the previous year, close the period you opened and close the last period of last year. Closing a period or year-end