Creating Auto-reversing Journal Entries
Purpose
This tutorial covers creating and reviewing auto-reversing journal entries.
Time to Complete
Approximately 30 minutes.
Topics
This tutorial covers the following topics:
 | Overview |
| Scenario |
| Prerequisites |
| Creating Auto-reversing Journal Entries |
| Reviewing Auto-reversing Journal Entries |
| Summary |
| Related information |
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Overview
This tutorial covers creating auto-reversing journal entries and reviewing the entries in the following period.
Scenario
You create auto-reversing journals to enter adjustments that you want to reverse in the next period. For example, your company mistakenly booked February revenue in January. You can create an auto-reversing journal entry to debit the revenue in January. The journal entry reverses in February, and credits revenue in the correct period.
Prerequisites
Before starting this tutorial, you should:
| 1. | Have access to or have installed Oracle® Hyperion Financial Management, Fusion Edition 11.1.1.0.0 |
| 2. | Have installed and opened a Financial Management application |
| 3. | Have created a child entity (WestSales is used for this tutorial) |
| 4. | Opened the periods for which you are generating and reviewing auto-reversing journal entries |
Creating Auto-reversing Journal Entries
In this part of the tutorial, you create an auto-reversing journal entry in the WestSales entity. The entry is for February revenue that was incorrectly credited in January 2008.
1. | Open your Financial Management application, and In the Browser View pane, navigate to Tasks > Journal Tasks > Process Journals.
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2. | On the POV bar, select Scenario: Actual, Year:2008, Period: January, Value: <Entity Curr Adjs>, and click New.
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| 3. | Select Start with blank Journal. Under Type, select Auto-reversing. Click OK.
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| 4. | In the POV for Entity, select California.WestSales, and click OK.
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| 5. | Under Edit Auto-reversing Journal, enter the following information:
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| 6. | Place your cursor in the first cell in the Account column, click Pick Members, and enter the following member information:
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| 7. | Click Save.
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| 8. | Select Process > Submit to submit the journal entry for approval and posting.
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| 9. | Click Close to return to the Process Journals window.
The journal is displayed in the list. The status is Submitted.
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Reviewing Auto-reversing Journal Entries
After the auto-reversing journal entry is approved and posted, you can review it in the next period (February) to ensure that it was reversed correctly.
| 1. | In the Browser View pane, navigate to Tasks > Journal Tasks > Process Journals.
The journal is displayed in the list. The status is Posted.
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| 2. | In the POV for Period, select February, and click OK.
The status of the journal for February is automatically set to Approved.
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| 3. | Select the check box to the left of AutoRev J1, and click Open.
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| 4. | Perfrom the following actions: a. Review the journal.
The journal is reversed in February and is ready to be posted. b. Click Close.
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| 5. | Select the check box to the left of AutoRev J1, and select Process > Post.
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| 6. | In the Browser View pane, navigate to Data Grids > P and L.
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| 7. | In the POV, select the following POV:
The account OtherRevenues is debited in January and credited in February. Similarly, the account ShortTermRec is credited in January and debited in February.
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Summary
In this tutorial, you learned how to:
| Create auto-reversing journal entries |
| Review auto-reversing journal entries |
Related Information
 | To learn more about Financial Management, refer to additional OBEs. |
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