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.