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This tutorial covers creating auto-reversing journal entries and reviewing the entries in the following period. Back to Topic List
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. Back to Topic List
Prerequisites
Before starting this tutorial, you should: 1. 2. 3. 4. Have access to or have installed Oracle Hyperion Financial Management, Fusion Edition 11.1.1.0.0 Have installed and opened a Financial Management application Have created a child entity (WestSales is used for this tutorial) Opened the periods for which you are generating and reviewing auto-reversing journal entries Back to Topic List
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.
2 On the POV bar, select Scenario: Actual, Year:2008, Period: January, Value: <Entity Curr Adjs>, and . click New.
3 Select Start with blank Journal. Under Type, select Auto-reversing. Click OK. .
Label
AutoRev J1
Balance Type
Balanced US
Security
Description
Revenue Adjustments for Jan - Auto-reversing
6 Place your cursor in the first cell in the Account column, click Pick Members, and enter the following member . information:
Account
ICP
Business Markets
[None] [None] [None] [None]
Grades Unit/Flows
[None] [None] Decreases [None]
Debit
5000
Credit
5000
7 Click Save.
8 Select Process > Submit to submit the journal entry for approval and posting. .
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. .
3 Select the check box to the left of AutoRev J1, and click Open. .
5 Select the check box to the left of AutoRev J1, and select Process > Post. .
POV
Scenario Year View Entity Value ICP LIneOfBusiness Markets Grades UnitsFlow Actual 2008 <Scenario View> California.WestSales <Entity Curr Adjs> [ICP None] [None] [None] [None] [None]
Value
The account OtherRevenues is debited in January and credited in February. Similarly, the account ShortTermRec is credited in January and debited in February.
Summary
In this tutorial, you learned how to: Create auto-reversing journal entries Review auto-reversing journal entries