Adjusting Transactions: Process Activity

In this activity, you will learn how to process an auto-reversing batch.

Attention: This activity is based on the U100 dataset. If you are using another dataset, or if any system settings have been changed in U100, these changes can affect the workflow of the activity and the results of the processing. To avoid any issues, restore the U100 dataset to its initial state.

Video Tutorial

This video shows you the common process but may contain less detail than the activity has. If you want to repeat the activity on your own or you are preparing to take the certification exam, we recommend that you follow the instructions in the steps of the activity.

FEEDBACK

Story

Suppose that by the end of January 2024, the electricity used by the SweetLife Head Office and Wholesale Center in January has not yet been billed by the vendor. Acting as a SweetLife accountant, you need to create an auto-reversing batch for the amount of $2,320, which will be posted on January 31 and reversed at the beginning of the next financial period.

Process Overview

In this activity, to process an auto-reversing batch, you will create and release an auto-reversing batch on the Journal Transactions (GL301000) form, and then check the ending balance the Account Details (GL404000) form.

System Preparation

To prepare the system, do the following:

  1. Launch the MYOB Acumatica website with the U100 dataset. Sign in as an accountant by using the following credentials:
    • Username: johnson
    • Password: 123
  2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/31/2024. If a different date is displayed, click the Business Date menu button and select 1/31/2024. For simplicity, in this lesson, you will create and process all documents in the system on this business date.
  3. On the Company and Branch Selection menu, also on the top pane of the MYOB Acumatica screen, make sure that the SweetLife Head Office and Wholesale Center branch is selected. If it is not selected, click the Company and Branch Selection menu to view the list of branches that you have access to, and then click SweetLife Head Office and Wholesale Center.

Step 1: Creating and Releasing an Auto-Reversing Batch

To process an auto-reversing batch, do the following:

  1. Open the Journal Transactions (GL301000) form, and create a new record.
  2. In the Summary area, specify the following settings:
    • Transaction Date: 1/31/2024 (inserted by default)
    • Post Period: 01-2024 (inserted by default)
    • Description: Electricity expenses of $2,320
    • Auto Reversing: Selected
  3. On the table toolbar of the Details tab, click Add Row and specify the following settings for the added row:
    • Branch: HEADOFFICE (inserted by default)
    • Account: 63300 - Utilities
    • Debit Amount: 2320
  4. Click Add Row again and add another row with the following settings:
    • Branch: HEADOFFICE (inserted by default)
    • Account: 23020 - Other Accrued Expenses
    • Credit Amount: 2320
  5. Click Save on the form toolbar, and note that the status of the batch is On Hold.
  6. On the form toolbar, click Remove Hold and save the batch. The batch's status has changed to Balanced.
  7. On the form toolbar, click Release to release the batch.

    This causes the original batch to be posted. The system has also generated a new batch with the next sequential number and posted the batch to the first day of the next financial period. The released batch is shown in the following screenshot.

    Figure 1. The released auto-reversing batch


  8. In the Reversing Batches box of the Summary area, click 1 (the number of the reversing batches).

    The system opens the GL Reversing Batches (GL690010) report with the created reversing batch and its details.

Step 2: Reviewing the Posted Transaction

To review the account balance and the posted transactions, do the following:

  1. Open the Account Details (GL404000) form.
  2. In the From Period box of the Summary area, select 01-2024.
  3. In the To Period box, select 02-2024.
  4. In the Account box, select 23020 - Other Accrued Expenses.
  5. In the table, review the account's ending balance in the Ending Balance column for both periods.
  6. In the Account box, select 63300 - Utilities.
  7. In the table, review the account's ending balance in the Ending Balance column for both periods.