Reclassifying Transactions: Process Activity

In this activity, you will learn how to reclassify GL transactions.

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 while reviewing the Transactions for Account (GL633500) report, CFO of the SweetLife Fruits & Jams company found out that an office desk repair transaction was mistakenly posted to the 62400 - Office Expense account.

Acting as a SweetLife accountant, you have to find this transaction, which was posted in 03-2023, and reclassify it to the 62950 - Repairs account.

Process Overview

In this activity, to reclassify a GL transaction, you will run the Transactions for Account (GL633500) report, load a list of transactions, reclassify the needed transaction on the Reclassify Transactions (GL506000) form, and release the batch. Then you will run the Account Details (GL404000) inquiry and review the transactions after the reclassification.

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 1/30/2024. If a different date is displayed, click the Business Date menu button and select 1/30/2024. For simplicity, in this activity, 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: Finding the Transaction to be Reclassified

To find the transaction to be reclassified, do the following:

  1. Open the Transactions for Account (GL633500) form.
  2. On the Report Parameters tab, specify the following parameters:
    • Company/Branch: HEADOFFICE (SweetLife Head Office and Wholesale Center) (inserted by default based on the selected branch)
    • Ledger: ACTUAL
    • From Period: 03-2023
    • To Period: 03-2023
    • Account: 62400 - Office Expense
  3. Click Run Report.

    The report displays the transaction that falls within the specified criteria.

Step 2: Reclassifying the Transaction

To reclassify the transaction, do the following:

  1. On the Transactions for Account (GL633500) report, which you generated in Step 1, click the link in the Batch Number column.

    The batch is opened on the Journal Transactions (GL301000) form.

  2. On the More menu (under Corrections), click Reclassify.

    The batch is opened on the Reclassify Transactions (GL506000) form.

  3. In the To Account column for the row with the 62400 account, change the value to 62950 (Repairs). Press Ctrl + Enter to submit your changes.

    Notice that the unlabeled check box for this row is selected automatically. This is because you have changed the value in the To Account box, as shown in the following screenshot.

    Figure 1. The reclassified transaction before being processed


  4. On the form toolbar, click Process.

Step 3: Releasing the Batch

To release the reclassification batch, do the following:

  1. While you are still on the Reclassify Transactions (GL506000) form, in the Processing dialog box, which is displayed, click the Processed tab.

    Notice the batch number in the Reclass. Batch Number column (which the system inserted when processing completed successfully).

  2. Click the link in the Reclass. Batch Number column and review the reclassification batch on the Journal Transactions (GL301000) form, which opens. Notice that the reclassification batch has not yet been released.
  3. On the form toolbar, click Remove Hold.
  4. On the form toolbar, click Release to release the batch.

Step 4: Reviewing the Account Details

To review the details of the 62400 account, do the following:

  1. Open the Account Details (GL404000) form.
  2. In the Summary area, specify the following settings:
    • From Period: 03-2023
    • To Period: 03-2023
    • Account: 62400
    • Include Reclassified: Cleared

    The table displays no transactions.

  3. Select the Include Reclassified check box in the Summary area, and review the two batches listed in the table. Note that a message is displayed next to the original batch, stating that the transaction has been reclassified. In the Reclass. Batch Number column, you can view the number of the reclassification batch.