Reversing Transactions: Process Activity

In this activity, you will learn how to reverse a GL 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.

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Story

Suppose that in February 2024, a transaction was posted by mistake for the monthly office rent expense that the SweetLife Fruits & Jams company pays to its landlord.

Acting as a SweetLife accountant, you need to reverse this transaction posted for the SweetLife Head Office and Wholesale Center (HEADOFFICE) branch.

Process Overview

In this activity, to reverse a batch, you will search for the needed batch on the Journal Transactions (GL301000) form and reverse it. You will then check the ending balance on the Account Summary (GL401000) form and drill down to the Account Details (GL404000) form to make sure that the account balance is now correct.

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. 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 Batch to be Reversed

To find the batch to be reversed, do the following:

  1. Open the Journal Transactions (GL3010PL) list of records.
  2. In the table, click the Transaction Date column, and in the dialog box that opens, specify the following settings:
    • Equals: Selected
    • Value: 2/25/2024
  3. Click OK. The system displays the batch dated February 25, 2024.

Step 2: Reversing the Batch

To reverse the batch, do the following:

  1. While you are still on the Journal Transactions (GL3010PL) list of records with the needed batch listed, click the link in the Batch Number column to open the batch on the Journal Transactions (GL301000) form.
  2. On the More menu (under Corrections), click Reverse.

    The system generates and opens a reversing batch. In the Summary area, notice that the number of the original batch is shown in the Orig. Batch Number box, the Reversing Entry check box is selected, and the batch's status is On Hold, as shown in the following screenshot.

    Figure 1. The reversing batch created by the system


  3. On the form toolbar, click Remove Hold.
  4. On the form toolbar, click Release to release the batch.

Step 3: Reviewing the Posted Transaction

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

  1. Open the Account Summary (GL401000) form.
  2. In the Period box of the Summary area, select 02-2024.
  3. In the table, locate the 62900 - Rent or Lease Expense account and review its ending balance in the Ending Balance column.
  4. Click the link in the Account column for the 62900 account, and on the Account Details (GL404000) form, which opens, review the list of entries posted to this account.