Page 24 - Participant Guide ebook - Unanet GovCon Using General Ledger

Reversing Journal Entries - When checking the Reversing option, upon posting
of this journal entry a second reversing journal entry will be generated and posted as
well in the following fiscal period. This second journal entry will be a complete duplicate
having the debit and credit values switched on each detail line item.

Activity 3.3 GL Reversing Journal Entry – Accrued Expenses
Login as Amy Accountant (GL User) – aaccountant / welcome

Activity Steps:
The monthly Utilities invoice arrived too late for the AP dept to process for this fiscal
period. However, the expense needs to be recognized this period. Create a month end
reversing journal entry to record the accrued expense.

1. Navigate: Financials > General Ledger > Journal Entries then + Journal Entry

2. Enter the following Summary information then click SAVE
• Description Monthly Accrued Expenses
• Document Date End of Posting Month
• Post Date End of Posting Month
• Select Reversing Automatically set to 1st day of next fiscal period

3. Enter the Details > Expenses for this MyCo transaction:
DEBIT:

• ACCOUNT 62.01.06 – Utilities Expense
• ORGANIZATION MyCo
• DEBIT 2,200

CREDIT:
• ACCOUNT 20.04.02 Accrued Expense
• ORGANIZATION MyCo
• CREDIT 2,200

4. Confirm the DEBITS AND CREDITS ARE EQUAL and SAVE

5. Submit the journal entry for posting

LESSON 3 GENERAL LEDGER TRANSACTIONS
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