Quick Fix to a General Ledger posting to a wrong period
It happens. Sometimes a General Journal Entry is posted to an incorrect general ledger period. Obviously correcting General Journal Entry must be accomplished to fix the error for accurate financial statement presentation. To avoid the lengthy process of re-entering the General Ledger accounts and amounts in a new journal entry, a few shortcuts can be done to correct the mistake very quickly.
Prior to making the entry, you must know the source journal, journal number and date of the incorrect entry. To fix, in the MAS90/200 menu system, go to the General Ledger Module, Main, General Journal Entry feature. If option to use batch entry for journal entries is turned on, create a new General Journal Entry Batch. Once the General Journal Entry screen appears, enter the same source journal code used on the invalid entry. Click the #>button to assign the next journal number, or enter a journal number you wish to use.
In the Posting Date field, enter the correct date the entry should have posted to. In Reversing Date field, enter the same date the incorrect entry was posted to. DO NOT enter a comment yet. The next step will override the comment section. Select the “COPY FROM” button located in the upper right corner of the form. Select the Journal History option on the Copy From form and click the “OK” button .
Once the OK button is chosen, the GL Source Journal History List Screen opens. In the list find the incorrect posting and either highlight the item and click the “SELECT” button, or double-click on the item to copy it to the current entry.
After choosing the incorrect item, the comments and line distribution detail is copied to the new journal entry.
At this point the Journal Comment can be modified to reflect this is a correcting entry.
Unfortunately the changes to the journal comment will not update the comments on the line detail. The comments on the distribution lines will need to be changed individually.
Once complete with changes, print and post the General Ledger, General Journal. Two journal entries will be posted in the one step. An entry will post the correct debit and credit amounts to the appropriate date entered in the Posting Date field of the General Journal Entry “Header” tab. Since the original incorrect date was entered into the Reversing Date field of the General Journal Entry “Header” tab, the incorrect entry will automatically be reversed on the bad date.
To confirm the correction either, review a General Ledger Detail Report from the General Ledger module, Reports menu, or review one of the affected accounts in Account Maintenance feature in the General Ledger, Main menu. The original incorrect date should include both a debit a credit entry; one reversing the other. The correct posting date should only include one entry.
The same copy feature from “Journal History” can be a time saver when posting very similar entries to journals posted in the past. Unlike the copy from “Standard Journal” feature, the debit and credit values are transferred during the copy process; perhaps only needing to only change a few values in lieu of entering all the debit and credit values.
If you need help with you Sage 100 ERP software or additional training, contact Oasis Solutions Group at https://oasis.solutions or 502.429.6902. Oasis provides software, training, support and custom programming for ERP, CRM and HR/Payroll software.