GL reversing entries | IFS Community
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GL reversing entries

  • 17 February 2021
  • 13 replies
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Userlevel 4
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Hello to all the Accounting members, we are tying to configure IFS to automatically reverse a GL voucher entry after the first of the month.  This is the classic accrual type of GL entry whereby we make a GL voucher transaction entry in one month and auto reverse it the next month after the actual charges post to the balance sheet.  

When creating a manual voucher entry, we do not see anywhere we can set a reversal.  We are on IFS APPS9, UPD16.  

How can this be achieved in IFS?  There has to be a way as this is Accounting 101.

Thanks!

Mark

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Best answer by Xavier Fernando 4 June 2021, 19:51

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13 replies

Userlevel 5
Badge +10

Hi @svrmhuebner ,

I believe you are looking for Interim Voucher option in Voucher Entry level. Create the JV as usual and once, Saved RMB on the header and select Interim Voucher option. This will pop up a dialog box to enter voucher reversing period. Update those information and click OK

Then Application will create the Reversing Voucher for mentioned period.

 

Hope this will help!

Regards,

Akila 

Userlevel 6
Badge +13

Hi ,

On the Voucher entry screen once the Manual Voucher is approved, RMB on header and select Interim voucher options and enter the user details and voucher type R .

Regards,

Mukesh Gupta

Userlevel 4
Badge +8

Thank you for the quick responses, is there only certain types of vouchers this works for?  I asked my accounting team to try the steps above and the “interim voucher” menu items is greyed out and does not allow them to open the dialog box…

Please advise.

Userlevel 5
Badge +10

Hi @svrmhuebner ,

Yes, Interim Voucher option works only with Voucher types that have M function group since Interim voucher creation is only allowed for Manual entries.

Hope this will help.

 

Regards,

Akila

Userlevel 4
Badge +8

Interim voucher also doesn’t apply for voucher type Q when you need to post to a ledger account.  Does this get changed in version 10 or Cloud?   Not sure why only “M” types are only allowed to be reversed in that manner. 

 

Thank you

Userlevel 7
Badge +15

@svrmhuebner ,

Your requirement of automatically reversing on next month could be easily achieved through a Simulation voucher.

Here when you enable simulation voucher for Voucher type function M and R, M voucher enters on a specific month will be automatically removed in next month using voucher type R ( Here both M and R are enabled for Simulation voucher functionality)

Voucher Type R
 


Voucher Type M
 

 

Userlevel 4
Badge +8

thank you @svrmhuebner !  I do see this as convenient at time of entry for M type however if it’s a Q type voucher they want reversed, I can’t set up as reversing it looks like.

 

I didn’t realize what simulation voucher meant so I can see this being useful to record normal reversing entries.  Thank you

Userlevel 7
Badge +12

Why do you use Q vouchers at all? It should be forbidden to touch ledger accounts with non-ledger entries, otherwise you will not be able to reconcile your subledger information...

Userlevel 4
Badge +8

IFS makes accounts ledger accounts used in posting controls that are not necessarily true ledger accounts the way the accountants use them.  ie: project management accounts, error suspense as examples.    We do not touch the AP / AR subledger accounts 

Userlevel 4
Badge +5

@svrmhuebner,

Your requirement of automatically reversing on next month could be easily achieved through a Simulation voucher.

Here when you enable simulation voucher for Voucher type function M and R, M voucher enters on a specific month will be automatically removed in next month using voucher type R ( Here both M and R are enabled for Simulation voucher functionality)

Voucher Type R
 


Voucher Type M
 

 

Xavier

I wasn’t aware of what a ‘Simulation’ Voucher did either.  We have 10 or so different companies in IFS and mainly upload external vouchers instead of typing them in.  I added an M and R function group voucher type ticked as Simulation Vouchers as shown here.  I see that the “R” function group voucher is automatically created when the M function group voucher is saved in Voucher Entry.  When I upload using (from your example) and MX voucher, an XR voucher is not created.  Is there a way to get that to work, or will Simulation Vouchers only work through the Voucher Entry screen?

thx,

Cynthia

Userlevel 7
Badge +15

@svrmhuebner,

Your requirement of automatically reversing on next month could be easily achieved through a Simulation voucher.

Here when you enable simulation voucher for Voucher type function M and R, M voucher enters on a specific month will be automatically removed in next month using voucher type R ( Here both M and R are enabled for Simulation voucher functionality)

Voucher Type R
 


Voucher Type M
 

 

Xavier

I wasn’t aware of what a ‘Simulation’ Voucher did either.  We have 10 or so different companies in IFS and mainly upload external vouchers instead of typing them in.  I added an M and R function group voucher type ticked as Simulation Vouchers as shown here.  I see that the “R” function group voucher is automatically created when the M function group voucher is saved in Voucher Entry.  When I upload using (from your example) and MX voucher, an XR voucher is not created.  Is there a way to get that to work, or will Simulation Vouchers only work through the Voucher Entry screen?

thx,

Cynthia



Hi Cynthia ,

In my screenshot MX and XR voucher types was created by me as lieu for M and R respectively ( Please observe the function group at line level ) .  Since R created automatically for you in next period. Your process work fine.

Userlevel 5
Badge +10

@svrmhuebner,

Your requirement of automatically reversing on next month could be easily achieved through a Simulation voucher.

Here when you enable simulation voucher for Voucher type function M and R, M voucher enters on a specific month will be automatically removed in next month using voucher type R ( Here both M and R are enabled for Simulation voucher functionality)

Voucher Type R
 


Voucher Type M
 

 

What does this look like in Aurena?

 

Thank you!

Christy

Userlevel 4
Badge +8

when you go to GL Balance Analysis you need to always check off “Simulation” so you see those vouchers as well.   Is there a way to have this checked off automatically so users do not forget?  It took me by surprise that we had to do this.