The following requirements apply when you are reversing transactions:

• You must perform the reversal where the transaction originated. For example, you cannot reverse from General ledger if the transaction originated in Accounts payable.

• You must reverse transactions in proper sequential order. For example, if you applied a cash receipt to a Disposal - saletransaction, you must reverse the receipt settlement before you reverse the Disposal - saletransaction.

The following additional requirements apply when you are reversing a transaction that affects a fixed asset:

• When in General ledger, you must use the Fixed asset transactionsform instead of the Account transactionsform to reverse transactions. For more information, see Account transactions (form).

• For Provision for reserve, Transfer from reserve, or Disposal - saletype reversals, the fixed asset must have a status of Openor Sold. For Disposal - scraptype reversals, the fixed asset must have a status of Openor Scrapped. For all other asset reversals, the asset involved in the transaction must have a status of Open.

Note
Fixed asset transaction reversals reset fixed asset field values to their previous values. For example, an asset status might be reset from Opento Not yet acquired, or the Depreciation periodsfield might be reset from 119to 120.

1. Click General ledger> Common Forms> Chart of Account Details

   –or–

   Accounts receivable> Common Forms> Customer Details

   –or–

   General ledger> Common Forms> Fixed Asset Details > Value models

   –or–

   General ledger> Common Forms> Fixed Asset Details > Depreciation books

   –or–

   Accounts payable> Common Forms> Vendor Details .

   Note
   Invoices that are partially paid or settled (fully paid) cannot be reversed. You must reverse the settlement first, and then you can reverse the transaction. For more information, see Reverse settlements.

2. Select an account, value model, or depreciation book.

3. Click Transactions.

4. Select the transaction to reverse.

5. Click Reverse transaction.

6. Select the posting date for the reversed transaction. The date cannot be before the original posting date or in a closed period.

   Note
   Parameter settings for a module determine whether you must enter a reason for the reversal, in addition to entering a posting date. For more information, see About financial reason codes.

7. Click OK.