Making General Ledger Adjustments in Acumatica

August 3, 2016


"Hi, I want to show you a couple of really slick things with Acumatica General Ledger. This product is based on doing things efficiently, as well as effectively. So today, I first want to show you how to reverse a General Ledger journal entry. And then I'm going to show you how easy it is to duplicate a journal entry that may be the same month over month, possibly not recurring, but similar.

We'll start by going into finance and General Ledger, and I want to show you the problem that I encountered and that I want to get resolved.So I'm going to look at account summary, and I can see here on this particular account, as I was looking at my balance sheet, that the savings account was way too high. And that's because we only made a $60,000 deposit not $120,000 deposit. My first thought is that I messed it booked an entry twice. So let's go see what happened.

I'll go to transactions, under a journal, and I'm going to look at the journal entries that were booked. And just as I had suspected this same transaction got booked twice, so I need to reverse one of those. I'll bring in this second one. And normally, while one might have to go in and recreate all the details of this long journal entry against the appropriate debits and credits on each account. With Acumatica all I have to do is come up here to reverse batch.

It automatically creates a new journal entry that is a reversing entry. That all I have to do is tell it to release. You can see it's processing the transaction now. And then, when this is finished updating the financials, then I can go back into account summary. And now I can see that my$60,000 entry has been reversed. Very simple. One of the other features that I really like about Acumatica General Ledger is the way that it handles duplicating entries—not necessarily recurring, there's a future for that, and sometimes we don't need a recurring entry, we just need a similar entry.

So go into journal transactions, and I pull up which ever entry was of similar nature that I want to duplicate. So, maybe it was this transaction back on 0815, then I do is go up here to copy. And then I can create a new entry in whatever accounting period is appropriate and tell it to paste. Now that entry has been created for me and all I have to do is adjust the dollar amount if in fact that's the only difference in the two. Once I've done that, and my journal entry is balanced, then all I do is release it and it'll be posted as well. Acumatica is so simple. I just love this."

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