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Answer

Inventory Transfer - Unposted JE on Closed Period

  • November 20, 2023
  • 1 reply
  • 35 views
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Varsity I
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IN - Inventory Transfer (2 Step) Created and released  , However the JE  is Unposted  and Financials Reported .

Can we Reverse it without Posting the JE or Reverse it after posting . as we dont need to include in the period which is already reported 

What is Best prictice

Best answer by Laura03

Hello,

  1. Post the batch.
  2. Reverse the batch via GL.
  3. Copy the original batch into the correct period. Release and Post it.
  4. Add note to the new batch, referencing the original and why it was copied to a different period, in case the auditors question it. Moving the batch will create a difference between  Inventory subsidiary ledger and the GL for the closed period where it was originally posted in step 1. The difference will resolve itself in the current period.

Laura

Laura03

1 reply

Laura03
Captain II
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  • Laura03
  • Captain II
  • Answer
  • November 21, 2023

Hello,

  1. Post the batch.
  2. Reverse the batch via GL.
  3. Copy the original batch into the correct period. Release and Post it.
  4. Add note to the new batch, referencing the original and why it was copied to a different period, in case the auditors question it. Moving the batch will create a difference between  Inventory subsidiary ledger and the GL for the closed period where it was originally posted in step 1. The difference will resolve itself in the current period.

Laura

~ Laura Barber, WM Synergy
Chris Hackett
J
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