General Ledger > Journal Entries > Historical Restatement

AccountMate allows you to post journal entry batches with transaction dates that fall before your current fiscal year. This is done using the Historical Restatement function.

Note: AccountMate allows you to post transactions for the prior fiscal year provided that posting to the prior year is not restricted in the Posting Period Restrictions function.

To create journal entry batches for the prior fiscal year, perform the following steps:

1.Access the Historical Restatement function from the Journal Entry group under the Transactions menu of the General Ledger module.

2.Enter in the Description field a general description for the journal entry batch.

3.In the Date Entered field, accept the default value in this field which is the current system date.

4.Accept the default value in the Entered By field.

5.Click the List box beside the Currency Code field to select the appropriate currency code that you want to use in this transaction. Note that the Currency Code field is displayed only if the multi-currency feature is activated in the company you are accessing.

6.In the Control Totals fields, provide the values for the following:

6.1. Enter in the Amount field the total amount for all journal entries created for the journal entry batch.

6.2. Enter in the Group Count field the total number of journal entries created for the journal entry batch.

7.Review the values in the Entry Totals fields. The value displayed in the Entry Totals - Amount field is the total debit from all journal entries created for the journal entry batch; while, the value displayed in the Entry Totals - Count field is the total number of journal entries belonging to the journal entry batch. These are calculated at run-time based on the details provided in the Journal Entry page.

8.Accept the values displayed in the Difference fields which represents the difference between the values entered in the Control Totals and the Entry Totals.

Note: If the Difference fields display a value other than zero when you click the Save button, AccountMate will display a message informing you that the Control Totals do not match the Entry Totals and asks for your confirmation if you want to continue to save the transaction.

9.In the Defaults section, provide the values for the following which will serve as default values in the Details tab:

9.1. Enter in the Description field a general description for the journal entry batch.

9.2. In the Reference field, enter a phrase or number that will serve as reference for the journal entry batch.

9.3. Accept or amend the date in the Transaction Date field.

9.4. Enter in the Reversing Date field the date that the journal entry batch will be reversed.

10.To add or amend details of the historical restatement journal entries, access the Details Tab.

11.To add or amend notes or remarks about this historical restatement journal entry batch, go to the Remarks Tab.

12.Click the Save button in the toolbar to save your entries; otherwise, click Cancel.

Note: To add and amend the journal entries in a batch, access the Journal Entry page. Refer to the Journal Entry Page section for the detailed discussion on the recording and updating of journal entries in this page.

Q. Can I set my GL module to automatically reverse a journal entry in the next period?

A. Yes. You must enter the date in the Reversing Date field when you want the journal entry to be automatically reversed in the Journal Batch Entry->Group No section. When you post the JE batch, the reversing entry will be automatically generated and posted by the system based on the reversing date.

Historical Restatement

Historical Restatement

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