Open Forum

Expand all | Collapse all

accidentally created a JE in closed year 2018 -

  • 1.  accidentally created a JE in closed year 2018 -

    Posted Dec 02, 2019 10:18 AM
    Hello everyone,

    All of a sudden my bank reconciliation report was off $11,277.36 from my GP total. (attached - Bank Account to GPUG)
    I ran a transaction reconciliation (attached JE 49346 - $11,277.36) and found this transaction JE#49346. I do not remember doing this posting but records of my JE indicate I posted 9-2018 instead of 8-2019.
    I looked and posting to history is selected on this company in GP, UGH.

    Outstanding Transaction Report indicated this transaction (FMLB Outstanding Trx Report)
    CHK 0000000000000013046    9-7-2018    Medline Industries debit trx $11,277.36 instead of check transaction typically ($11,277.36)
    This check was voided in system on 9-7-18(18 Medline Historical Void check) reissued so not sure what this transaction is and why posted opposite as a check would be.
    I have only been with this company since 12-2018 to transactions before that were previous accountant.

    Anyways when JE 49346 posted it created a CMTRX and also a BBF transaction in December (FIRSTMID Trx 16 092018)
    I need to adjust my bank reconciliation to included the missing $11,277.36 back in 2018 for my account to balance in 2019.

    I have attached the (backup filed) - I hope someone can help me.

    Tammy

    ------------------------------
    Tammy Bies
    Surgical Management Professionals
    ------------------------------
    Academy - Online Interactive Learning from Experts


  • 2.  RE: accidentally created a JE in closed year 2018 -

    TOP CONTRIBUTOR
    Posted Dec 02, 2019 10:25 AM
    The bad "2018" transaction was a decrease, since it was a check.
    Create a bank transaction increase adjustment with the bad 2018 date to reverse it.
    This will also create a junk BBF transaction, which should be a mirror image of the first one.
    The create a bank transaction decrease adjustment with the good 2019 date.
    Then the sun will shine, and it will be a good day.

    ------------------------------
    Bruce Strom
    Programmer Analyst
    Superior Lighting, Inc.
    Sunrise FL
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 3.  RE: accidentally created a JE in closed year 2018 -

    Posted Dec 02, 2019 11:28 AM

    Yes... It worked

     

    Thanks so much Bruce!!!!  You are my sunshine!

     

    Tammy Bies

    Corporate Staff Accountant

     




    Academy - Online Interactive Learning from Experts


  • 4.  RE: accidentally created a JE in closed year 2018 -

    Posted Dec 13, 2019 09:51 AM

    Hi Bruce –

     

    When I reconciled my November banks the one that we fixed is off $11,277.36 again.

    Here is the October reconcile to GL report after I made the below JE... perfect.

    Now again off in November, because of this JE (The create a bank transaction decrease adjustment with the good 2019 date.)

    Can you help me again please.

    I made the final adjustment "good 2019 date" now I back to where I started.

     

    Tammy Bies

    Corporate Staff Accountant

     




    Attachment(s)

    Academy - Online Interactive Learning from Experts


  • 5.  RE: accidentally created a JE in closed year 2018 -

    Posted Dec 19, 2019 04:30 PM

    Hi Bruce –

     

    When I reconciled my November banks the one that we fixed is off $11,277.36 again.

    Here is the October reconcile to GL report after I made the below JE… perfect.

    Now again off in November, because of this JE (The create a bank transaction decrease adjustment with the good 2019 date.)

    Can you help me again please.

    I made the final adjustment "good 2019 date" now I back to where I started.

     

    Tammy Bies

    Corporate Staff Accountant



    ------------------------------
    Tammy Bies
    Surgical Management Professionals
    ------------------------------

    Attachment(s)

    Academy - Online Interactive Learning from Experts


  • 6.  RE: accidentally created a JE in closed year 2018 -

    TOP CONTRIBUTOR
    Posted Dec 02, 2019 11:27 AM
    Hi Tammy,

    Out of curiosity, what GL accounts were used with the original bank transaction (i.e. the un-voided version)?

    As per the attached Bank Transaction Posting Journal - the same GL account (1006) was debited and credited. This JE has a zero net effect on GL account 1006, which might be the reason why this JE appeared in the 'Unmatched Transactions' section of the Reconcile to GL report.


    At any rate, an additional control to prevent posting would be to mark off the periods as closed via the Fiscal Period Setup window (i.e. mark the check boxes corresponding to the series / period that shouldn't be posted to anymore).



    ------------------------------
    Gerald Buenafe
    Owner/Consultant
    BTP Technologies LLC
    CHANTILLY VA
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 7.  RE: accidentally created a JE in closed year 2018 -

    TOP CONTRIBUTOR
    Posted Dec 20, 2019 03:01 PM

    Rather than answer this specific question, let me provide the general solution.
    There are three cash balances, which will all equal if the books are in balance:
    ACTUAL Balance
    GL Balance
    Subsidiary Ledger Balance (here it is Bank Rec/Cash Management module, since we are entering payable correcting transactions as increase/decrease adjustments)

    IF ACTUAL <> GL and GL = SUBS

                   Enter the correcting entry in SUBS (subsidiary module), so it will create a GL entry.

    IF ACTUAL = GL and GL <> SUBS

                   Enter the correcting entry in SUBS only, but do not post the generated GL AJE.

    IF ACTUAL = SUBS and GL <> SUBS

                   Enter the correcting entry as a GL adjusting entry ONLY.

    IF ACTUAL <> GL and ACTUAL <> SUBS and GL <> SUBS

                   Step 1: Enter the correcting entry in either the GL or SUBS (subsidiary) to balance to ACTUAL.

                   Step 2: Then make the next correcting entry using the logic above.

     

    How do you Enter the correcting entry in SUBS only, but not post the generated GL AJE?

                   Method 1.: Under posting setup for the transaction type, uncheck POST THROUGH GL, and delete the generated GL AJE.

                   Method 2: Under posting setup for the transaction type, uncheck POST TO GL, but be sure nobody else is posting, and that you check the box when you are done.

     

    For bank transactions, Increase and Decrease adjustments show up in cash balances immediately.

    Remember that CASH RECEIPTS transactions only show up in the cash balances after you print the deposit slips.




    ------------------------------
    Bruce Strom
    Programmer Analyst
    Superior Lighting, Inc.
    Sunrise FL
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 8.  RE: accidentally created a JE in closed year 2018 -

    Posted Dec 23, 2019 03:57 PM
      |   view attached
    Hi Bruce;

    I have booked the posting journal in bank reconciliation Bank transaction - Increase Adjustment bank account 1006 and credit bank account 1006 to balance my GL to the SUB and my GL already tied to ACTUAL. I unchecked Post to GL and unchecked Post through GL.
    Actual = GL = SUB so perfect. (see attachment)
    but how do I create the correcting entry in bank reconciliation to clear this transaction?

    ------------------------------
    Tammy Bies
    Surgical Management Professionals
    ------------------------------

    Attachment(s)

    Academy - Online Interactive Learning from Experts


  • 9.  RE: accidentally created a JE in closed year 2018 -

    TOP CONTRIBUTOR
    Posted Dec 23, 2019 04:20 PM
    By defininition, the bank rec balance IS the SUBS balance.
    The next time you do a bank reconciliation, after you check the cleared items, you can then check these additional reconciling items.
    Probably they will be offsetting, but that is dependent on how these items fall out.

    ------------------------------
    Bruce Strom
    Programmer Analyst
    Superior Lighting, Inc.
    Sunrise FL
    ------------------------------

    Academy - Online Interactive Learning from Experts


If you've found this thread useful, dive deeper into User Group community content by role