• Registered: 12/25/2007
  • Posts: 2,448

Topic: 'Reverse transaction' option in Journal Entry is planned for removal

Currently our development team is about to improve GL journal maintenance area. We have found that 'Reverse transaction' option in Journal Entry is somewhat strange and inconsistent with data flow rules used in other parts of FrontAccounting source.

When reverse transaction option is selected there are in fact two journal entries added during processing, first one with the data entered by user, the other with changed posting side (sign), and dated on first day of next month.

We are about to remove the option in FA v.2.2, but if this functionality is crucial for some current FA users, we are open for discussion.

Janusz

  • From: Canada, Montreal
  • Registered: 10/13/2008
  • Posts: 9

Re: 'Reverse transaction' option in Journal Entry is planned for removal

This is for reversing of accrual transactions, and would be useful from an accounting point of view.  I don't see why it would be removed. The purpose is to record the transaction in the current period, instead of the next one. The reversal is to counter the transaction when it gets recorded in the next period. It is a very common accounting practice.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: 'Reverse transaction' option in Journal Entry is planned for removal

Thanks fblauer.
I forgot this practice. We will let it be as it is.

/Joe

  • From: UAE
  • Registered: 08/14/2008
  • Posts: 82

Re: 'Reverse transaction' option in Journal Entry is planned for removal

reversing the transaction practically doesn't have this much importance in my opinion , as we are using this feature when we are rectifying the errors either it will be in the previous period or in the current period , in some cases the developers of financial solutions compare between the side effects of some programming scripts which will cause some strange behaviour in the database and the importance of one specific feature , for example compare between having this feature of reversing with some strange behaviour of database or voiding this feature with healthy database
for me as a financial controller has some background of database programming i can say the important thing in this case is to have a healthy database and healthy queries that can work fast and the feature of reversing can be done manually .

Abdelhamid M. Abdelhamid - Partner & Managing Director
Abdelhamid & Co Certified Public Accountants & Auditors - UAE - Sharjah
(ACPA & IACPA) - (International Arab Certified Public Accountant)- IASCA Fellow Member
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  • Registered: 03/11/2010
  • Posts: 5

Re: 'Reverse transaction' option in Journal Entry is planned for removal

This i.e Reversing Journal Entries is a very useful option present in all large ERP packages. The purpose is to book monthly closing Provisions, Accruals and Prepayments. This is an important scalability feature and should be part of any accounting package.

  • Registered: 12/25/2007
  • Posts: 2,448

Re: 'Reverse transaction' option in Journal Entry is planned for removal

After the discussion we have decided to leave Reversing Journal Entry here without changes.
Janusz

7 Reply by breetlee6666 (edited by breetlee6666 03/13/2015 06:40:51 am)

  • Registered: 02/24/2015
  • Posts: 1

Re: 'Reverse transaction' option in Journal Entry is planned for removal

Therefore we want to move prompt payment discount input from customer/supplier payment screen to order entry page, to be used during invoicing. This way we can also make proper use with Prompt Payment Discount Percent customer parameter, which currently is not used in invoice calculations, but only informative.
Any comments are welcome.
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  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: 'Reverse transaction' option in Journal Entry is planned for removal

Yes, #_debtors_master table's pymt_discount field is only displayed in the Customer Payment Form in FA currently.

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