ctcLink Reference CenterGrants/Projects/Contracts Correcting at the SourceCorrecting Accounting Entries in Accounts Payable (Journal Voucher)

Correcting Accounting Entries in Accounts Payable (Journal Voucher)

Purpose:  Journal vouchers are used to adjust accounting entries for vouchers that have been posted and paid, and whose payments have been posted.

Audience:  AP Specialist/AP Manager

Scenario: A Voucher has been created using an incorrect Chartfield string, and is posted and paid. All other information on the voucher is correct. To avoid making a manual General Ledger entry, which would result in General Ledger and Payables being out of sync, or unposting the voucher, correcting the voucher and then reposting the voucher and payment, we simply enter a Journal voucher in Account Payable. On the journal voucher, we reverse the amount to the incorrect Chartfields and add the amount to the correct Chartfields. This will keep the General Ledger and Payables in sync.

Example:

Voucher 00004339 (BU WA220) has been entered incorrectly with project ID 0000001780, and is posted, paid and GL distributed. The project ID should be 0000001783. Therefore, to correct the project ID we will create Journal Voucher in AP module.

Navigation:   Accounts Payable > Vouchers > Add/Update > Regular Entry > Add a New Value tab

Step 1: Create a Journal Voucher

In order to create a Journal Voucher, you must first know the Voucher ID and the Supplier associated with that Voucher.

Add a New Value tab
  • Business Unit:  BU defaults to specific value for each user.
  • Voucher ID: Defaults to NEXT. The system sequentially numbers the voucher. DO NOT CHANGE.
  • Voucher Style:  Select Journal Voucher.
  • Supplier ID:  Enter the Supplier ID that is identical to the original voucher to be corrected. Make sure Supplier location is correct.
  • Invoice Number:  Enter the invoice number as entered on the original voucher and add the suffix of JV.
  • Invoice Date:  Enter the same invoice date as entered on the original voucher.
  • Click Add.
Step 2: Invoice Information Tab 1

The Invoice Information header populates with the values entered on the Add and Search page including the Journal voucher style.

  • Total: Journal Vouchers are zero amount vouchers.
  • Related Voucher: Enter the voucher ID with incorrect accounting entries to associate it to the journal voucher. The field is optional, but it should be populated to maintain an audit trail and to be able to search for it using the Related Voucher field on the Add and Search page.
  • Accounting Date: Use the current date, unless otherwise specified (Example: Year-end adjustments)

 

Note: You cannot lookup the Related Voucher until you have selected the correct Supplier. Only Vouchers containing your selected Supplier will appear in this lookup. If Voucher does not appear, double check to make sure you have the correct Supplier selected.

Step 3: Invoice Lines and Distribution Lines
  • Description and Line Amount: Enter if applicable. The total of journal lines must net to zero.
  • Distribution Line 1:  Populate the first distribution line to reverse the accounting entry that was recorded incorrectly on the associated voucher.
  • Select the checkbox in the Copy Down column to clone values in the distribution line to newly inserted distribution line(s).
  • Select the plus sign icon to add additional distribution lines
Distribution Lines section
  • Enter number of rows to add
  • Select OK
Enter number of rows field
  • Amount and ChartField Values:  Correct value(s) cloned from the distribution line with the Copy Down feature, or enter the values in the distribution line(s)
  • Select Save
Distribution Lines section

Note: The sum of all amounts on the Journal Vouchers must be equal to zero. If an adjustment is needed in the amount of the Voucher, an Adjustment Voucher must be created.

Step 4: Submit for Approval
  • Select Submit Approval
Invoice Information tab
Step 5: Journal Voucher Summary Page

The journal voucher will be selected for Approval, budget checking and posting; however, no payments will be created since the voucher has a zero balance.

Summary tab
Step 6: Voucher Post
  • Post the Voucher either through online or batch.
  • Once it is posted, the Post Status will show as “Posted”.
  • Also, note that the Journal generator process must be run in order to move the accounting entries in GL.
Summary tab, status

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