Accounting - Reversing Transactions

[DAVID HUGHES-OWENS]

Please can you advise how Ofbiz handles reversing transactions?

As an accountant I have the requirement to post manual transactions to provide for missing revenues/costs.

I cannot see anywhere, any functionality that allows me to enter a reversing transaction in one period and then subsequently reverses that transaction automatically the following accounting period?

[Sharan-F]

Hi David

I haven’t seen an automatic reversing journal transaction implemented in OFBiz yet. (Are you thinking about accruals?)

The only thing I’ve seen is the ‘Revert Accounting Transaction’ option in the accounting transactions screens that will fully reverse a transaction but you need to run it manually. I’ve done some tests using the demo data and it will reverse a transaction from a previous accounting period. I think OFBiz has all the logic but it needs to put together and setup – so if you have access to a developer then they could help you.

Example of the spec could be
• When you enter an accounting transaction you’ll need some type of indicator or flag that the transaction will auto reversing. You’ll also need to specify the reversal date
• You would save, verify and post the transaction as normal
• You would need to setup a daily scheduled service that will search for auto reversing accounting transactions (based on their flag and reversal date) and then run the reversal logic for the ones it finds that are due.

The manual reversal doesn’t automatically post (which is good) as you many want to check all reversing transactions before they posted.

Hope this helps.

Thanks
Sharan

[DAVID HUGHES-OWENS]

Many thanks for your response

Yes posting manual accruals that is precicely what I mean.

I think the revert transaction function you mention unposts the original transaction. So this is only useful if you want to completely remove the transaction. Although that said, I have failed to find an option where you can actually delete a transaction. Instead during testing I have just changed the values to zero and reposted. Is there a delete option?

I will pass on your comments to our IT team and see what they can come up with.