Reversing tax journal

This page allows you to reverse the selected tax journal voucher. A reversal voucher is also generated by the system. Tell me more.

Select the “Reverse Tax Journal” link provided in the “Select Tax Journal” page.

The “Reverse Tax Journal” page appears.

The system displays the following in the “Reversed Voucher Details” group box:

Status	The status of the voucher. It must be “Authorized”.
	Authorized – indicates that the newly generated reversal voucher has been authorized and the details posted in the relevant books of accounts.

Enter the following fields in the “Reversed Voucher Details” group box:

Voucher No.

A unique number identifying the document generated to reverse the original voucher (Alphanumeric, 18). Mandatory. This number is generated and displayed by the system, when the “Reverse” pushbutton is clicked. The number is displayed with the corresponding prefix and suffix of the numbering type selected in the “Numbering Type” field. The number is incremented from the last number available in the “Document Numbering Class” business component.

Note: This field must not be left blank if “Manual” is selected in the “Numbering Type” field.

Transaction Date	The date on which the reversal document is created (Date Format). Mandatory. The date entered in this field must not be later than the system date. This date must be a valid in an “Open” tax period. The date entered must not earlier than the date on which the original voucher was created.
Remarks	Any observations pertaining to the reversal of the voucher (Alphanumeric, 255).
Numbering Type	Use the drop-down list box to select the numbering type for the login organization unit and the “Reverse Tax Journal Voucher” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component and must be in “Active” status. The system displays the numbering type set as default for the transaction in the “Document Numbering Class” business component.

The system displays the following in the “Original Voucher Details” group box:

Voucher No	The number identifying the tax journal voucher.
Tax Book	The code identifying the tax book in which the voucher has been posted.
Status	The status of the tax journal voucher. It could be “Authorized” or “Reversed”.
	Authorized – indicates that the tax journal voucher has been authorized and its details have been posted in the selected tax book. The system displays “Authorized” by default at the launch of the page.
	Reversed – indicates that the tax journal voucher has been reversed. This status is updated on the click of the “Reverse” pushbutton. A reversal document is generated when the tax journal voucher is reversed.
Transaction Date	The date on which the tax journal voucher was created.
Remarks	Any observations pertaining to the creation of the tax journal voucher.

The system displays the following in the “Accounting Information” group box:

Account Code	The code identifying the account in which the tax journal voucher has been posted.
Dr / Cr	Indicates whether the tax journal voucher has been debited or credited in the account.
Transaction Currency	The code identifying the currency in which the tax journal has been created.
Transaction Amount	The amount for which the tax journal has been created.
Exchange Rate	The exchange rate of the transaction currency with respect to the base currency of the company in case they are different. “1” (one) will be displayed if the transaction currency and the base currency are the same.
Base Amount	The amount for which the tax journal has been created in the base currency.
Remarks	Any observations pertaining to the posting of the voucher in the account.

The system displays the following:

Transaction Amount

Debit Total	The sum total of all the amounts in the transaction currency that is debited when the transaction currency of all the account codes is the same.
Credit Total	The sum total of all the amounts in the transaction currency that is credited when the transaction currency of all the account codes is the same.
Base Amount
Debit Total	The sum total of all the amounts in the base currency that has been debited.
Credit Total	The sum total of all the amounts in the base currency that has been credited.

Click the “Reverse” pushbutton to reverse the tax journal.

The system updates the status of the tax journal voucher as “Reversed”.

The system generates a reversal voucher with a unique number if “Manual” numbering type has not been opted and also updates the status of the voucher as “Authorized”.

To proceed, carry out the following

Select the "Attach Notes" link at the bottom of the page to record observations regarding the tax journal.

Reversing tax journal – An overview

You can enter the number identifying the reversal tax journal if you have opted for the “Manual” numbering type. The system generates a unique reversal voucher number if you have not opted for the “Manual” numbering type. You can also enter the date on which the voucher to reverse the original transaction is generated and record your comments regarding the reversal. The system updates the status of the original tax journal voucher as “Reversed” and the status of the reversal tax journal as “Authorized”.