Overview of Reversal Journal Entries
25 steps
3 minutes
1
Navigate to Brokerage Engine.
Revoke and Reverse Transaction
2
Open the Commission Detail Page of the transaction that needs to be revised.
3
The Close Date for the Transaction is of 1/31/2025.
It is suggested to lock the books on the last day of the month (e.g., January 31 for January). This ensures all transactions are recorded within the correct period.
The Closing Books tool in the BE Accounting Configuration Panel is set to January 31, 2025. This means the system will not allow any adjustments for transactions on or before the closed accounting period ending January 31, 2025.
Click on [this link](https://help.brokerageengine.com/support/solutions/articles/43000700568-how-to-set-up-the-configuration-panel) to review an article on the **BE Accounting Configuration Panel**.
4
Click the "Revoke" button to retrieve data from Accounting.
5
A prompt message will ask if a Reversal Journal Entry needs to be created for the Main Journal Entry and any Bill(s) for the Agents. The Reversal Post Date for the Main Journal Entry will default to today's date. It can be adjusted using the small calendar icon. Click the "OK" button.
Verify Reversal Journal Entries
6
Click on the "Accounting" tab to navigate to the BE Accounting interface.
7
Click the "Banking" menu.
8
Click the "Journal Entries" option.
9
Click on the "Search Ref No." field.
10
Type the Ref No. for the transaction.
11
The Journal Entries associated with the transaction will populate.
Review the Main Journal Entry and its Reversal
12
Click the "Action Button" for the Main Journal Entry.
13
The Main Journal Entry will display.
14
Click the "Action Button" for the Reversal Main Journal Entry.
15
The Reversal of the Main Journal Entry will display.
Review the Reversal of the Bill
16
Click the "Action Button" for the Bill Reversal Journal Entry.
17
The Reversal Journal Entry of the Bill will display.
Review the Bill Reversal Function
18
Click the "Expenses" menu.
19
Click on the "Vendors" option.
20
Click the "Search Vendor" field and type the name of the Agent.
21
Click on the name of the Vendor.
22
From the Vendor profile, click on the "Transactions" option.
23
Click the "Search Memo" field and type the address for the transaction to narrow the results.
24
Click on the "Action Button" for the auto generated reversal bill function.
25
The system will automatically link the Reversed Bill with the Reversal Bill Journal Entry.
Bills and Reversals operate independently of the Bill Payment process.
