Note
Access to this page requires authorization. You can try signing in or changing directories.
Access to this page requires authorization. You can try changing directories.
According to legal requirements, costs and revenues are posted only to either the debit or the credit side of a G/L account. Companies in Eastern Europe usually enforce accounting policies to post certain inventory and GL transactions as corrections. The reason for this is that auditors and revenue authorities conduct accounting controls against this rule.
The purpose of the feature is:
- To allow the accounting manager to enforce corrective posting on desired G/L accounts
- To allow the accounting manager to enforce corrective posting in inventory postings (negative transfer entries, expected costs posting)
- To allow the accounting manager to enforce corrective posting of canceling in fixed assets
- To allow the user to enforce corrective posting with one select (in G/L, inventory, and project postings)
Set up corrections posting
To let the accounting manager enforce corrective posting on G/L accounts, turn on the Check Posting Debit/Credit toggle on the General Ledger Setup page.
Use corrections posting
After you've turned on Check Posting Debit/Credit, use the Correction field on general journal, fixed asset journal, and project (job) journal lines to post a line as a corrective entry instead of a reversed entry. For inventory transactions, corrective posting is applied automatically to negative transfer entries and expected cost postings.