Overview
This article will provide instructions on how to create Fiscal Year End Journal Entries in the General Ledger in Oracle that will be reversed in July 2023 (new Fiscal Year) for Departments and VC Offices.
Essential Information
- This is for Journal Entries that are dated June 30th of the current Fiscal Year and will need to be reversed on the first period of the new Fiscal Year.
- Use period Jun-23 (## being the last two digits of the year).
- Do not use 13_Jun-23.
- The Journal Entries and Reversals are in the General Ledger only and will not be processed or reflected in subledgers.
- In July, actual transactions need to be processed as normal to be reflected in the subledgers.
- The only entries that can be reversed are Revenue and Expense entries on the General Ledger.
- Apply this to all transactions that were not completed in the current fiscal year, but should be reflected in year end financials, for example:
- Revenue earned, but payment has not been received, therefore not recorded
- Expenses incurred, but has not been paid, therefore not recorded
- Select personnel in each VC area will have access to process Journals for year-end.
- Know How to Process a Journal Entry
Critical Dates - 2023
- Transactions in subledgers must be completed before the close of subledgers on 7/11/2023.
- The deadline for completing Reversing Journal Entries is 7/14/2023.
- The Journal Entries must be submitted as Accruals in order to reverse on July 1, 2023.
- Refer to Fiscal Closing 2022-2023: Departmental Action and Cutoff Dates
Next Steps
There are two ways to complete a Reversing Journal Entry:
- Manual Entry
- Spreadsheet Upload
Manual Entry
1. On the OFC home page, click on General Accounting, select Journals.
2. Click on Task Icon, then Create Journal and compete the following in each of the sections.
2.1 Section: Journal Batch
- Journal Batch: (## being the last two digits of the year)
- Journals created by Departments: Prefix with YE## + VC Area + Sub Department (if applicable) + Preparer Initials + Journal number + Journal name to identify the journal
- Journals created by VC Offices: Prefix with YE## + VC Area + Sub Department (if applicable) + Preparer Initials + Journal number + Journal name to identify the journal
- Description: Enter a description of Journal
- Balance Type: Actual
- Accounting Period: Jun-23 (do not use 13_Jun-23)
- Attachments: To add supporting documentation or backup information
- Click on the Plus (+) icon
- Click on Browse, find your file and click Open
- Update Title if needed and enter a Description, click OK to attach
2.2 Section: Journal
a. Journal: Enter the same name as in 2.1.a Journal Batch above
b. Description: Enter a description of Journal, it can be the same as 2.1.b above
c. Ledger: UCSD (unless you work in Foundation)
d. Accounting Date: 06/30/23
e. Category: Select Accrual
f. Next to Journal, click on Show More
g. Click on Reversal tab
Then enter the following:
h. Reversal Period: Jul-23
i. Reversal Date: 07/01/2023
2.3 Section: Journal Lines
a. For line 1, under Account, enter the 12 segment Chart String, which can be entered in the field.
1. If you do not know a segment of the chart string, click on the Search icon.
2. Each segment must have a value (a zero value is acceptable in some segments) and title/name.
3. Use the drop down arrow to search for the segment.
4. If you know the segment value and you type it in the field, you must see the segment name display, if it is not there, you will have to click on the drop down and Search for Value or Description, click Search, select the appropriate Value/Description and click OK.
5. For further assistance in finding segments, refer to KBA How to Determine my Chart String
6. If you can not get out of the screen, there may be a Cross Validation Issue, refer to KBA Cross Validation Rules
b. Enter the Debit amount
c. Enter a Description for the Journal
d. Repeat for the next line
1. There will be a minimum of 2 lines, a Debit and Credit line
2. Total Debit amounts must equal total Credit amounts
e. Click Save, this does NOT submit for approval
f. Click Post, this submits the Journal for approval
g. If you want to check to see if it was sent for approval, next to Journal Batch heading, click on Show More
h. Click on Action Log tab, Action column, should state, Sent for approval
First Time Upload
Skip this section, if you have already prepared Excel for Oracle Integration
1. On any OFC page, click on the Navigator button on top left
2. In Tools, select Download Desktop Integration and click on Save File
3. Go to your Downloads folder and run the file by double clicking on adfdi-excel-addin-installer.exe, click on Install
4. Open a new Excel spreadsheet and click on Install
5. Check download by going to select File > Options > Add-ins and then ADF Desktop Integration > Oracle ADF 11g Desktop Integration Add-in for Excel
6. Restart computer if the add-on is not there
Spreadsheet Upload
If this is the first time uploading a spreadsheet to Oracle, complete the steps in the First Time Upload section above.
1. On the OFC Home page, click on General Accounting, select Journals.
2. On the right, select Tasks panel.
3. Under Journals, select Create Journal in Spreadsheet and open the Excel spreadsheet.
4. In Excel, click on Enable Editing at the top of the spreadsheet and click OK to connect to the Oracle connection.
5. Sign in with your Oracle credentials and Single Sign-On.
6. Complete the Journal Header (## being the last two digits of the year).
a. Journal: Prefix with YE## + VC Area + Sub Department + Journal Name to identify the journal
Example: YE23 Bookstore RMP Inventory Trf
- Prefix with YE## + VC Abbreviation + Sub Department Abbreviation (if applicable) + Preparer Initials + Journal number Journal name to identify the journal
- Journals created by VC Offices: Prefix with YE## + VC Abbreviation + Sub Department Abbreviation (if applicable) + Preparer Initials + Journal number + Journal name to identify the journal
b. Description: Enter a description of the Journal
c. Ledger: UCSD (unless you work in Foundation)
d. Accounting Date: Jun-23 (do not use 13_Jun-23)
e. Category: Enter Accrual
f. Reversal Period: Jul-23
g. Reversal Date: 07/01/2023
7. Complete columns Journal rows
a. Columns E through P: for chartstring segments
b. Column Q Currency: USD
c. Columns R or S: Enter the Debit or Credit amount
d. Column Y Line Description: Enter a description of the Journal entry
8. Ensure that Total Entered Debit and Total Entered Credit net to zero.
9. In the toolbar, go to tab Create Journal > Submit to upload Journal to Oracle.
10. In Submission Options dialog box, there are 2 acceptable options:
1. Submit Journal Import: uploads to Oracle, but does not process the upload through for approval and allows for adjustments, such as attaching documentation.
2. Submit Journal Import and Posting: uploads to Oracle and sends to Approver of the journal for review/approval.
11. Submit Journal Import: To attach supporting documentation and submit for approval:
a. Select Import only, do not select the option that includes Post
b. Go to General Accounting > Journals > Tasks panel on right, select Manage Journals
c. Search by Journal Name or Journal Batch and click on Search
d. Attach supporting documentation or backup information under section Journal Batch field Attachments
e. Click on the Plus (+) icon, click on Browse to select your file
f. Update Title if needed and enter a Description, click OK to attach
g. Click Save, this does NOT submit for approval
h. Click Post, this submits the Journal for approval
12. Submit Journal Import and Posting uploads to Oracle and posts, which means it has been sent to manager approval for final processing.
13. Row Status in the spreadsheet will update to Row inserted successfully.
14. Check upload in Oracle
a. Go to General Accounting > Journals > Tasks panel on right, select Manage Journals
b. Search by Journal Name or Journal Batch
c. Click on Search