What are Reversing Journal Entries and what are they being used for?
Any entry made at FY2008 year-end in CUFS that should be reversed in FY2009 (in PeopleSoft) should be marked as a reversing entry—that is, the transaction number should end with an ‘E’ (example: JV 565CM6698E). The entry should also be marked with the date that the reversal should be processed—for example, 7/1/08. Accounting Services will process the reversing entries in PeopleSoft. A query will be run searching for all journal entries with transaction numbers ending with an ‘E’ that were entered in CUFS in Period 12 or Period 13. These entries will be reversed in PeopleSoft on the date indicated on the original journal entry. If no date is indicated, the entries will be reversed on 7/1/08. The entries will be reversed on the same PeopleSoft Chartfield string to which the original transaction was mapped. If a department does not want a reversing entry processed by Accounting Services, it should not have an ‘E’ at the end of the transaction number. The department would then be responsib
