There are a couple of ways to reverse a journal in Microsoft Dynamics AX. One is to use the “Reverse transaction” option from the GL inquiry screens. This is a quick and easy way to reverse entries, but there are many entries which cannot be reversed, and when transactions are reversed, they are automatically posted without being processed by a workflow or an approval group which is a problem for many organizations.
The other option is to use the “Load ledger balances” functionality in the journal screen to load a journal that has already been posted. This is really a copy function that can be used to copy a prior journal with reversed transactions which can then be routed through an approval process.
To copy a journal:
- Create a general journal as you normally would and click Lines
- In the lines form, click on Functions and then select Load ledger balances.
- On the Load ledger transactions form:
- Verify the voucher is set to New voucher number per voucher.
- Click the Invert sign check box if you would like to reverse the journal.
- Click Select
- On the Select screen, enter the Journal number that you would like to reverse or copy and click OK.
- You are now back on the Load ledger transactions screen, click OK.
- Upon clicking OK, AX will load a copy or reversal of the journal you selected in the current journal form. Notice in the case of a reversal, AX inserts the description of Void and the voucher number.
- You can now submit your journal through the review and approval process and post!
This post was written by Matthew Caffrey, AX Application Consultant at Tridea Partners. Tridea is a leading Microsoft Dynamics provider.
Tridea Partners had a successful Networking Event in Boston two weeks ago. We wanted to thank everyone who came out to our event! The Frost Ice Bar was a great venue to have our first event in Boston, MA. We wanted to share some pictures from our successful event! Cheers to more growth!
When procuring fixed assets, it is frequently the case that multiple purchases will made over a period of time, and that only once all purchases have been completed and assembled will an asset actually be placed in service. The purchases that have not yet been placed in service are referred to as “Construction In Progress” or “Capital Work in Progress” (commonly referred to as CIP). There are several ways to handle CIP in Dynamics AX.
For longer-term and complex capital projects, the project management and accounting module allows us to create “Investment” type projects. All of the costs associated with the investment project can be controlled and tracked using project accounting functionality, and can be broken down into various categories. The accumulated value of the project is stored in Work in Progress accounts until we are ready to place the asset in service, at which time the costs are transferred over to a fixed asset in the fixed assets module.
For smaller projects that don’t warrant setting up and using all of the features of project accounting there is a simpler approach that is still very effective for tracking CIP. It involves setting up a “CIP” value model to be linked to each asset group in addition to setting up the standard value models that normally dictate the depreciation convention to use for each asset group. The CIP value model will be the default value model, and will be the one that is automatically updated to an “acquired” status upon performing invoicing in AP. When an asset is placed in service, a user closes out the CIP value model for the asset and performs an acquisition transaction for the standard value model.
- CIP will be a non-depreciating value model. It should be linked to a CIP account. For all other value models, that same CIP account should be the offset account that is credited when performing an acquisition transaction.
- Each time an AP invoice is processed for a given asset, the system records a fixed asset acquisition for the “CIP” value model associated with that asset (AX allows multiple acquisitions associated with the same asset). The system will debit the CIP account associated with the combination of the asset group and value model, with an offsetting credit to AP.
- We will now have an asset with a status of “acquired” for the value model “CIP”. For the standard value model, the status = not yet acquired. We will be able to see all invoice transactions linked to the CIP value model on the asset by looking at the Value Model, and clicking “Transactions”.
- When an asset is ready to be placed into service, a user changes the status of the CIP value model to “closed”, copies and pastes the “acquisition cost” from the CIP value model to the standard value model, and then books an “acquisition” transaction for the standard value model. This will produce a debit to the fixed asset account associated with the standard value model and a credit to the CIP account (the offset account assigned to the standard value model/asset group).
- To reconcile CIP accounts to a sub-ledger, the user runs the asset balance report, with Value Model = CIP and Status = Open. To reconcile fixed asset accounts, the user runs the asset balance report where Value Model = Standard and Status = Open.
This article was written by Matthew Boese, Partner at Tridea Partners, a Gold Certified Microsoft Dynamics Partner.
Tridea Partners, Microsoft Gold ERP provider of Dynamics AX, GP and CRM invites our clients, professional colleagues and friends to this special Microsoft Dynamics networking event.
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