i am trying to set up a recurring reversing journal in
Oracle GL, my problem is i have income balance of £30k that
i only want to show 1/12th in a period over 12 months. can
any one help me set it up . i want to show
P01-13 opening balance £30k less £27500
P02-13 reverse P01-13 journal
P02-13 opening balance £30k less £25000 etc. or does anyone
know of another way it can be done automatically every month.
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Answer / Ravish Babu Bharti
In Oracle GL, you can create a recurring reversing journal using general ledger (GL) journals and the Recurring Journals feature. Here's an example of how you can set up your desired scenario:
1. Create a new GL journal with the opening balance of £30k as a debit to the income account and a credit to cash or bank.
2. Set up the recurring journal with a frequency of monthly, starting in period P02, and adjusting the amounts accordingly (P02-13: Debit income account £27500 and credit cash/bank £30k; P03-13: Debit income account £25000 and credit cash/bank £30k).
This method allows you to create a recurring reversing journal that will automatically adjust the opening balance for each period.
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