The system will allow the reversal of any posting that has not been allocated to another posting.
Follow the steps below to reverse a posted financial transaction:
From the Main Menu open General Postings or General Postings (Interactive) program.
Select the original transaction type and tick the Reversal? option box.
Select New or hit the enter key.
Enter the Matter number and the Posting Allocations screen will open.
Select the transaction to be reversed and double-click on that transaction line.
Click the blue disc to save then click POST.
N.B. Transaction types that cannot be reversed are IBT (Interbank Transfer), J (Journal), TCC (Transfer Client to Client) , TMM (Transfer Disbs to Disb), TOC (Office to Client) and TRF (Transfer Practice). Additionally, the system does not allow reversing into a prior period or reversing a reversal once it has been made.
If you need to reverse one of the above transactions that don't allow reversal you have to do a posting the opposite way/contra to correct the incorrect posting. The setting to allow 'Items that have been reconciled can be reversed?' is updated in Posting Maintenance / Options tab / Reversals section.
How to Correct a Receipt Posted in the Wrong Accounting Period
When a receipt is posted in the wrong accounting period, it is important to correct the error without violating system restrictions. The system in Access Legal Proclaim does not allow reversing into a prior period or reversing a reversal. Instead, you can use Bank Receipts (BRCs) to adjust entries across periods while maintaining proper reconciliation.
General Principles for Correcting Period Mismatches
To address period mismatches while keeping entries balanced:
Post a negative BRC in the earlier period: This acts as the equivalent of a reversal for the earlier period.
Post a positive BRC in the later period: This contra entry reflects the correction in the later period.
Step-by-Step Guide
Identify the periods involved:
Determine the earlier period where the original receipt was posted.
Identify the later period where the correction needs to be reflected.
Post a negative BRC in the earlier period:
This entry mirrors the effect of the reversal in the earlier period.
Post a positive BRC in the later period:
This entry re-adds the receipt in the correct period and aligns the matter listing.
Example Scenario
If a receipt was posted in Period 1 and reversed in Period 2:
Post a negative BRC in Period 1 to adjust the earlier period.
Post a positive BRC in Period 2 to reflect the correction and ensure proper reconciliation. By following these steps, you can correct period mismatches without attempting to reverse a reversal or backdate entries, ensuring compliance with system rules and maintaining accurate financial records.