Distribution Reversal

Navigate: Tax > Distribution > Distribution Reversal

Description

Recover an incorrect distribution of funds by reversing a distribution. You can reverse only the most recent distribution.

IMPORTANT: General Ledger accrual entries from a distribution allow a distribution to be produced with the transaction type of Distribution Accrual (DistAccrual). These distributions cannot be reversed. If they were reversed, they would automatically be assigned by the system a Transaction Type of Distribution Reversal (DistReversal). The distribution would then incorrectly be included in distribution history and incorrectly produce reversal General Ledger entries.  Since a distribution accrual is informational only in the distribution module and is used only to produce the General Ledger accrual entries, you can produce a second distribution accrual process if corrections are needed.

Steps

1. On the Reverser Distribution screen, enter the Business date of the reversal. This date must be equal to or greater than the original distribution date.

2. Enter a Description of the reversal.

3. Check the Reverse final status only to reverse only the status of the distribution if applicable to your jurisdiction.

4. Select an available distribution to reverse. The last column in the Distribution Reversal Availability grid displays the status of the items: reversed, not available, or available.

• Select the option to Reverse final distribution status only if the distribution selected for reversal is marked as a final distribution and only the flag should be reversed. If this option displays and is not selected, the distribution as well as the flag are reversed.

5. Click Process to complete the reversal.
   
   NOTE:  The Process button on the task bar only functions if the selected item has a Reversal Status of available.

Tips

If the year has been audited, a reversal may not be performed on the distribution.

If no distributions are available for reversal, a message informs you that no distributions are available for reversal.

If an error occurs during the reversal, the changes will not take effect and an error message will display.

Only one person at a time can reverse distributions. Others attempting to access the same screen are locked out until reversals are complete.

You may need to click in the grid to view the updated status of the distribution.

After the reversal of a distribution, all other predistributions with the status of created or approved are changed to expired.

You can select revenue source to reverse only if you security level is set up to reverse business revenue.

Prerequisites

Distribution

• A distribution with the status of distributed must exist in the current tax year.

Tax Accounting

• No checks can be generated for the distribution.