TRANREV

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TRANREV.PNG
Name Transaction Reversal
Shortcut TRANREV
Area Transaction

See the NOVUS Walkthrough Guide for general information about the system.


The TRANREV program can be used to reverse a transaction.


The program cannot be accessed via the ‘NOVUS Shortcut’


The TRANREV program can be opened by either right clicking on the transaction in the navigation tree and selecting reverse this transaction or by entering the transaction number into the quick search bar and then clicking on reverse transaction button in the bottom right corner of the quick search window.


The TRANREV program will appear with transaction details and each line of the transaction.

Select the reversal reason in the drop down list (to add or change reversal reason codes, please use the TRANREV codes section in the all code types tab of the CODES program).

If required to match transaction during reversal, select yes, match the reversal radio button option

Click on confirm reversal to reverse the transaction. The TRANREV program will display the transaction number and type of reversal transaction.

If the transaction cannot be reversed, the confirm reversal button will be disabled. The explanation and error code will be displayed. For example: if the transaction is in the previous year or has been matched already, the message will be displayed in the bottom part of TRANREV program.

Click the cancel button to cancel the reversal of the transaction.

The transaction can be reversed, provided a transaction has not been matched or converted (if soft currency) and falls within an open period.

Original premiums cannot have transactions reversed if there are any additional premium transactions on the policy. In this case use the TRANPT program and create a transaction type of CP (contra premium) which would cancel this original premium transaction.

Note:

TRANREV (V49K) can reverse IBA journals (entered with the JNL program)

TRANREV will always use the same market version as the transaction being reversed as it copies the original transaction and just reverses the signs of the amounts.


Usage

1. Enter the transaction number to reverse.

2. Choose a reason for reversal - choose from a drop down list of values.

3. Match these transactions? - always choose the yes option.

4. Click the confirm reversal button


A transaction of the opposite type is created (eg RP for AP, REF for CLM etc.)

In the case of an original premium (PM) the system creates a special contra premium (CP) transaction type.

Subsequent processing against this policy number, year and section can only happen if a new PM transaction is entered.

This may again be reversed out if necessary. This process can be repeated as required. However it it not possible to enter two consecutive ‘PM’s, and neither can a PM transaction be reversed out twice.

These restrictions do not apply to any other type of transaction.


Restrictions Applied to Reversing a Transaction:

  • A transaction in a closed year (when the YEAREND program has been run) cannot be reversed.
  • Transactions in a blocked (a period prior to the current period specified in the CALENDAR program) or closed ( after the PERIODEND program has been run) the period can be reversed, but the accounting date will be ‘today's date.


This includes transactions in a previous year if the year has not been closed. A warning message "719 W:Period blocked. Contra will be posted at todays date" will be displayed.

  • Transactions in an open period will be reversed with the same accounting date as the original transaction.
  • Two users cannot reverse the same transaction at the same time.
  • Reverse out claims through the claims system
  • Use the proportional treaty system to reverse the "T" entry
  • Cannot reverse a contra premium
  • Cannot reverse cash entry
  • Cannot reverse transaction that contains zombied records
  • Cannot reverse transaction which has been converted (RP can be produced, converted with the same rate, and matched against each other)
  • Cannot reverse transaction if brokerage has already been taken on this line
  • Cannot reverse transaction which exists on a paid bordereau
  • Cannot reverse transaction that has been matched - unmatch first
  • Cannot reverse PM transaction type if additional transactions already processed - first reverse the additional transactions.


Version History

v4.2.0 – Updated to latest version

v59S - FMX-418 In Blocked Period field hidden
v58K - URM 3982 reversal conditions modified re closed periods/years
v55K - future transactions use acdate and period of original transaction. Past transctions use todays acdate and period
v48P - URM 3051 Check length of bapolnum
v47M - Reset orig_prem tran if reversing an "FAP"
v46K - Bordereau test now just on bdr table (error 002 & 033)
v40J - First version of this form to use the new style. No other updates except the restyle.