Reverse Journal Entries

Reverse Journal Entries

Use reversing journal entries to reverse accruals, estimates, errors or temporary adjustments and reclassifications.

Steps required for defining reverse journal entries:

1.       Navigate to the Enter Journals window.

Navigation:

      

           Journal => enter

2.       Query the batch and journal within the batch for which do you want to a reversal.

3.       Choose Review Journal.

4.       Select a reversal Method Switch Dr/Cr or change sign.

5.       Click on reverse.

6.       Save your work.

Additional Information:

1.       The reverse journals are prefix with reverses forward by journal name, system date and time.

2.       Switch Dr/Cr: General Ledger creates your reversing journal by switching the debit and credit amounts of the original journal entry. This method is often used when reversing accruals.

3.       Change Sign: General Ledger creates your reversing journal by changing the sign of your original journal amounts from positive to negative. This reversal method is often used when reversing journals to correct data entry mistakes.