Journal Entries - Creating a Reversing Entry

Journal Entries - Creating a Reversing Entry

Table of Contents
  1. Introduction
  2. Summary 

Introduction

The following wiki explains to a user how to make an automatic reversing journal entry. This option takes the entry that is being entered into that period and automatically creates the reverse of that entry into the 'next GL period'.  NOTE:  For year-end reversing entries, please note information at the bottom of this document.

1. In JSI, go to:

  • Ledger > Journal Entries > Current Period

2. In the Selection Screen:

  • Select an Account No.
  • Enter an Amount
  • There is an option to 'reverse' Y/N. Select "Y" to reverse.

3. In the Prompted Screen:

  • Select an Account.
  • Hit <enter>, and the other fields will automatically populate.
  • Click on the Update button.

4. Verification:

  • Confirm that the reversal is correct before you post the entries (verify the period, the amounts, etc.).
  • Click on the Modify button if any changes need to be made.
  • If everything is complete, click on the Post Batch Entries button.

Summary 

When the GL period is closed for the current period, the system will then select the entries tagged as 'reversing' and post them into the new period following the Opening Balance transactions.  

NOTE: YEAR-END Reversing entries.  When creating reversing entries for year-end note that if entered into period 12 AND period 13 is being used for auditor's entries, they will automatically roll into period 13, NOT 1.  This type of reversing entry should be entered manually into period 12 and held in order to enter the reversal into period 1 once your General Ledger is in that period.

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