Page Comparison

Reverse: This text is a copy from the Accrue & Revere, it needs to be updated. These are created by selecting the 'Accrue & Reverse' option from the 'New' icon on the Journal Entry List View or Journal Entry Record View. When posted, a second journal entry is auto-created and posted that reverses the original entry based on the 'Reversing Date' entered. 'Accrue & Reverse' journal entries are not linked to a transaction. A Reversing Journal Entry is an automated journal entry that, when processed, reverses a previously posted Journal Entry. In a Reversing Journal Entry, all Debit amounts are converted to Credits and all Credit Amounts are converted to Debits. Reversing Journal Entries post to the General Ledger on the date specified as the 'Reverse Date' with no additional user intervention. While the same thing could be accomplished with a manually entered Journal Entry, the Reversing Journal Entry speeds up, and ensures the data entry is accurate. These are most typically used when a manually journal entry just need to be removed from the General Ledger.