Def - Journal Type - Reverse

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.