Def - Journal Type - Reverse & Correct

A Reverse & Correct Journal Entry creates two Journal Entries when processed: 

• Part 1: An automated journal entry that reverses a previously posted Journal Entry by converting all Debit amounts to Credits and all Credit Amounts to Debits, as of the date specified as the 'Reverse Date', with no additional user intervention.
• Part 2: An unposted journal entry, in the status of New, that is a clone of the original Journal Entry that was reversed.

The "Reverse & Correct" is used when a previously posted Journal Entry contains one or more errors. Part 1 reverses the incorrect Journal Entry and Part 2 provides a starting point for a user to edit and re-post.