Auto Reversing Journal Entries

1.  Access the Journal Entry application from the Activities menu or Shortcuts.

2.  The Reference Number will be automatically assigned and Date defaults to the current business date.

3.  Optionally, you may enter descriptive text in Memo.

4.  Click in the Reversing checkbox. 

5.  Fill in the transaction lines.  You must supply Account, Class (if Company Setup, Use Classes = "Required"), and a Debit or Credit Amount.

6.  Click on Save to save the Journal Entry. 

7.  A reversing journal entry is automatically generated and assigned a date equal to the first day of the next accounting period.  

8.  The Memo field in the reversing journal entry will identify the document Id of the original journal entry that was reversed.

9.  The original journal entry will be displayed with the Reversed field checked on.