How to create a reversing Journal Entry
Scenario #1: You know you want to reverse before you enter it
Journal Entry → New Journal Entry
- Enter your journal entry
- Check the box “Insert reversing JE” when creating JE.
- Click Submit
- The journal entry will reverse the first day of the next month. It will have a link to the original journal entry.
This article goes into a little more detail.
Scenario #2: You have made a JE in a prior period you decide after the fact that you want to reverse it, but will only need to do this one time.
To create a copy of the original journal entry and reverse the debits and credits: go to
Journal Entry → Find Journal Entry
- Click Go next to the journal entry you want to reverse.
- Click Memorize
- Enter Frequency as monthly, Next Date is the date of the reversing entry, Final date is the end of month date you are reversing the entry.
- To create the reversing journal entry go to: Memorized → Create from Memorized Transactions
- Find the Memorized transaction you created, click Submit.
- Go to Journal Entries, Find Journal Entry, click Go
- Edit the Journal Entry, click Submit
- The journal entry will never be able to create another journal entry
- If you don’t want this journal entry on your Memorized Journal Entry Transactions List, go to Memorized → Memorized Journal Entry Transactions, find the journal entry, check Delete, click Submit