Enter Transactions: Making a journal entry auto-reverse for the next period

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In the Enter Transactions screen, a "Journal entry" type transaction can be setup to Auto-reverse next period. Show me

Auto reverse Journal Entry

In this example, the transaction to be reversed was entered in the 01/31/2012 Posting Period. Once the Posting Period is advanced to 02/29/2012, a reversing entry will automatically appear. Show me

Notes:

  • If the original journal entry is deleted, the reversing entry is automatically deleted as well.
  • The reversing entry cannot be deleted. The only way to get rid of it is to delete the original.
  • There is not an option to have all journal entries reverse out every period. It must be done on a transaction by transaction basis.

See also: Troubleshooting an unreconciled amount in bank account reconciliation

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