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

Alerts and notices

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. It can be removed by either unselecting the Auto-reverse next period box and clicking Enter or by deleting the original journal entry.
  • There is not an option to have all journal entries reverse out every period. It must be done on a transaction by transaction basis.
  • You cannot auto-reverse a transaction with an AA99 reference. Transactions in the Actions > Enter Transactions screen that have a reference of AA99 are created when you manually enter amounts on the Actions > Enter Trial Balance screen, or when you import a spreadsheet with balances.

See also: Troubleshooting an unreconciled amount in bank account reconciliation