Creating a Reversing Journal

If you want a journalA document that enables you to make corrections or adjustments to your existing accounting data. to automatically reverse itself, you can create and post a reversing journalType of journal that automatically reverses itself in a subsequent period.. This is a journal that automatically reverses itself in a subsequent period.

To create a reversing journal:

Classic Edition

1. Create and validate, but do not save, a new journal as described in Creating a Standard Journal. This is called the source journal.
2. Once all line items on the source journal have been completed, click Reverse. This opens the reversing journal page.
3. Do one of the following:
   • Accept the default reversal period (one period after the period specified on the source journal).
   • Amend the reversal period as required. The reversal period must be an open periodAn accounting period to which a user can save documents and post transactions..
4. Click Reverse to create both the source and reversing journals. Both journals are now "In Progress".
5. Click Post on the source journal's detail page. The source journal's status is now "Complete".
6. Click Post on the reversing journal's detail page. The reversing journal's status is now "Complete".

To create a reversing journal:

Extended Edition

1. Locate and retrieve the journal that you want to reverse. This journal can be In Progress or Complete. See Viewing Journal Lists for more information.
2. Click Reverse/Cancel on the button bar. If you can't see this button, contact your administrator.
3. Leave the Reverse option selected.
4. Do one of the following:
   • Accept the default reversal period (one period after the period specified on the source journal).
   • Amend the reversal period as required. The reversal period must be an open periodAn accounting period to which a user can save documents and post transactions..
5. [Optional] Edit the journal date, reference and description fields.
6. The reversing journal inherits the status of the source journal, therefore:
   • If the source journal's status is "In Progress", click Save to create the reversing journal.
   • If the source journal's status is "Complete", click Save & Post to create the reversing journal and immediately post it.
   This creates a new journal of type "Reversing Journal" using the same information as the original, but with the opposite amount for each line item.
7. If the source journal is still "In Progress", click Post on its detail page. The source journal's status is now "Complete".
8. If the reversing journal is still "In Progress", click Post on its detail page. The reversing journal's status is now "Complete".