Reverseing recurring journals are used for entering fixed amt of expenses in regular intervels but in Reversing Fixed The amount on the journal line remains after posting, and a reversing entry posts on the following day. Monthly accrual of contract cleaning invoice not received until the following month.this means a reversal entry will pass on the next day then what is the use of recurring entry, pls explain me with one example i am unable to understand how does it useful in practical
These are usually posted on the last day of month, thus reversal happens on the first day of month.
This is used in situations, when you need to get approximate values for your operational Balance Sheet, still not knowing the exact amounts, and you can’t wait while all invoices arrive. When you later get the real “cleaning invoice” or whatsoever, you then post it normally with exact amount.
I have a similar issue using Nav 5.
Need to post entries on last day of period and reverse the following day.
Cannot see how to do it with General Journals.
Do I need to use Recurring Journals?
Yes