Dear all,
I want to reverse entire posted GL register using reverse register function but with the different date. Is it possible?
What could be the alternative solution to this?
Thank you in advance for your suggestions.
Reverse function will only create Journal lines for you to post yourself.
So, you can change the PD before posting - but you need serious reason for doing so, normally Reverse (or STORNO in accountant’s language) is done on the same date as original, otherwise it’s hard to understand what happened, when you later look at the turnovers and balances, especially, if time shift is significant…
in which entry u want to reverse goto that particular entry -->click function ther u have reverse option(only journal entry we can reverse)
U can do this way its one of the option…
A reversal usually happens on the same date. That way the balance for that day nets to zero. Doesn’t mean you can’t choose a different day, but as Modris said, you should have a good reason for doing so.
Posting on a different date would not be a reversal. But it could be an accrual. If it is then look at recurring journals as a way of doing this.
Yes I agree with David. Infact I wanted this function for accrual. But there is one problem using recurring journal here. I have to accrue on the 25th of every month and reverse it in the 1st of the following month.So what do you suggest is the best thing to do?
Thank you in advance
Does anybody has answer to my above question.
Standart Recurring journal lines with “reversing” types post reversing entries with date as of next day after Posting date, and normally you set PD as last day of the month, to get reverse on first day of next month.
There is no way to set date for reversing entry otherwise without a modification.