Creating an Automatic Reversing Entry
This feature is helpful if you accrue estimated expenses before you know the actual amount. When you create the journal entry and post the estimated expense, you can automatically create the reversal of that entry at the same time.
To create a new reversing entry:
1 In General Ledger, select Enter / Edit Journal Activity from the Workflow. The GL Journal Entry window will open.
2 Enter your journal entry as you normally would, but click the Create Reversing Entry check box in the top-right section of the window.
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3 Select Save to keep the entry.
Now, when you know the actual expense, the reversing entry for the estimate is already created.
Published date: 09/30/2021