Creating a Reversing Journal
If you want a journal
A 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 journal Type 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:
Lightning Experience
- Open the relevant journal that has a status of "In Progress" or "Complete". For more information, see Viewing Journal Lists.
- Click Reverse. If you can't see this button, contact your administrator.
- Do one of the following:
- Accept the default reversal period. This is one period after the period specified in the source journal.
- Amend the reversal period as required. The reversal period must be an open period An accounting period to which a user can save documents and post transactions. and must not be earlier than the original journal period. The Period field is Mandatory.
- [Optional] Edit the journal date, reference, and description fields. The journal date should not be earlier than the original journal date. The default is today’s date.
- 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.
- If the source journal is still "In Progress", click Post on its detail page. The source journal's status is now "Complete".
- If the reversing journal is still "In Progress", click Post on its detail page. The reversing journal's status is now "Complete
Classic Edition- Create and validate, but do not save, a new journal as described in Creating a Standard Journal. This is called the source journal.
- Once all line items on the source journal have been completed, click Reverse. This opens the reversing journal page.
- 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 period An accounting period to which a user can save documents and post transactions..
- Click Reverse to create both the source and reversing journals. Both journals are now "In Progress".
- Click Post on the source journal's detail page. The source journal's status is now "Complete".
- Click Post on the reversing journal's detail page. The reversing journal's status is now "Complete".
Extended Edition
- Locate and retrieve the journal that you want to reverse. This journal can be In Progress or Complete. For more information, see Viewing Journal Lists.
- Click Reverse/Cancel on the button bar. If you can't see this button, contact your administrator.
- Leave the Reverse option selected.
- 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 period An accounting period to which a user can save documents and post transactions..
- [Optional] Edit the journal date, reference and description fields.
- 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.
- If the source journal is still "In Progress", click Post on its detail page. The source journal's status is now "Complete".
- If the reversing journal is still "In Progress", click Post on its detail page. The reversing journal's status is now "Complete".