If you find errors in your journal entries that you need to reverse, you can negate the journal entry that is in error without having to create a whole new journal entry. The system allows you to reverse entries by creating a new generation of an existing journal entry with the updated posting. The original posting and the new generation negate each other in your general ledger.
To reverse a journal entry:
From the G/L menu, select Journal Entry to display the Journal Entry window.
In the Journal Entry Selection dialog box, click OK to accept the current date in the Date field to enter a posting for today's date, or do one of the following:
Enter a different date and click OK.
Select the Journal Entry # radio button and enter all or part of journal entry to search for an existing journal entry.
In the selection menu that displays, select an existing journal entry number to open an existing entry.
If the entry you select is in a closed G/L period, a message displays indicating that the entry is in a closed period.
From the Options menu, select Reversal to display the Reversal Date dialog box.
In the Enter Reversal Date field, enter the date on which you want to reverse the journal entry and click OK.. For example, if you found an entry that was posted incorrectly two weeks ago, enter that date to reverse the journal entry on the date it was posted.
The system reverses the posting on a new journal entry generation, and the Journal Entry window shows the posting reversed.
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