Description
SoftLedger automates the process when a journal entry that is created needs to be subsequently reversed at a future date. These types of Journal Entries are often common with accrued revenue or prepaid expenses, as well as any fair market valuation entries done for point in time reporting of asset values.
How to create a Reversing Journal Entry
Creating a Journal Entry in the User Interface (UI)
Go to Financial > Journals
Click on +NEW
Input Journal Detail, Change Entry Type from Standard to Reversing
Input Transaction Date, Posted Date, and Reversing Date
The Reversing date will become the Posted Date of the reversing journal line items the system creates.
The Transaction date will be the same for all journal lines in this record
See Journal View once the Journal is created
NOTE: When viewing in the journal report, you can filter by Field Reversing Line, to see which journal lines are the reversal and note the different posted date.
Creating a Journal Entry via Bulk Journal Import Template
The reversing entry type can also be created in the excel bulk upload template.
Input all Journal Details
Update the
entryType
field to reversingInput posted date for the desired reversing journal lines in the optional
reverseDate
field