How do I create reversing entries?

Journals

Enter a reversing entry to back off a journal entry.

What's new?

Uses the reference number from the original entry as the reference number on the reversing entry. If the reference number has already been used in the journal with the reversing entry, Connect will use the next available reference number. Split entries will be reversed as a split entry as long as the journal supports split entries. (2023.08)

Watch a video

Learn how to reverse a group of journal entries and reverse a single entry. Watch a clip from the 2023.08 General Ledger Refresher Training to learn more. [MP4]

Creating a reversing entry

1. Open Connect General Ledger > Journals > Create Reversing Entries.

2. Enter the create reversing entry options and then click OK.

The journal and period is the original entry, the entry that needs to be reversed. The reversing journal and period is where and when to create the reversing transaction for the original entry.

Journal

Enter the journal for the original entry.

Period

Enter the period for the original entry.

Options windows

Reversing entries journal

Enter the journal where the reversing entry will be created.

Reversing entries period

Enter the period where the reversing entry will be created.

Use specific date

The system will use the current date as the default date for recording the reversing entry. If you want to use a different date, click to select the Use Specific Date checkbox and then enter the MM/DD/YYYY.

Use [Same description as entry]

Use the same description as the original entry or use a new description entry. To use a different entry, select Specified Description and then enter the reversing transaction description in the next box.

3. Enter the reversing entry.

The journal and period display journal and period where the reversing entry will be created.

Create reversing entry view

Description

Enter a description. To enter the day of the month, type .dd in the text entry.

Activity

Optional. If activity tracking is set up, enter an activity number.

Job number

Optional. If project tracking is set up, enter a job number.

Account

Enter a GL account for the reversing entry.

Amount

Enter the amount to reverse.

Comments

Optional. Enter a comment for the reversal entry.

Attachments

Optional. Add a file, image, PDF to the reversing entry.

4. Press Enter again or click Save (CTRL+S) to save the entry.

The reversing entry is saved.

202211, 2023Jan17