Previously, users were required to manually create the reversal journal for the accrual journals. However, we've introduced a new feature to automate this process, eliminating the need for manual intervention.
This feature will automatically generate and post the reversal journal when the user specifies the reversal date for reversing the regular journal.
In Financial Accounting->Journal Entries, while creating the journal entry, you will now have the option to add the reversal date.
Once you have added the reversal date, you will be provided options to enter the "Reversal Description" and "Save Reversal Journal As" fields.
You can also choose options, either draft or finalised, for the reversal journal
Add all the details and click either save or submit
This will create two journals: one journal and another reversal journal
Normal Journal:
Reversal Journal:
We hope that this feature is useful to you. 😃
Reversal Journals - Updates (June'24):
In this release, the system will generate a unique reference number for each journal as invoice numbers (both Normal and Reversal Journal) after creation. When you generate the reversal journal, both normal and reversal journals get created with unique reference numbers.
By default, reversal journal's number starts with "RJV". If you want the reversal journal number to follow a certain sequence, you can set it under Settings -> Company Setup -> Auto Number Generation.
If you create the reversal journal, the normal journal will have the green icon next to the reference number, and the reversal journal will have the orange icon next to the reference number after it is created. If you hover over those icons, it will highlight which journal it belongs to.
We hope you enjoy the updates🤩😎