Overview of Reversal Journal Entries

Overview:

In this article, we will review Reversal Journal Entries. For your convenience, the following information is provided.

A Reversal Journal Entry is an adjusting entry made during a new accounting period to cancel out an entry recorded in a closed period.

To reverse the Main Journal Entry, the "Close the Books" setting in the BE Accounting Configuration Panel must first be enabled to lock the books. For an overview of the Configuration Panel, please click on this link.

Important to know:

Reversal Journal Entries are not a default configuration.  To have them enabled, please request this directly from your BE CSM.

Quick Reference:

Link to Full Step-by-Step Guide