Reversing

Select this check box on the Journal Entries orMulti-FSB Journal Entries form if you are entering a reversing transaction.

A reversing transaction is usually used for an accrual type transaction.

For example, when the pay period extends across a fiscal period, you need to enter a transaction for the partial pay period for an accurate figure for the fiscal period.

When this check box is selected, at posting time this transaction is posted to the ledger and a transaction similar to it is also posted; however, the transaction amounts are reversed (for example, a debit becomes a credit).

The default setting for this check box comes from the previously entered transaction. If you are entering a series of transactions and this check box is not selected for the first transaction, the subsequent transactions also will not have this check box selected.