Client Accounting lets you reverse journals in a variety of ways. The best way depends on the circumstance:
Ideal for one-off accruals or prepayments. For example, if you only need to reverse once and may not need to reverse the journal in future years.
To reverse once-off:
|UI Text Box|
This example is an AU system but can be used for NZ. NZ systems may have some differences.
Process the journal as normal and then select the To be reversed checkbox. A tick appears in the checkbox to indicate a reversal journal for this transaction will be automatically created in the following workpaper period.
Regularly-occuring reversal transactions
For transactions that occur on a regular basis such as quarterly or yearly, you can use the Define Balance Forward Accounts function to reverse. This function clears the balance of a nominated account to zero, and instead adds the balance to a predefined account. This is commonly used for beneficiary or stock accounts to clear prior year movements into an opening balance account.
For more information on automating the balance forward process, see Defining Balance Forward accounts.
Manual journal entry
If you've already rolled over into a new financial year or you haven't set up Balance Forward Accounts, a manual journal entry at the start of the year ensures that you begin the year with the correct opening balances.