Automatically Reverse Journal Entries

Question:

Is there an option to book monthly journal entries (recurring) and then automatically reverse those entries
the next month?

Resolution:

From page 53 of the G/L Manual, you want to use "Any entry with two asterisks in the first two positions is automatically reversed in the following period".


The operator keys the CORPORATION#, ACCOUNTING PERIOD, BOOK CODE/JE#, DIVISION, DEPARTMENT, JOB, (if applicable), ACCOUNT#, MAD#, (if applicable), AMOUNT and EXPLANATION for each entry. If you wish to use the "contra" fields to balance the entry, key the appropriate ACCOUNT#, DIVISION#, DEPARTMENT# and JOB#. (The system creates an offsetting entry, which can be accessed separately in Update mode.)
Certain book codes are reserved by the system and cannot be used by the operator so as to preserve the integrity of those entries. Any book code beginning with two underscores, (i.e. __AA), is a reserved code and each has a special meaning. Those that are currently used by the system are listed below with their explanations.
** - Any entry with two asterisks in the first two positions is automatically reversed in the following period.
$$ - Any entry with two dollar signs in the first two positions is
the result of an automatically reversing entry. (See previous).
___A - Opening balances created by Year End procedure.
__AR - A/R Date Batch entries.
__PJ - A/P Purchase Journal entries.
__DJ - A/P Disbursement Journal entries.
__CD - A/P Cash Disbursements entries.
__AJ - A/P Accrual Journal entries.
__SJ - DISTRO/400 Sales Journal entries.
__CR - A/R Cash Receipts entries.
__PR - Payroll entries.
__MC - Miscellaneous Cash Receipts entries
__RQ - P/O Requisition entries
__ED - Electronic Disbursement entries
the book code/JE# for an automatic reversing entry must have two asterisks in the first two positions. For example: **D1. The system automatically creates the reversing entry for the following accounting period with a book code of $$D1 using this example.