Reversing Journal Entries in Intacct

We all make mistakes—especially when under pressure. And those of us who process financial records for our company know to expect extra stress at the end of the month, quarter, or year. That’s when we are more most susceptible to making an incorrect entry (or two).

Let’s admit, how many times have we keyed a journal entry and posted it only to realize the numbers were backward, or in the wrong field? Likely, more than once. It’s ok, though. It happens to the best of us.

Fortunately, Intacct doesn’t judge. It’s designed for humans. It lets you select an option to reverse a journal entry without having to rekey all the data. In the instances when you make a mistake, reversing it is easy. You can do this with a simple click of a button.

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Both the original and reversal entries will remain part of the general ledger transaction history for your reference. You can also include the date of the reversal.

What about security?

Are you concerned that someone will reverse a transaction against your wishes? No need to worry! This process adheres to the security settings you have put in place. It will also follow your journal approval rules, so you can control which users can reverse a journal entry, as well as who can approve and post a reversal.

How can you reverse a posted journal entry in Intacct?

Step 1:

In Intacct, go to the General Ledger module.

Step 2:

Open “General Journal-Journal Entries” (Image 1).

Intacct-RevJournEntry_Image01

Image 1

Step 3:

Open the “Transaction” tab and go to the Entries section.

Step 4:

In the Entries section, select the journal entry you wish to reverse.

Step 5:

On the far right of the screen, click the “Reverse” button.

Step 6:

The “Reverse GL Entry” screen will pop up (Image 2).

Next to Reverse Date, enter a post date (today).

Intacct-RevJournEntry_Image02

Image 2

Next to Description, add a comment, such as “Reverse Journal 238.”

Step 8:

Click “Reverse.

It’s that simple!

Contact us for more information about how Intacct can help your business. We’ll be happy set up a demo.