Last week we had discussed about the multi currency,options for choosing number formats in Numia. Here comes an another updation. We dint have reverse journal entry in our older version of our accounting software. Now this option has been added.
Mainly Reverse Journal entry changes the signs on the original entry, (i.e), change the Debit to credit and vice-versa then re-post the journal. Reversing entries are an optional accounting procedure which may prove useful in simplifying record keeping. A reversing entry is a journal entry to “undo” an adjusting entry.
Reversing entries would be appropriate for those adjusting entries that involve the recording of accrued revenues and expenses; specifically, those that involve future cash flows. Importantly, whether reversing entries are used or not, the same result is achieved.
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