I think that there needs to be a facility with MYOB AccountRight for entering automatically reversing journals.
This would be a great feature and one that lots of MYOB users would appreciate as reflected in the forum.
"Reversing Journals"
43 Comments
I'd love it if you could open a previous journal entry, select a button called 'reverse' that opens up a new journal entry with the transactions reversed.
Hello Sally SallyIMH
You can do a reversal of a journal in Account Right.
Firstly go to Setup / Preferences and then the Security Tab. Put a tick on the first option "Transactions CAN'T be changed; they must be Reversed"
Then open the Journal you want to reverse. Right click and select the Reverse option. this creates the reversal and just date it as you want . Record. you can then change the Preference back to normal.
Cheers
David
Thanks for your response David_Cree
I leave the option for transactions to be changed open, as there's just me here so I'm not concerned about things changing without my knowledge... so I guess when I want to reverse a journal (I'm thinking in regards to month-end accruals), I could tick this option for transactions to be unchanged, and then reverse the journal, then untick it again. Not ideal and would be better if you could still reverse them regardless of whether that option was selected, but I suppose it's a work-around for now.
Feature requested by year-end accountants:
Could we have a tick-box in the Recurrent Transaction - General Journal window, for the recurrent transaction to be posted with reversed figures ?
Situation: Accountants often raise general journals at the financial year-end, which need to be reversed on 1st or 2nd July in the new financial year. Mainly accrued income or expenses, plus provisions. It would be handy for them to be able to just "tick & flick" a recurrent transaction, to enter it on the 1st or 2nd with reversed figures.
Xero and Attache have this feature - saves time for busy practising accountants.
Kym Y, CPA & MYOB Advisor
Darwin (Palmerston)
pretty self explanatory, this function would be useful to tidy up EOY adjustments but still have them taken care of correctly in the following quarter.
I think what scfsh was referring to was entering a journal and having a reveral date on that journal entry that would automatically record a a reversal of the journal on that specified date.
E.g. journal at 30/06/2014 which needs to be reversed 1/7/14, say for an accrued expense.
scfsh - is this what you meant?
- Status removed:NewThanks for your suggestion on this Carol, would you please be able to let us know what you mean when you say an automatically reversing journal? There is a process to create a reversal of an existing journal which will automatically pull through the appropriate data and all you have to do is press Record. An automatically reversing journal would just record and then negate itself immediately.
I think Carol means that if you are making accruals for a month that will need to be reversed in the next month. Other software would allow you to automatically reverse the journal in the following month.
i agree with whereaustralia that this woud be what Carol is reffering to. it's something that i've always wished for in myob too. i was able to do this in other accounting packages i've used.
Hi Rebecca12345
Thanks for the feedback, I have shared it with the team.Would you please include a feature so that General Journals can be automatically reversed at a future date. This is a standard accounting function that I have asked for many times (and I see others have too.) Manually reversing journals is a waste of time - the software should be able to do this automatically.
Please, please, please build this into your products.
All you would need to do is have the same function as the current reverse transaction, but the ability to put a different date on it.
IE Accrue the expenses at month end @ 30 June
At 30 June
DR Expenses
CR Accruals
Reverse the above entry, but you want a 1 July date on it.
At 1 July
DR Accruals
CR Expenses
