Record Journal Entry: Automatic reversal of journal

[Carol1957]

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"

[Matthew_W]

Thanks 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.

[whereaustralia]

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.

[scfsh]

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.

[Rebecca12345]

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.

[Steven_M]

Hi @Rebecca12345 

Thanks for the feedback, I have shared it with the team.

[ASWatCR]

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?

[Chamberlain]

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.

[WCM]

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

[Steven_M]

Hi @WCM

Thank you for thoughts in regards to this particular idea and how to achieve it. I've passed on your thoughts to the team. 

[WayneL]

It would be useful to have an Accrual Journal Function that automatically reversed the journal on the firts day of the next business period.