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AccountRight

Record Journal Entry: Automatic reversal of journal

Contributing Cover User

6Posts

53Kudos

0Solutions

6 Posts
Contributing Cover User

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"

Current Status: Open
Last Changed: July 2018

Thank you for additional comments on this particular idea. We have moved this idea from an old status Clarification Needed to our new status of Open. For more information on Idea Statuses, please read this article: Changes to our Idea Exchange pages

35 Comments
5 Posts
User

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. 

Ultimate Partner
1,135 Posts
Ultimate Partner

Hello Sally @SallyIMH

Yes you need to turn it on & off.

Cheers

david

Experienced Cover User
16 Posts
Experienced Cover User

May I know is there a way to automatically reverse prior month's journal entry (eg accrual journals) in the current month please? Thank you!

1 Post
Cover User

AccountRight needs to include the automatically reversing journals in MYOB feature to reverse month end accruals?

Experienced Cover User
52 Posts
Experienced Cover User

Why hasn't the automatically reversing journal feature been added to AR Live yet? Xero have the ability to do automatically recurring and reversing journals, it saves a lot of time.

MYOB Moderator
37,073 Posts
MYOB Moderator

Thank you for additional comments on this particular idea. We have moved this idea from an old status Clarification Needed to our new status of Open. For more information on Idea Statuses, please read this article: Changes to our Idea Exchange pages

Ultimate Partner
1,668 Posts
Ultimate Partner

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)

Partner
68 Posts
Partner

This function should have been implemented years ago.  

It's very frustrating that we still can't do it when a lot of other software packages can.

5 Posts
Cover User

each month, we need to write jounrals for some accruals/un received bills before month end cut off time. then this jounral need to be reversed at beginning of next month. 

 

i am using XERO as well, when put manual journals in XERO, there is a box for "auto reverse on xx date", this is very useful "box"/function. 1, it is save time, 2, it is improved accuracy. 

 

is it possible to have same "box" in MYOB. it will save a lot of time for this kind of journals. 

2 Posts
Cover User

Totally agree - all the othermajor accounting software companies have that basic accounting facility