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"
It would be useful to have an Accrual Journal Function that automatically reversed the journal on the firts day of the next business period.
Agree and have voted
Please, please, please add this function. Please note that Xero has had auto-reversing journals in place for at least 3 years now!!
Even a manual reverse function would be useful (as Quickbooks has) - ie. the option to 'reverse' a journal (a reverse button whereby you add a date that the journal is to be reversed).
I really hope this is added to future updates.
Hello Carol1957
The function to create reversals of transactions is already available, however to avoid accidental reversals, or to prevent an inexperienced user from doing it, the function must be turned on.
To do this go to Setup, then Preferences, then the security tab. here you will see the option that you can tick to allow reversals.
Unless you want this to be always on remember to come back to remove the tick.
Cheers David
I cannot believe that this has been a request for over 3 years and still no action has been taken. (I personally posted in July 2015 and I was not the first to do so.)
Please ask you technical people to speak with an accountant if they don't understand the process of reversing journals. This is a basic accounting function and I am bewildered that an accounting software package does not offer it. Please help us reduce our workload by automating this function.
I assume this means that when you create an accrual journal at month end, it automatically reverses the journal entries on the first of the next month. I agree this is extremely useful, particularly for accruing expenses where supplier invoices have not yet been received.
Has this enhancement been made yet? I would also like to accrue invoives at the end of the month and then reverse the accrual on the first day of the next month.
I think Carol would be referring to an automatic reseversal for example, of an accrual account for expenses when the month rolls over. Would I be able to create an accrual journal for my monthly accruals for expenses relating to the months ahead? Would that journal automatically reverse or would it have to be done mannually? If mannually, how do I do that.
This would be a great time saving function as some of the jounrls are monthly rev ersing journals and take a fair while to post.
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!
