Reverse journal entries

You can reverse any journal entry that has not already been reversed, and which is in an open period. You can reverse statistical transactions, adjusting General Ledger transactions, and adjusting statistical transactions in the same way. This assumes that you have the correct permissions.

Reverse a journal entry

1. Go to General Ledger > All > Journal entries.
   • You can also reverse other types of journal entries, such as adjusting journal entries. To reverse a different type of journal entry, start from the corresponding journal entry list on the General Ledger menu.
2. Find the journal and select Transactions.
3. Find the transaction in the list.

   See our tips for finding journal entries.

4. Select More actions > View at the end of the row.

5. At the top of the page, select Reverse.
   If the entry was created in another application, such as Accounts Payable, you will not see the reverse button. To undo the transaction, go to the application in which it was created and void or reverse it there.
6. Enter the reversal date and other information.
   • Accept the default Reversing date, or enter another date. The default date is tomorrow; however you can reverse the transaction as of another date in the past or future.
   • Enter a Description to help leave the appropriate Audit Trail.
   • By default, the reversal will include a Reference number, which is the word "Reversed-" followed by the original transaction number. You do not need to enter anything in this field.
7. Select Reverse.

1. Go to General Ledger > All > Journal entries.
   • You can also reverse other types of journal entries, such as adjusting journal entries. To reverse a different type of journal entry, start from the corresponding journal entry list on the General Ledger menu.
2. Select View transactions to the left of the journal.

   For general journal entries, find the General Journal and select View transactions to the left of it.

3. In the list of transactions, find the transaction and then select View.

   See our tips for finding journal entries.

4. At the top of the page, select Reverse.
   If the entry was created in another application, such as Accounts Payable, you will not see the reverse button. To undo the transaction, go to the application in which it was created and void or reverse it there.
5. Enter the reversal date and other information.
   • Accept the default Reversing date, or enter another date. The default date is tomorrow; however you can reverse the transaction as of another date in the past or future.
   • Enter a Description to help leave the appropriate Audit Trail.
   • By default, the reversal will include a Reference number, which is the word "Reversed-" followed by the original transaction number. You do not need to enter anything in this field.
6. Select Reverse.

Undo other types of transactions

Many journals contain transactions that are generated in other applications in Sage Intacct. For example, AP purchase invoices that you enter in Accounts Payable are automatically posted to an Accounts Payable journal, and are typically grouped together in daily summaries.

Transactions that were created in other applications cannot be reversed in the General Ledger. To undo a transaction that was created in another application, use that other application to void or reverse the transaction.

How does Sage Intacct track reversals?

When you reverse a transaction, the General Ledger does the following:

• Creates an identical transaction that’s the inverse of the original transaction, which zeros out the original transaction. You now have 2 transactions for audit purposes. You can see this by drilling down through the General Ledger.
• Links the reversal with the original transaction, to help keep the 2 entries stay the same.
• Adds a Reversed on link under the Date field. This shows the date on which the transaction was reversed.
• Removes the Reverse button from the Transaction Edit page because you can no longer reverse this transaction.

If you're reversing an inter-entity transaction, the General Ledger works the same way. But it reverses the transactions on both sides—for both the source entity and the target entity.

Field descriptions

The following table describes each item in the Reverse GL entry page:

Item	Note
Reverse date	The default date is the transaction date plus 1 day; however, you can overwrite this with any other date.
Description	A description is required to assist you in providing an Audit Trail.
Reference number	Optionally, enter your own reference number.
Reverse	Reverse this transaction in the General Ledger and return to the Transaction Edit page.
Recall	Recall an entry. You'll see this option only if you're the submitter, are not the approver, and have already submitted the entry but the approver has not approved the entry.
Cancel	Cancel any changes that you have made and return to the Transaction Edit page.