When we are performing reversal of a journal entry ,we have to perform the reversal for 3 accounting books:- Primary USD,GAAP
Steps for reversal journal entry :-
- First we have to perform currency revaluation . Simply Global search the “Revalue Open currency balances”
Set the required posting period, subsidiary and select the accounting book. Click save. Repeat this for all the 3 accounting books -USD, GAAP, Primary
2. Download the trial balance(Reports->financial ->Trial balance) for each accounting book by selecting the posting period and date.
3. Then reverse the credit and debit of the downloaded file and create book specific journal for reversal. If normal JE is used ,it will cause mistake for USD currency.
4. Note that for USD accounting book the currency will be USD
5. After creating “Book Specific Journal Entry” approve the journal entry.
6. After creating these reverse journals ,there will not be any account balance in the TB for the 3 accounting book , hence the reverse process is complete.