Reversal JE

In NetSuite, a reversal journal entry is used to reverse the effects of a previously recorded journal entry. This can be particularly useful for correcting errors or for temporary adjustments that need to be reversed at a later date. Here’s a step-by-step guide on how to create a reversal journal entry in NetSuite:

Creating a Reversal Journal Entry in NetSuite

1. Navigate to the Original Journal Entry:

• Go to Transactions > Financial > Make Journal Entries > List.
• Locate the journal entry you want to reverse. You can use filters or search options to find the specific entry.

2.View the Journal Entry:

• Click on the journal entry number to open the detailed view of the entry.

3.Reverse the Journal Entry:

• Once you are viewing the journal entry, click the Actions button at the bottom or top of the page.
• Select Reverse from the dropdown menu.

4.Set the Reversal Date:

• A pop-up window will appear asking for the reversal date. Enter the date on which you want the reversal to be effective.
• Click OK to proceed.

5.Review the Reversal Journal Entry:

• NetSuite will automatically create a new journal entry with reversed debits and credits based on the original entry.
• Review the reversal journal entry to ensure that all details are correct.

6.Save the Reversal Journal Entry:

• If everything is correct, click Save to finalize the reversal journal entry.