• EH Lim

Auto reverse journal


Assuming your fiscal year ended as at December and you have paid for insurance from October to March. The premium paid from January to March is not a current year expense which you have to reclassify it to a prepayment account when processing the year-end closing and then reverse it on the following year.

A prepayment is an advance payment for goods and services which you received later.

The reversal process can automate with the recurring feature. From the prepayment journal, click the 'Setup' button next to the 'Make Recurring' checkbox. Then, select 'Once Only' option from the wizard, enter a recurring date, and check the 'Reverse' checkbox to complete the reversal set up. A reverse journal will create when due.

The recurring feature helps reduce the tedious accounting task such as recurrent rent, payroll, depreciation, accruals, invoices for subscription and school fee; or use it as a reversal entry for prepayment or work-in-progress (WIP), etc.

Sign up a free demo to find out how MoneyWorks can help to manage your business finance efficiently.

#Macaccountingsoftware #DesktopAccountingSystems #Cloudbasedaccountingsystems #Journals #MoneyWorksAccountingSingapore

12 views

Visit

33 Ubi Avenue 3 #07-50 VERTEX (Tower A) Singapore 408868 

Call

T: +65 6634 6065

F: +65 6337 2616

  • facebook

© 2013 by

LedgerWorks Pte Ltd

Proudly made by Wix.com