Reversing Transactions in Dynamics GP

You can easily create reversing transactions in Dynamics GP in the general ledger. You use the regular general journal entry screen to enter the transaction information.

To make it reverse, you merely check the Transaction Type : Reversing radio button, and then specify the data that you want the reversing transaction to post on.

There are actually two transactions posted:

1. The original transaction on the posting date specified
2. The reversing transaction on the posting date specified

This type of transaction is usually used to accrue some expense or revenue item for the benefit of financial reporting. So usually the posting date of the reversing transaction will be after the financial reporting date.

Here’s a quick video that shows this in action:

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