Hello,
Adding to Josh's reply...
Reversing Fixed - The amount on the journal line remains after posting, and a reversing entry posts on the following day.
Reversing Variable - The amount on the journal line is deleted after posting, and a reversing entry is posted the next day.
Reversing Balance - The balance of the account on the line is allocated among the accounts specified for the line in the Allocations window. The balance on the account is set to zero. A reversing entry posts on the following day.
Recurring Frequency – The recurring frequency field contains a formula that determines how often the entry on the journal line will be posted. This formula can contain a maximum of 20 alphanumeric characters that the program recognized as abbreviation for time specifications.
For example, if the formula 1M is entered with a Posting Date of 1/15/xx, when the journal is posted, the date is changed to 2/15/xx. Use one of the following methods to post an entry on the last day of every month after the current month:
• Post the first entry on the last day of a month and enter the formula 1D+1M-1D ( 1 day + 1 month – 1 day). With this formula, the program calculates the date correctly regardless of how many days are in the month.
• Post the first entry on any arbitrary day of the month and then enter the formula: 1M+CM. With this formula, the program calculates one full month + the remaining days of the current month.
Note: If posting monthly accruals that must be reserved the following month (Reversing Fixed, Reversing Variable, and Reversing Balance methods), post them on the last of each month. The first entry must be posted on the last day of the current month and the Recurring Frequency must be either 1D+1M-1D or 1M+1CM. This ensures the reversal is always posted on the first day of the following month.
Hope this helps.
Thanks,
Steve
