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Accrual schemes - Incorrect reversal date

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Posted on by Marcy M

Hi,

I am struggling to set up the Accrual scheme as, I check the transactions, the system will still give me the reversal on the same date of the accrual. I have tried all the option even creating a Period Key which is only impacting on the % posted and not on the reversal date.

This is how it's set up

On the ledger when I select it as per below and press Transactions

The transaction should post at the end of the month and the reversal date should be the first date available on the following month as per any other accrual but instead it's the same date.

Any help is greatly appreciated!

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Bharath jain 799 on at

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Accrual schemes - Incorrect reversal date

Hi Marcy,

Can you please elaborate on your scenario? Are you trying to post a provisional entry where a transaction is recorded at the end of the month and reversed on the first day of the next month? If this is the case, you should use the reversing option in the journal voucher (JV).

For accruals, if you review the entry, there is no reversal. It is simply posting an accrual entry where the expense is debited and the prepaid account is credited.

Regards,

Bharath Jain
Marcy M 21 on at

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Accrual schemes - Incorrect reversal date

But that will post both transaction at the beginning of the month and I need 1 transaction at the end and the reversal at the beginning.
Ramit Paul 22,300 Most Valuable Professional on at

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Accrual schemes - Incorrect reversal date

Hi,

This is happening because in your setup as "End" which means the reversal will happen on last date of the month.

Your requirement will be mitigated by using "Beginning", see below