Option for Reversing Journal Entry

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New Contributor

Option for Reversing Journal Entry

Hi All,

I'm a new member..

I just wanna know about options in reversing journal entry in Anaplan , there are 3 options :

1. Single-sided

2. Reverse next Month

3. Reverse next fiscal year

could someone help me to describe the purpose of each options above

 

Thank You and regards

 

7 REPLIES 7
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Occasional Contributor

Re: Option for Reversing Journal Entry

please provide some more details (examples/screenshots)
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New Contributor

Re: Option for Reversing Journal Entry

Thank you Mr. Anupkumar.Gade,

I've attached screenshoot below

 

 

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Frequent Contributor

Re: Option for Reversing Journal Entry

 

 

Just go to Source Module from the Dashboard that you showed in the screenshot and see the logic behind it.

 

If you are not able to understand the logic. Please attach the screenshot.  I will try to explain you.

 

 

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Occasional Contributor

Re: Option for Reversing Journal Entry

look for source module(send screenshot) as said by @naushad786, besides that in simple terms, as per functional(accounting) knowledge reversing journal entry means making new entry for : crediting what was debited & debiting what was credited earlier. This would reverse the impact of earlier entry.
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Frequent Contributor

Re: Option for Reversing Journal Entry

Hi @alfit ,

 

1. Single - Sided: Basically a journal should has 2 legs to it, but in special cases you put a temporary single-sided journal. And since this is a reversing journal it will automatically get reversed after a period.

2. Reverse next month: If you want to show some values in your books for a month you pass the journal, and since these values are for a month only you post an Auto reverse next month journal, so that the values get reversed automatically after the month.

3. Reverse next year: If you want to show some values in your books for an year you pass the journal, and since these values are for the year only you post an Auto reverse next year journal, so that the values get reversed automatically after the year.

 

Thanks,

Yash

 

 

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New Contributor

Re: Option for Reversing Journal Entry

Hii Anupkumar.Gade, Naushad & Yash

Thanks a lot for your responses,

 

actually we have an issue about journal that not reversed after pass a year. the option is reverse in next fiscal year.

do we have to do something, so far we just create and complete the journal and click the reversing options. some journal

reversed properly in next month but not the yearly ones.

 

Thanks & regards

 

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Frequent Contributor

Re: Option for Reversing Journal Entry

Hi @alfit ,

 

Which application are you using, Is it your own application or are you using any prebuilt Anaplan application like Financial Consolidation - IFRS.

 

Some screenshots would also be helpful.

 

Thanks,

Yash