Reverse Preliminary Opening Entries

Use the Reverse Preliminary Opening Entries command to back out any preliminary opening entries before generating the final set of opening entries for a new fiscal year.

  1. Select Accounting Cycle from the Chart of Accounts menu, and the Accounting Cycle window opens.

  2. Check the box for the accounting cycle, and select Reverse Preliminary Opening Entries from the More menu. The Reverse Preliminary Opening Entries window opens displaying this message, "This action will reverse preliminary opening entries. Continue?"

  3. Enter the Transaction Date.

  4. Click OK. The entries are reversed, and the Prelim. Open Entries Status column displays the date & time of the action.

  5. Optional. Review the single entry created in the Actual Journal for this transaction. Remember to select the fiscal year for which the transaction was created.

 

Return to Accounting Cycle Overview