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Reversing Journal entries.

by
John Pia Jr
- 04/26/2016 15:15:12

All,

In US Accounting there is a common feature called Reversing Journal Entries.

I have been looking for this in Odoo and cannot find it.

Can someone help point me in the right direction?

What is a reversing entry?

A reversing entry is a journal entry made in an accounting period, which reverses selected entries made in the immediately preceding accounting period. The reversing entry typically occurs at the beginning of a reporting period. A reversing entry is commonly used in situations when either revenue or expenses were accrued in the preceding period, and you do not want the accruals to remain in the accounting system for another period.

Thanks

- John Pia Jr