Reversing Journal

Reversing Journal are special journals that are automatically reversed after a specified date. They exist only till that date and are effective only when they are included in reports.  These are used in interim reporting in the course of the financial year where accruals are to be reported. These accruals are usually short term and are cleared in the subsequent period. However, to get a proper perspective, decision makers require the reports with full impact of all aspects and transactions.

To activate Reversing Journals,

Gateway of Tally—–>F11 Features —–> Accounting Features

Use Reversing Journals & Optional Vouchers —–> Yes

For example,

On 30th June you want to view the Balance Sheet but June month’s rent is not been paid. You may create a Scenario (refer Scenario Management for more information) and pass a Reversing Journal entry to view the reports which will be effective up to the applicable date. When you view the Balance Sheet, Tally.ERP 9 displays the report with the reversing journals included. The voucher affects the report only for that day, 30th June.

Reversing Journal Register

All vouchers are maintained in a Reversing Journal Register. These are not posted to any books of accounts and cannot be included in regular reports. They can only be seen using a scenario.

Gateway of Tally ——> Accounting Vouchers ——->  Rev Journal (F10)

Using Scenarios in Statements and Reports

• Display the Balance Sheet.
• Select New Column.
• In the column details, tab down to Types of Values to Show.
• Select the scenario named Provisional.

Gateway of Tally —–>   Display —–>  Exception Reports —–> Reversing Journals