{"id":22446,"date":"2021-05-26T08:11:04","date_gmt":"2021-05-26T08:11:04","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sagex3\/?p=22446"},"modified":"2021-05-26T08:11:07","modified_gmt":"2021-05-26T08:11:07","slug":"how-to-create-a-reversing-gl-journal-entry-in-x3","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sagex3\/2021\/05\/26\/how-to-create-a-reversing-gl-journal-entry-in-x3\/","title":{"rendered":"How to create a Reversing GL journal Entry in X3"},"content":{"rendered":"\n<p>Journal entries are records of financial transactions flowing in and out of the business. Journal entries&nbsp;are used to make transfers between nominal accounts. These transactions all get recorded in the book, called the&nbsp;<strong>general journal<\/strong>.<\/p>\n\n\n\n<p>Transactions are listed in an accounting journal that shows a company&#8217;s debit and credit balances.<\/p>\n\n\n\n<p>Journal entries includes the following main elements like a reference number, a date of journal entry, account name, two separate amount for debit and credit.<\/p>\n\n\n\n<p>Reversing Journals&nbsp;are special journals that are automatically reversed after a specified date. They exist only till that date specified<\/p>\n\n\n\n<p>The purpose of&nbsp;reversing entries&nbsp;is to cancel out certain adjusting&nbsp;entries&nbsp;that were recorded in the previous&nbsp;accounting&nbsp;period.<\/p>\n\n\n\n<p><strong>Create the GL Journal Entry that will be reversed.<\/strong><\/p>\n\n\n\n\n\n<ul class=\"wp-block-list\"><li>Go to&nbsp;<strong><em>Financials &gt; Journals &gt; Journal entry<\/em><\/strong><\/li><li>Create a new GL Journal entry that will be reversed after some days.<\/li><li>Select &#8220;Yes&#8221; in the Reversal drop down and enter the &#8216;Reversal date&#8217;.<\/li><li>Click the&nbsp;Create&nbsp;button when finished.<strong><em> Refer Fig 1.1.<\/em><\/strong><\/li><\/ul>\n\n\n\n<p><strong>Create the reversing entry<\/strong>:<\/p>\n\n\n\n<p><strong>STEP I:<\/strong> 1. Within the GL Journal entry task, select the &#8216;Reversing&#8217; option from the &nbsp;&nbsp;Zooms menu in the right list.<\/p>\n\n\n\n\n\n<p>2.Select the&nbsp;Debit \/ Credit&nbsp;option to post the reversing entry as reversed debits and credits or select&nbsp;Amount \/ Negative Amount&nbsp;to post the reversing entry as a negative debit and credit.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Enter the &#8216;Reversal Date&#8217;<\/li><li>Click &#8216;OK&#8217;. <strong><em>Refer Fig 2.2<\/em><\/strong><\/li><\/ul>\n\n\n\n\n\n<p>3.Once you click OK the newly created reversal entry will appear on the screen and the &#8216;Default description&#8217; field will show the original GL Journal number as shown in Fig 2.3<\/p>\n\n\n\n\n\n<p>4. And original Journal entry changed its status as &#8216;Reversed&#8217; as in Fig 2.4<\/p>\n\n\n\n\n\n<p><strong>STEP II<\/strong><strong>:<\/strong>Users can also reverse a single or multiple entries by using the Reversals function<\/p>\n\n\n\n<p><strong><em>Navigational Path: Financials &gt; Current Processing&#8217;s &gt; Reversals.<\/em><\/strong><strong><em><\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>This function is used to launch an automatic reversal processing on a set of journals selected by the user depending on a number of criteria.<\/li><li>&nbsp;Once you click &#8216;OK&#8217; a log will display showing the new entries. Refer the Blog for multiple reversals: <a href=\"https:\/\/www.greytrix.com\/blogs\/sagex3\/2015\/07\/31\/automatic-reversals\/\">https:\/\/www.greytrix.com\/blogs\/sagex3\/2015\/07\/31\/automatic-reversals\/<\/a><\/li><\/ul>\n\n\n\n<p>This blog helps us to understand how to perform reversing journal entries and &nbsp;two benefits of using reversing entries are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It greatly reduces the chance of double counting <a href=\"https:\/\/www.accountingcoach.com\/blog\/what-are-revenues\" target=\"_blank\" rel=\"noopener\">revenues<\/a> and\/or&nbsp;<a href=\"https:\/\/www.accountingcoach.com\/blog\/what-is-an-expense\" target=\"_blank\" rel=\"noopener\">expenses<\/a><\/li><li>It allows for more efficient processing of the actual invoices that will be processed in the new accounting period.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About Us<\/strong><\/h2>\n\n\n\n<p>Greytrix \u2013 a globally recognized and one of the oldest Sage Development Partners is a one-stop solution provider for Sage ERP and Sage CRM organizational needs. Being acknowledged and rewarded for multi-man years of experience and expertise, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third-party add-on development, and implementation competence.<\/p>\n\n\n\n<p id=\"block-28013e99-0882-44c6-b705-7b16c85053b2\">Greytrix&nbsp;has some unique integration solutions developed for&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-crm\/\">Sage CRM<\/a>&nbsp;with Sage ERPs&nbsp;namely&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-x3-erp\/\">Sage X3<\/a>,&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-intacct\/\">Sage Intacct<\/a>,&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-100-erp\/\">Sage 100<\/a>,&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-500-erp\/\">Sage 500<\/a>,&nbsp;and&nbsp;<a href=\"https:\/\/www.greytrix.com\/sage-300-erp\/\">Sage 300<\/a>. We also offer best-in-class&nbsp;Sage ERP&nbsp;and&nbsp;Sage CRM&nbsp;customization and development services&nbsp;to&nbsp;Business&nbsp;Partners,&nbsp;End&nbsp;Users, and Sage PSG worldwide. Greytrix&nbsp;helps in&nbsp;the migration of Sage CRM from&nbsp;Salesforce | ACT! | SalesLogix | Goldmine | Sugar CRM | Maximizer. Our Sage CRM Product Suite includes&nbsp;addons like&nbsp;&nbsp;Greytrix Business Manager,&nbsp;Sage CRM Project Manager,&nbsp;Sage CRM Resource Planner,&nbsp;Sage CRM Contract Manager,&nbsp;Sage CRM Event Manager,&nbsp;Sage CRM Budget Planner,&nbsp;Gmail Integration,&nbsp;Sage CRM Mobile Service Signature,&nbsp;Sage CRM CTI Framework.<\/p>\n\n\n\n<p id=\"block-4bc42a09-fb13-4598-8137-ce5f7b91ce28\">Greytrix is a recognized&nbsp;Sage Champion Partner&nbsp;for GUMU&#x2122; Sage X3 \u2013 Sage CRM integration listed on&nbsp;<a href=\"https:\/\/www.sage.com\/marketplace\/asb_ListingDetail?listingId=a1h24000007PC3aAAG\" target=\"_blank\" rel=\"noreferrer noopener\">Sage Marketplace<\/a>&nbsp;and Sage CRM \u2013 Sage Intacct integration listed on&nbsp;<a href=\"https:\/\/marketplace.intacct.com\/MPListing?lid=a2D0H000007kiHyUAI\" target=\"_blank\" rel=\"noreferrer noopener\">Sage Intacct Marketplace<\/a>. The&nbsp;<a href=\"https:\/\/www.greytrix.com\/gumu\/\" target=\"_blank\" rel=\"noreferrer noopener\">GUMU&#x2122; Cloud framework<\/a>&nbsp;by Greytrix forms the backbone of cloud integrations that are managed in real-time for the processing and execution of application programs at the click of a button.<\/p>\n\n\n\n<p id=\"block-76376301-1c3e-4250-8a09-727595a606f0\">For more information on our integration solutions, please contact us at&nbsp;<a href=\"mailto:sage@greytrix.com\">sage@greytrix.com<\/a>. We will be glad to assist you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Journal entries are records of financial transactions flowing in and out of the business. Journal entries&nbsp;are used to make transfers between nominal accounts. These transactions all get recorded in the book, called the&nbsp;general journal. Transactions are listed in an accounting journal that shows a company&#8217;s debit and credit balances. Journal entries includes the following main\u2026 <span class=\"read-more\"><a href=\"https:\/\/www.greytrix.com\/blogs\/sagex3\/2021\/05\/26\/how-to-create-a-reversing-gl-journal-entry-in-x3\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5,8,10],"tags":[1123,3306,3304],"class_list":["post-22446","post","type-post","status-publish","format-standard","hentry","category-faq","category-features","category-sage-erp-x3","category-standard","tag-journal-entry","tag-reverse-gl-journal","tag-reverse-journal-entry"],"_links":{"self":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/22446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/comments?post=22446"}],"version-history":[{"count":1,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/22446\/revisions"}],"predecessor-version":[{"id":22453,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/22446\/revisions\/22453"}],"wp:attachment":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/media?parent=22446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/categories?post=22446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/tags?post=22446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}