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  #1  
Old 09-05-2006, 03:01 PM
maximus maximus is offline
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Question Reversing General Journal Entries

I am new to Quickbooks but not a novice when it comes to accounting software. I am baffled by the fact that I cannot use the Reverse General Journal Entry function as it is greyed out in Quickbooks. I therefore have to resort to writing manual jnls. I cannot find any help topic on this anywhere and I have tried the Quickbooks help menu, Google and searched Forums

I do not want to use Void General Journal Function as it has period implications, please help.
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  #2  
Old 09-05-2006, 03:27 PM
Joey Joey is offline
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In the US versions, you need to have the Premier Accountant's Version of the program to use the Reverse JE feature, I think. I don't know about the other countries.
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  #3  
Old 09-07-2006, 02:22 PM
maximus maximus is offline
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Joey's Right

Thanks Joey

You know what you're talking about. I had to download the trial versions for Quickbooks Pro and then Premier to find out that the Reverse General Journal feature is only available on Premier.

What beats me is how does quickbooks present an audit trail when you can void transactions in other periods even when the audit trail preference is setup. As for myself I can manually do the journal but this program is supposed to be setup for at least a mediorce user with a knowledge of accounts.

This means that the only choice to maintain clean books with this program if a mistake is made is to manually write a reversing entry. Correct me if I'm wrong

Thanks for the help Joey, Cheers
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  #4  
Old 09-07-2006, 02:52 PM
Joey Joey is offline
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I have never used the versions other than the US version but the way ours is designed, you only have to use Journal Entries for things like Depreciation and Amortization and other transactions that do not use company funds.
For most everything else there is an actual imput screen.
As for making changes to prior periods, ours can be locked down via a password so entries cannot be made to prior periods. Our audit trail will show which user made what changes to any transactions and the date of the change.
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  #5  
Old 02-06-2007, 01:22 PM
terry1930 terry1930 is offline
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I'm a retired accountant and a friend just had the same question about reversing journal entries because she has a long accrual entry which is reversed each month.

When I found that her version doesn't let her do this, the only suggestion I could come up with is this: when she does the entry the first time she should 'memorize' that transaction. At the beginning of the next month she can then 'recall' the memorized transaction which will have all the usual accounts listed, but she will have to reverse the 'amounts' on each line.

This will save a little time and effort, but Intuit should get a better accountant to advise them on changes to the program, because I consider this a normal monthly bookkeeping function. Since I am aware how long this program has been around, I am surprised at it lacking this feature. Maybe I'm wrong and they have buried it somewhere that a normal person can't find. If so, will someone please tell me. Thanks.
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  #6  
Old 02-07-2007, 05:38 AM
Joe Williams Joe Williams is offline
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Starting with the US 2005 version the Premier Accountant DOES have teh ability to create a reversing journal entry. I am not sure if other types of Premire have this function, the Pro DOES NOT have it.
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  #7  
Old 02-07-2007, 08:25 AM
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lisa_mn lisa_mn is offline
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Most of my clients aren't savvy enough to do accruals and reversals, so I believe the Pro version is meeting their needs just fine without that functionality.

And as Joe said, the Premier Accountant's edition does have it now, along with a number of other accountant specific functions.

For the money, it's a great product!
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