Reversal is a bug fixed

Reversal is a bug fixed

In accounting, there is such a thing as reversal. This operation is often used in practice and is important in adjusting various digital values.

Reversal is an opportunity to fix everything

reversal is

The write-off entry is applied in the accountingpractice to correct erroneous records. In other words, a reversal is a wiring with a minus. In the accounting system, you can not simply delete an entry, especially if it concerns past periods. In order for the auditing bodies to understand the actions of the accountant, the reversed entry completely duplicates the erroneous entry, only reflected in the registers with a minus sign. Very often, this wiring is called "red". The presence of two mutually destructive records is a clear example of the fact that the accountant corrected the error. Reversal is a correction, not a distortion or deletion of information. If you do not do negative posting, but simply delete the wrong amount, it will lead to incorrect reporting.

Reverse entry is always done only in thethe period in which the error was found. In the system of double entry of accounts, the violation of the reversal rules can lead to an unjustified overstatement of turnover. When correcting a partial amount, the red wiring is made for the detected difference. Reversal is the authorized posting, which is governed by the rules for maintaining the chart of accounts.

If the accounting is conducted on paperthe bearer, then when you add a reversed amount to the statement, it is circled in red ink. When calculating the totals, a negative entry is subtracted from the total.

Reversal of documents in the accounting program

reversed past period

Most often, accounting entries are generated insettlement programs after carrying out of the certain document. When conducting a reversal of the previous period, it is most correct to negate the entire document. This operation ensures that no additional correspondent accounts will be lost as a result of the primary document.

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