Reversing Journals are special journals that are automatically reversed after a specified date. They exist only till that date and are effective only when called for in reports like the Balance Sheet
Example: it is 30th June and you want to view the Balance Sheet as of today but June salaries are not paid until the first week in July. There is, therefore, a large liability, which would not be reflected in the Balance Sheet. To overcome this, you would enter a reversing journal voucher dated 30th June, which would look something like this:
|Cr||Salary Payable (Current Liabilities)||5,000|
When you view the Balance Sheet, you would ask TallyPrime for the report with the reversing journals included. The voucher affects the report only for that day, i.e., 30th June.
All vouchers are maintained in a Reversing Journal Register. These are not posted to any books of accounts and are consequently cannot be included in regular reports. They can only be seen through a scenario.
To Create Reversing Journals,
1. Gateway of Tally > Vouchers > press F10 (Other vouchers) > type or select Reversing Journals.
Alternatively, Alt+G (Go to) > Create Voucher > press F10 (Other vouchers) > type or select Reversing Journal.
In case the voucher is inactive, you will be prompted to activate the Reversing Journal voucher type. Select Yes or press Y to proceed.
In the Applicable Upto field specify the date.
This is the date up to which the Reversing Journal is available for inclusion in a scenario report.
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.
1. Gateway of Tally > Display More Reports > Exception Reports > Reversing Journal Register.
Alternatively, Alt+G (Go To) > type or select Reversing Journal Register > and press Enter.
Select a month to view the Voucher Register report.