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Create recurring journals with automatic reversals

Modified on Thu, 24 Nov 2022 at 11:06 AM

You can create a recurring journal with an automatic reversal easily in Aico. The procedure is the same for both Duplicate and Allocate master templates.

First, you will need to create your Master Template. To learn how to create a master Recurring Duplicate template, click here. For creating a master Recurring Allocate template, click here.

In the Reversal Schedule section, fill out the following:

1. Reversal Date: Select the reversal date for the first journal in the series. In this example, the Recurrence Start Date is on the 1st of October, and we are reversing it on the 30th of September. If the reversal date is not set, the template works as a standard master template.

2. Reverse All: Select the check box if you want to reverse all accruals on a single date.

  • If selected, the reversal date cannot be before the accounting date of the final journal in the series, but it can be the same date.
  • If not selected, the reversal date cannot be before the accounting date of the first journal in the series.
2. Click Save

3. Click Create Journals

A set of journals will be created. 

The master template contains the details of the recurrence (1), the reversal dates (2) and links to each created journal (3). 

Here, we have clicked on the first journal link. You can see the Recurrence Start Date is the 30th of September and the Reversal Date is the 1st of October.

The final journal in the series will also be posted on the last day of the month.

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