How to Create Reversing Journal Entries in NetSuite | Kolleno NetSuite Tutorials

Want to improve your operational efficiency? Find out more about how NetSuite integrates with Kolleno here 👉 www.kolleno.co...
In this video, I demonstrate how to create reversing journal entries in NetSuite. Reversing entries are essential for situations like recording and later reversing accruals. I explain the concept of reversing entries and guide you through the steps to create them in NetSuite, including selecting the correct accounts, entering the reversal amounts, and ensuring the entries balance.
Key steps covered:
● Navigate to Transactions - Financial - Make Journal Entry - List.
● Fill in primary information such as entry number, currency, subsidiary, and approval status.
● Use the reversal date field to specify when the reversal should occur.
● Enter details in the Lines sub-tab for both debit and credit accounts.
● Ensure the debit and credit amounts balance before saving the entry.
Remember, reversing entries are linked to the original entry, and changes to the original will affect the reversal. Utilize NetSuite’s features for attaching files, notes, and communications to your entries.
Leave a comment with other NetSuite topics you want covered in future videos 💬
Watch more NetSuite Tutorials 👉 www.kolleno.co...
#NetSuiteTutorial #NetSuite #Accounting #FinOps

[@Tesfayemuket]

This is best for me and thank you

[@kolleno]

Glad it helped! Feel free to subscribe to the Kolleno channel for more tutorials :)

[@kolleno]

Want more NetSuite training? www.kolleno.com/netsuite-training/