Many users only have a need for the QuickBooks Pro program. It is an excellent program if you do not need all of the "perks" that come with Premier program.
Premier has a nice little button that lets you easily enter the reversing transaction and it creates it for you. But what if you have Pro? Here is a quick way to enter this:
The first screen shot shows the journal entry transaction I am going to reverse:
This next screen shot show that you can go to edit, then duplicate to create the next transaction that we will reverse:
All you do is reverse the debits and credits on the duplicated transaction which is entered in the next month.
I used a generic journal entry for my example from a sample company in QuickBooks Pro.
Normally, you use reversing entries at the end of the year. For example, I have a company that had a payroll for the last week of 2010, but the pay date occurred new fiscal period. I entered that as a journal entry dated 12/31/10 to accrued payroll and then entered reversing entry for January 1, 2011.
Lynda
Check out my website www.artesanibookkeeping.com
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