What is Journal categories ? and what are reversal methods ?
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Answer / mstapps
General ledger uses categories to describe the
purpose of your journal entry. Such as a payments or
receipts.
REVERSAL METHODS : are two types
1. Switch Dr/Cr
2. Change sing
you can choose Switch Dr/Cr or Change
sing as the reversal methods to use when reversing a
journal entry
| Is This Answer Correct ? | 16 Yes | 1 No |
Answer / r k jain
Switch Dr/Cr: General Ledger creates your reversing journal
by switching the debit and credit amounts of the original
journal entry.
This method is often used when reversing accruals.
Change Sign: General Ledger creates your reversing journal
by changing the sign of your original journal amounts from
positive to negative. This reversal method is often used
when reversing journals to correct data entry mistakes.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / bobbyiiit
Journal categories help you differentiate journal entries by
purpose or type, such as accrual, payments or receipts. When
you enter journals, you specify a category.
You can define intercompany and suspense accounts for
specific categories. You can also use document sequences to
sequentially number journal entries by category. Journal
categories appear in standard reports, such as the General
Journals report.
General Ledger provides the following predefined journal
categories:
Name Description
-------------------------------------------------------------------------------------------------------
Accrual Month End Accrual Entry
Adjustment Adjusting Journal Entry
Allocation Allocation
Budget Budget
Carry Forward Carry Forward Journal Entry
Chargebacks Chargebacks
Consolidation Consolidation
Credit Memo Applications Credit Memo Applications
Credit Memos Credit Memos
Debit Memos Debit Memos
Deferred Depreciation Deferred Depreciation
Depreciation Fixed Asset Depreciation
Discounts Discounts
Exchange Gain/Loss Gain or Loss from Foreign Currency
Freight Shipping Charges
Headcount Statistical Entry for Headcount
Labor Cost Labor Costs
Misc Receipts Miscellaneous Receipts
Move/Merge Mass Maintenance Move/Merge
Move/Merge Reversal Mass Maintenance Move/Merge Reversal
MTL Material Transactions
Other Default Category required by intercompany contra logic
Payments Cash Disbursements
Payroll Payroll Distribution Entry
Purchase Invoices Accounts Payable Invoices
Purchases Purchase Orders
Rate Adjustments Rate Adjustments
Receipts Cash Receipts
Receiving Inventory Receipts
Reclass Reclassification
Reconciled Payments Reconciled Payments
Requisitions Requisitions
Revaluation Revaluation Journal Entry
Revenue Revenue
Sales Invoices Accounts Receivable Invoices
Tax Tax Journal Entry
Trade Receipts Trade Receipts
Usage Cost Usage Cost
WIP Work in Process
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / egyprogramer
1- Switch DR/CR: Switching between debit and credit amount
2- Change Sign: Change sign of journal amount
| Is This Answer Correct ? | 0 Yes | 0 No |
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