ANS-0540 · ACCOUNTING & FINANCIAL CONFIGURATION
How to Reverse a Journal Entry Created from an Allocation Schedule in NetSuite?
Understand the process for correcting or undoing financial impacts generated by NetSuite's automated allocation schedules.
Short answer
To reverse a journal entry created by an allocation schedule in NetSuite, manually create a new journal entry. This new entry must generate reversing General Ledger (GL) impacts to effectively cancel the financial effects of the original allocated journal.
Scenario
Users often encounter situations where a journal entry generated automatically by an allocation schedule needs to be reversed or corrected. This can occur due to errors in the original allocation setup, changes in accounting requirements, or the need to undo a previously posted allocation. NetSuite does not provide an automated reversal function for these specific journal entries.
Solution
The process for reversing a journal entry that originated from an allocation schedule involves the manual creation of a new journal entry. This new journal entry is specifically designed to produce reversing General Ledger (GL) impacts, ensuring that the financial effects of the initial allocated journal are accurately nullified within NetSuite.
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