Suggestions:
Yes, System has provided a selection as reversible -yes/no in the header form of Journal Voucher (JV). If the reversible is yes then a reverse entry which reverses selected entries made in the immediately preceding period.
The reversing entry typically occurs at the beginning of an accounting period. It is commonly used in situations when either revenue or expenses were accrued in the preceding period.
It is extremely easy to forget to manually reverse an entry in the following period, so it is customary to designate the original journal entry as a reversing entry in the system when it is created. This is done by clicking on a “reversing” flag (Yes/No). The system then automatically creates the reversing entry in the following period.
If a Purchase bill is received in the preceding period, then we record it with the new bill entry and offsets the existing negative entry.