Reversing Entry Schedule Template
Track which accrual and deferral entries reverse into the next period. Ensure reversals are posted and reconcile to actuals.
How to use this template
Identify entries to reverse
List all accrual and deferral entries from closing that will reverse in next period. Mark these entries as 'To be Reversed'.
Create reversal schedule
Document each reversing entry: original entry date, amount, accounts, and date reversal should post (usually first day of next period).
Post reversals
On first day of next period, record reversals of all identified entries. Use same accounts and amounts as original, but opposite direction.
Monitor actual payments
Track when actual invoices are received (e.g., utility bill). Verify amount matches accrual. Investigate significant variances.
Reconcile reversal to actual
When actual invoice posts to GL, confirm the reversal worked correctly. If accrual and actual don't match, document the variance.
Why use this template
- Prevents double-recording of accruals when actual expenses post
- Ensures consistent treatment of accruals and reversals
- Makes it easy to track and explain accrual vs. actual differences
- Reduces month-end adjustment needs in following period
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