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Is a reversing journal compulsory?

Is a reversing journal compulsory?

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Reversing Journals are special journals that are mechanically reversed after a stated date. They occur only till that date and are operative only when they are comprised in reports. These are used in interim reporting in the progression of the financial year where accruals are to be stated. These accruals are typically short term and are emptied in the succeeding period.

Reversing entries aren't obligatory, but if correctness is top of mind, they can certify your company's financial activity is kept.

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