How to Create, Reverse, Cancel & Delete a Journal Entry

How to Create a Journal Entry

Let's see how you can create a Journal Entry in Odoo.

1. Go to Accounting Module > Select Accounting Tab > Journal Entries.
2. Click on Create.
3. Fill in the relevant fields.

Reference - Give a Reference to the Journal
Original Invoice Date - Date as of the invoice
Accounting Date - Date for the Journal ( The journal will be posted to your accounts on this day ) 
Journal Type - Select Miscellaneous Operations

 
4. Now you can add Accounts that you wish to create a Journal Entry by clicking Add a Line under the Journal Items tab.

* Account - Select the GL account to be debited/Credited
* Partner - If the transaction related to any partner you can mention it
* Label - Add a Description or copy the Reference
* Currency
* Debit - Enter the amount to be debited
* Credit - Enter the amount to be credited
* Tax - If you want to calculate GST for the journal, you can select the relevant tax code. (Tax column will be            * updated automatically based on the default tax settings specified in your GL account). 

 
 You can add some other headers by clicking this icon on right corner

5. Review the journal & click on Post.


Reverse a Journal Entry

In this case odoo will create an opposite transaction for the current journal entry. (For ex: if we have already debited a bank $1000 and  credited a rental $1000, after reversal rental will be debited and bank will be credited)

Let's see how to Reverse a Journal Entry.

1. Go to Accounting Module > Select Accounting Tab > Journal Entries.
2. Select the Journal Entry that you wish to Reverse.
3. Click on Reverse Entry.
4. Then you can select either Specific Date or Journal Entry Date and click Reverse.

Specific Date - You can reverse the journal entry on a specific date
Journal Entry Date - The journal will be reversed on the same date as the original journal 


5. Click Reverse


View a Journal Entry

1. Go to Accounting Module > Select Accounting Tab > Journal Entries. 



You can see all the different types of journals here.

2. You can use the available filters to filter the journals and click on the relevant journal to view the journal. 


Cancel a Journal Entry

1. Go to Accounting Module > Select Accounting Tab > Journal Entries.
2. Select the Journal Entry you need to Cancel
3. Click " RESET TO DRAFT" 

4. Click "CANCEL ENTRY" 

Delete a Journal Entry

1. Go to Accounting Module > Select Accounting Tab > Journal Entries.
2. Select the Journal Entry you need to delete
3. Click " RESET TO DRAFT"
4. Remove the sequence Number (in below image remove MISC/2022/12/0028)
5. Click "Cancel Entry"
6. Click "Action button" and select Delete