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Reversal of last year Provision

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(Querist)
07 January 2025 Wanted to reverse last year provision. Should I credit this year expenses GL or income should be booked
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 January 2025 If the provision is no longer needed, you can reverse it by crediting the income statement. This involves debiting the provision account and crediting the income account, effectively recognizing the reversal as income for the current period. This approach is suitable when the provision was initially recognized as an expense in prior periods.
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