You can easily reverse a journal entry you want to correct or update, or you can delete a journal entry that was created in error.

Reverse a journal entry

If you need to correct or properly allocate a transaction between two accounting periods, or correct a mistake without deleting the original entry, you can reverse the journal entry.

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Locate the appropriate account for the transaction.
  4. From the Action column, select  Account history.
  5. Select the journal entry and select Edit.
  6. In the transaction window, select Reverse.
    When you reverse the journal entry, a new entry is created with the original Entry no. followed by an R, dated the first day of the month following the original transaction, and the original transaction's Debit and Credit amounts reversed.
    All other information, such as the Account, Name, and Description for each distribution line, remains the same as in the original transaction.
  7. Select Save and close or Save and new.

Delete a journal entry

If the journal entry was created by mistake, follow these steps to permanently delete the entry:

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Locate the appropriate account for the transaction.
  4. From the Action column, select  Account history.
  5. Select the journal entry and select Delete.
  6. Select Yes to confirm that you want to delete the transaction.
Note If connected to your company file, your accountant can also make an adjusting journal entry.

Now you know how to reverse or delete a journal entry.