Reversing Journal Entries

If an entry has been posted that should not have been or that needs to be changed, take the following steps:

Go to Financials > Journal Entry
Go to File > Open.
Check the switch in front of All.
Select the journal entry to undo. The journal date must be within a valid fiscal year.
Go to Process > Undo. The following message will appear:
Select Yes to un-process the journal.

This is how month and year-end journal entries are reversed as well. Another way to reverse entries is to enter new entries that would post the same amounts to the same account numbers, using opposite debit/credit fields.

Example: You have an entry posted for $15.00 debit to account 12000 and $15.00 credit to account 73100. You do not want this entry. You can either undo it as outlined in the above steps or make a new entry and post a $15.00 debit to account 73100 and a $15.00 credit to account 12000. Either option will have the same effect on the General Ledger.

To see the effect on the detail information, go to Financials > Chart of Accounts > Year tab for that year and drill down. Notice that the posting occurs when entries are posted and undone. Posting will enter the number as a positive and undoing will enter the number as a negative.