This article is for users who want to reverse a transaction. A journal or reversing entry is a transaction that is created to reverse or move monies (revenue or expenses) from one code to another code.
The Repair Past function should not be used lightly because you can alter the closing bank account balances in months that are closed.
You should not add or transactions into a month in a closed BAS period without consulting your accountant first.
When editing transactions in a closed BAS period, you should be careful not to change the GST category of a transaction’s Code unless you are sure that it is incorrect. Changing the Enterprise, Allocation or Description is safe as this does not affect the GST.
After reviewing your BAS entries, your accountant has asked you to change a transaction code from Repairs / Mach code (GST Standard category) to Water Rates (GST free category). This change will be made in a closed BAS period.
To Create A Journal/Reversing Entry
- From the Home Page, click on the Cashbook.
- Click on the Repair Past.
- Click on the Repair Transactions.
- Click on Find Transactions to find the transaction to repair.
- In the Select Transactions to Find window:
- Type in the Record Number of the transaction you wish to post the journal/reversing entry.
- Click on the green tick.