If the wrong incorrect information has been entered into an Expenses Entry Expense or an Express Payment, you are able to reverse it provided the transaction has not yet been paid.
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If an Expense has the Status of "Paid" or "Partially Paid" the payment must be reversed before the expense can be reversed. Refer to Reversing a Payment for assistance. Express Payment entries will automatically reverse the expense and payment journals. |
- Go to the Expense menu, then click Expense Search.
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- Search for the
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- expense that you wish to reverse.
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Highlight the line and click the
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Reverse button.
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A warning pop-up message will appear. If you are sure you want to reverse this entry, click OK.
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On the reversal entry displayed, check all details are correct.
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Note that only open periods can be posted into. If the expense was in a prior period, the reversal entry will default to the current period.
- Enter a Reversal Reason.
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- Click Save to
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- post the
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If you don't want to reverse the transaction, click Cancel to exit this screen.
(Unsure if this is still the case) If the period in which the incorrect Express Payment Entry was entered has been closed, it must be corrected by Journal entry. See Processing Journal Entries for information on how to complete this. The journal will take the following form:DR: Bank account the expense was paid from for the full amount of the expense CR: Expense account entry originally expensed to for the amount net of GST, ensure tax category is 'Not Applicable' CR: GST Tax Paid for any GST, ensure tax category is 'Not Applicable'
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- reversal.
In Expense Search, the original expense will now show a Status of "Reversed", and the reversal entry shows the Status of "Reversal".