Reversing a transaction
If your accountant wants you to maintain a strict record of all your accounting entries, you should reverse a transaction rather than change or delete it. A reversal transaction is a new transaction that replicates the original transaction, but with debit amounts shown as credit amounts and vice versa. After posting a reversal transaction, you have two transactions (the original and the reversal), but the account balances appear as if the original transaction was never posted. A reversal transaction is automatically posted to the same account for the same amount as the original transaction. You cannot change the amount or account of a reversal transaction.
Before you can reverse a transaction You can only reverse a transaction if it is unchangeable. An unchangeable transaction is identified by a grey zoom arrow next to it. To make your transactions unchangeable, select the Transactions CAN'T be Changed; They Must be Reversed option on the Security tab view of the Preferences window. You can change this option at any time.
Reversing a transaction can affect closed periods When you reverse a transaction, be aware of the transaction date you enter:
- If you use the current date when you reverse a transaction from a prior month, the month‐end financials for the prior month will not reflect the reversal transaction.
- If you use the original date for the reversal transaction, your prior month’s financials should be reprinted because they will have changed.
- If the original transaction date falls in a prior GST period, recording the transaction on the original date may affect the GST reportable in that period.
Customer payments If an early payment discount was applied to a sale, you also need to reverse the credit created for the discount.
0 komentar:
Post a Comment