This is particularly useful where an item is posted in error, or needs clearing for a different reason. Before reversing a transaction, it's important to ensure that it's not reconciled or allocated as this may have unexpected effects.
Reverse a transaction using the Corrections module
Click Financials then select Enquiries.
Click Nominal Transactions.
Find the relevant transaction.
Click the popover option.
You then see the options for reversing as below:
Reverse as Negative | This generates an exact reversal of the same transaction type. The values on the transactions are negative. |
Reverse as Opposite | This generates a reversal using the opposite transaction type, example:
With the corrections module it's possible to use those options to post a reversal via the original transaction. It's possible to post negative values for transactions of all types within the system. |
Correct Transaction Details | Amend transaction details using the Edit options in the enquiry screen's ellipsis menu. |
Reverse a transaction manually
To raise a negative value transaction, open the required transaction type and use the minus sign when entering the values.
For example, to reverse an incorrectly posted journal:
Click Financials.
Click Transactions, then select the appropriate journal type.
Fill in the details as required. Make sure you select the period of the incorrect posting.
Post the amounts to the opposite of where the other Journal went.
Click Save and post the transaction.
⚠️ Important: When posting a reversal, match the following fields as closely as possible to the original transaction:
Date - Year/Period – If the original period is closed then post as close as possible to it.
VAT Code.
Exchange Rate - Currency Transactions.
Contra Account - VAT Journals only.
Sub Ledger - if appropriate.
Analysis - Debtors or Creditors.
Detail Line quantities and values including item type in Sales or Purchase Orders.
Also check the allocation status in the Debtors and Creditors ledgers. If the original transaction was allocated, correct this via the Allocation Correction screen in the appropriate ledger.