Once a transaction has been posted to the general ledger, it cannot be deleted, but you can create a reverse transaction to negate the posted transaction. This action provides an audit trail for the transaction.
When a transaction is reversed, it keeps a record of the original transaction for reference. The Comment field shows Reverse, followed by the original transaction number and a reference to the action that created the original posting.
The instructions below use the Actual journal as an example.
Select Actual, then Journal Entry - Actual from the General Ledger menu. The window opens displaying the list all actual transactions for the current accounting cycle.
Check the box on the left of the line to select the posted transaction you want to reverse. Note: You may use the Search field to locate the transaction.
Select Generate Reverse Transaction from the More menu, and you'll be asked to confirm the action.
Click Yes. The Result window opens listing successes and failures.
Click Close when you're done reviewing the results. The reversing transaction was created as a temporary transaction with a temporary transaction number prefixed by the letter T.
When you are sure that you want to post the reversing transaction, check the box to select it, and click Post Transaction. You'll be asked to confirm the action.
Click Yes. The Result window opens listing successes and failures.
Click Close when you're done reviewing the results.
Return to Journal Entry Overview
Return to General Ledger Overview
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