General Journal Entry

Reversing A General Journal Entry

If the arrow beside the General Journal entry is grey, the General Journal entry cannot be changed.

It must be reversed and re-entered if it is wrong.

Click on the grey arrow to display the original journal entry.

Reverse the entry by choosing Reverse Transaction from the Edit menu. This creates a reversing entry for you. M.Y.O.B. creates a General Journal Entry that is the reverse of the one you selected.
For example, if the entry you selected was debit Depreciation Expense $X and credit Depreciation (Asset account) $X, the reversing entry created by M.Y.O.B. will be credit Depreciation Expense $X and debit Depreciation (Asset account) $X. This removes the amount $X from the Depreciation Expense account and the Depreciation asset account.

Check the details of the reversing entry. In particular, note the date of the entry. If you have make a General Journal entry in one month (for example, in June) and reverse it in the next month (for example, July) then the entry will be in the accounting system and the accounting reports at the end of June. If you do not want this entry in the June accounts (for example, because it is wrong) then the date of the reversing entry must be changed to a June date. Similarly, when the correct General Journal entry is put in it must have a June date. The accounting reports for June must then be re-printed once the mistake has been corrected.

Click OK or Record to record this entry. The reversing entry will be recorded in M.Y.O.B.

The correct General Journal entry can now be entered.

 

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