Transactions > Reversing a transaction
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Glossary Index
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 preference on the Security tab view of the Preferences window. You can change this preference at any time.
Note the following when reversing a transaction:
Reversing a transaction can affect closed periods
When you reverse a transaction, be aware of the transaction date you enter:
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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.
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If you use the original date for the reversal transaction, your prior month’s financials should be reprinted because they will have changed.
Customer and supplier payments
Note that if an early payment discount was applied to a sale or purchase, you also need to reverse the discount. For more information about how to find a transaction, see Finding a transaction.
Negative Stock
You cannot reverse a purchase that will result in a negative on-hand stock count.
To reverse a transaction
Related Topics
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Changing a transaction
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Deleting a transaction

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