After you record a transaction in MYOB AccountEdge, you may want to change the information you've entered on the transaction or you may want to completely remove the transaction from your accounting records.
If your accountant requires that you maintain an audit trail of all your accounting entries, you should reverse a transaction rather than change or delete it.
In order to reverse a transaction, your transactions must be unchangeable. That is, the security preference "Transactions CAN'T be Changed; They Must be Reversed" should be marked. An unchangeable transaction is distinguished in lists by a gray arrow next to it. (What are changeable and unchangeable transactions?)
When you reverse a transaction, a new transaction is created that reverses the effects of the original transaction. After you create a reversal, you have two transactions -- the original and the reversal, but the current account balances appear as if the original transaction never happened.
When you reverse a transaction, you can't change the accounts or amounts. Also be aware of the date when you reverse a transaction. If you use the current date when you reverse a transaction from a prior month, the month-end financials for the prior month won't reflect the reversed transaction. If you use the original date for the reversed transaction, your prior month financials should be reprinted as they would have changed.
Note: When reversing sales and purchases
Be aware that if an early payment discount was applied to a sale or purchase to which you originally applied the payment, you also need to reverse the discount. Find the discount by using Find Transactions - Invoice.
Step by step
Finding transactions
Changing transactions
Deleting transactions
Why do some transactions have no zoom arrow?