Reversing transactions

After you record a transaction in MYOB AccountEdge, you may want to change the information you've entered or to completely remove the transaction from your accounting records.

Note: If you activated the Use Audit Trail Tracking preference, this is among the changes that are recorded

If your accountant requires that you maintain an audit trail, you should reverse a transaction rather than changing or deleting it.

Keep these points in mind about reversing transactions:

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" must be marked. An unchangeable transaction is distinguished in lists by a gray arrow next to it. (Choosing changeable or unchangeable transactions)

When you reverse a transaction, a new transaction is created that reverses the effects of the original transaction.

Although you have two transactions -- the original and the reversal -- the current account balances appear as if the original transaction was never entered.

When you reverse a transaction, you can't change the accounts or amounts.

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 will have changed.

Notes:

Reversing sales and purchases with discounts applied

Managing inventory transactions recorded in a version of MYOB software previous to version 3

Step by step

To reverse a transaction