I'm here to share some information about reversing transactions in QuickBooks Online (QBO).
You can create a journal entry(JE)to offset the other payment. However, before we continue with the steps, I suggest consulting your accountant or accounting expert for guidance on which account receives the debit and credit side of the transaction.
Here's how:
Go to the +New icon.
Select Journal Entry.
Enter a Journal Date, then on the first line, choose an account on the Accounts column.
Enter the payment amount in the Debits or Credits column.
Continue to enter distribution lines until the sum of the Debit column and Credit column entries are equal.