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June 5, 2020
Question

How do I reverse a transaction, I agreed as its the wrong figure that came threw?

  • June 5, 2020
  • 1 reply
  • 6 views
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1 reply

Level 4
June 5, 2020

Hello there, @frank.mckenzie.

 

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:

  1. Go to the +New icon.
  2. Select Journal Entry.
  3. Enter a Journal Date, then on the first line, choose an account on the Accounts column.
  4. Enter the payment amount in the Debits or Credits column.
  5. Continue to enter distribution lines until the sum of the Debit column and Credit column entries are equal.
  6.  Hit Save.

For further information, you can check out this article: Create a journal entry.

 

Also, please know that you can always visit our Help Articles page for QuickBooks Online in case you need some reference for your future tasks.

 

Don't hesitate to come back here to the Community if you have any other questions. Have a great day!