reversal of vendor transactions

Hi to all: At one time I was able to reverse a vendor purchase order after I printed a cheque and found out that the cheque needed to be reversed due to a problem. I downloaded a new version of Simply Accounting Basic due to a up date, and now if I was to go into my vendor purchase journal and reverse the transaction it would end up as a credit note instead of it going back to the zero. I have also tryed to do the reversal from the cheque section and reverse it with the negative amounts and not being able to completed this either. I have also when in to do a complete new tranaction and end up with this credit note number. Is there a setting to discontinue this credit note so I can just plan do a reversal, or what am I doing wrong? How do you do reversal's? Connie Medland Ilderton Ontario

Connie,

With paper records you would never erase an entry. An explanation would be noted and if not yet posted the entry sort of cleared. If it was posted, the entry would need to be reversed in the ledger with a notation there. This kept people honest or at least looking so.

A check would have taken cash out of that account, debited an expense/liability account with a credit to the cash account, then and there. But this check never made it... Reverse entries would provide a place to fix your mistake and document it. You would debit your cash account and credit the liability. Both entries should have notations that include the check and purchase order numbers.

It is better if you do not undue errors in your books rather than reverse the transaction.

I think you want to write yourself a check or make a deposit in the cash account and borrow or credit your bill or liiability account. This may require you to reenter the purchase you made. Write a check in or make a deposit, debit, into the system to do this entry. Do not undue the purchase and related credit.

Are you using that software to close out accouting periods and produce reports? not being sarcastic, just curious.

Neal

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