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VT Transaction+

Navigation: Reports, correcting mistakes, bank reconciliation

Correcting mistakes

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Method 1: Reverse the original transaction and re-enter it with the correct details

1.Right-click on the original transaction and select either:

Raise Credit Note - if the original transaction is a sales invoice (SIN/SIN) or purchase invoice (PIN)

or

Make Reversal Copy - if the original transaction is a bank receipt (REC) or payment (PAY)

This creates a transaction which is the reverse of the original. The new transaction will be a SCR if reversing a SIN/SIN, or a PCR if reversing a PIN.

A reversal of an REC will create an REC for the reverse amount, and a reversal of a PAY will create a PAY for the reverse amount.  

2.Re-enter the original transaction, with the correct details.

If you need to do this in a batch, you can use the Universal Input Sheet.

Normally, the dates of the adjustments above should be within your current financial year unless you are required to make a prior year adjustment.

Method 2: Enter a journal for the adjustment

The journal transaction enables you to post entries between any accounts in the ledgers. Work out which accounts you need to adjust and by what amounts, then enter these in the journal entry screen by selecting the JRN function. Alternatively you can import a journal.

Normally, the date of the journal should be within your current financial year unless you are required to make a prior year adjustment.

Method 3: Editing a transaction

Any aspect of a transaction can be changed by clicking on it in an account or any other report window (including an unsaved bank reconciliation or VAT return) with the right mouse button and choosing Edit Transaction from the pop-up menu. In the account window you can also click on the three dots at the right-hand end of an entry.

You can use the Edit Transaction dialog just to see all the details of a transaction. You can then change any aspect immediately if it is incorrect.

A transaction can be deleted by clicking on it in with the right mouse button and choosing Delete from the pop-up menu.

You can correct a transaction that has been entered as the wrong type (for instance as a PAY instead of an REC) by choosing the Change Type command from the pop-up menu.

Several entries in the wrong account can be corrected by displaying the account, selecting the entries and then by clicking on the Move Entries button near the top of the account window.

You cannot make a change to a transaction if that change would affect the total on a saved bank reconciliation or VAT return.

Locking previous periods

You can prevent transactions and entries from being changed or deleted by choosing the Lock Previous Periods command from the File menu. You can also apply a password if you want to stop other users unlocking a period.

You can prevent unauthorised users editing and deleting transactions by choosing the Set Up > Passwords command.

2_moveentries2

Section of an account window showing the Move Entries button that appears when you select one or more entries

Related topics

Prior period adjustments

Pre-VAT registration purchases