Thanks for reaching out to the Community, Golden_Bee.
You should only create journal entries as a last resort, or with the help of your accountant if you're unsure of what to do. If necessary, you can reverse a journal entry to update and correct it.
Reversing entries can come in handy if you need to allocate a transactions between two accounting periods, or fix a debit and credit error. This simply reverses your debits and credits, it doesn't delete the original entry.
Here's how to reverse a journal entry:
- From the Chart of accounts screen, find the account you created for your journal entry.
- Click View register.
- Find the entry in your account register. The word "Journal" should be in its Ref No. or Type column.
- Hit the record to expand your view.
- Press Edit.
- Click Reverse.
- Select Save.
When you reverse a journal entry, QuickBooks creates a new one to balance it. This is a record of the change you made. It will have slightly different information:
- The new journal entry is dated the first day of the month following the original journal entry date.
- The new journal entry keeps the original journal no. and adds the letter "R". This means it's reconciled.
- The new journal entry keeps the same info, such as the Account, Name, and Description, as the original journal entry.
If an entry was created by mistake, you can permanently delete it. You'll need to be absolutely sure it needs to be deleted, otherwise it can unbalance your accounts. If you've invited an accountant to review the books, they can also make an adjusting journal entry instead of deleting the original one.
I'll be here to help if there's any additional questions. Have an awesome Monday!
