Thanks for posting to the Community, @ybw2020.
Reversing an invoice payment will cause the account out of balance. Please make sure that you posted a reversal for the transaction. It will cancel the effect of the original transaction and ensures your accounts are accurate.
In QuickBooks Online, instead of removing the transaction, you can record a reversing entry to void a transaction in another period. You can restore the transaction without any problems since it's still on record.
First, you can void the transaction using a journal entry.
- Open the transaction you want to void.
- Select More, then select Transaction journal from the pop-up menu.
- Keep selecting the Print (printer) icon until you get to the Print page.
- Select Print. This will serve as your reference.
- Select + New.
- Select Journal Entry.
- In the Journal date field, enter the date you want to show the transaction as reversed.
- Enter the accounts in reverse based on the printed transaction journal. Example: If the transaction you want to void is a bill payment, debit the bank account then credit accounts payable.
- Select Save, then close the window. The transaction is now voided.
For the second step, clear the transaction on the register. You can refer to this article: Void a transaction in another period.
You can also consult your accountant for help.
Please feel free to leave a comment if you need further assistance. I'll be around to help. Have a good one!
