To reverse a Receive Money transaction

If you haven’t already read the Receive Money Overview, see Finding, changing, reversing and removing Receive Money transactions for more information.

Use this procedure only if your transactions are unchangeable. See What are changeable and unchangeable transactions? for more information.

Note: If you wish to reverse a receipt that was recorded on a bank deposit of grouped undeposited funds

 If you wish to reverse a receipt that was recorded on a bank deposit of receipts grouped in the undeposited funds account, use the procedure To reverse a receipt that was recorded on a bank deposit for undeposited funds.

Whether a bank deposit or an individual receipt included on a bank deposit can be reversed depends upon whether your data file is changeable or unchangeable. For more information, see What are changeable and unchangeable transactions?

The receipt you want to reverse should be displayed in the Receive Money window. (If you need help doing this, see To find a Receive Money transaction.)

  1. Choose Reverse Deposit Transaction from the Edit menu. After a few moments, a new transaction, containing amounts exactly opposite of the amount in the original transaction will be displayed in the Receive Money window.

    If you want, you can make a few changes to the new transaction (such as the date and the memo), but you can’t change the accounts and amounts that are associated with it.

    If you’re reversing a receipt from a previous accounting period, consider assigning a date from that period to the new transaction. This will allow your reports for that accounting period to reflect the proper amounts.

  1. Click Record to save the reversed Receive Money transaction.

    At this point, the Receive Money transaction is reversed. All account balances have been returned to their previous levels.

To reverse a Receive Money transactions