You can reverse Journal Entry in new QuickBooks Online (QBO).
From the home page screen
- Select Create (+) sign (upper-middle)
- Select “Journal Entry” under Other heading
- Select small “Clock” icon for recent transactions, next to Journal Entry form title (upper-left-corner)
- Select Journal Entry needed to be reversed (select “More” link to expand the list if needed
- Select “Reverse” button at the bottom middle
- It will automatically assign sameJE# with R added. Change JE# if needed. Save
- See screenshots below for reference
What are the mains reasons to write a reversing Journal Entry?
- Correcting a mistake in the previously recorded transaction without deleting the original entry.
- Reversing accrual type of Journal Entry and replaced by posting the actual transaction so that the transaction is properly reflected between two accounting periods.
QuickBooks Tutorial – Journal Entry Debit and Credit
|If you found our answers useful then please contribute few bucks to support this forum. Thank you!
2015 Laser 1099-MISC Income, Federal Copy A, Bulk
Sign up QuickBooks for a 30-day FREE Trial