How do I reverse a Journal Entry in QuickBooks Online?

You can reverse Journal Entry in QuickBooks Online (QBO).
From the home page screen

  • Select Create (+) sign (upper-middle)
  • Select “Journal Entry” under the Other heading
  • Select a small “Clock” icon for recent transactions, next to the Journal Entry form title (upper-left-corner)
  • Select Journal Entry needed to be reversed (select the “More” link to expand the list if needed
  • Select the “Reverse” button at the bottom middle
  • It will automatically assign the sameJE# with R added. Change JE# if needed. Save
  • See screenshots below for reference
Reverse Journal Entry
Reverse Journal Entry
Journal Entry Reversed
Journal Entry Reversed

What are the main 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


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