QUESTION: 

How do you Void / Reverse a Revenue and Expense Journal Entry? 

 

If a Revenue and Expense journal entry was posted incorrectly and needs to be effectively “voided”, you will need to make a reversing journal entry. 

 

 

PROCESS: 

From JE’s > Miscellaneous > Revenue and Expense 

 

If this was the Original Revenue and Expense Journal Entry you posted:  

 

 

 This is the REVERSING journal entry you would need to post: 

 

 

On the reversing Revenue and Expense JE: 

 

  • The Transaction Date should be the same date as the original JE (as long as the original date is not in a reconciled month).  
  • Enter the Amount from the original JE as a Negative amount (ex:  -50.00 ) 
  • The Take From Account should be the same as the original JE.   
  • The Add To Account should be the same as the original JE. 
  • The Event Code should be the same as the original JE (if an Event Code was used). 
  • The Category should be the same as the original JE (if a Category was used)

 The Reference should be ““Reversing JE # < ####>, <####> “

 

This is what the reversing JE Proof Sheet would look like for this example: