How to Reverse an Incorrect Journal Entry on Sage?

sage reverse journal entry

Sage 50 is a brilliant accounting application for small and large businesses. However, there can be some complications with Sage software. In case you have posted a wrong journal entry along with the wrong amount or date, we have described several ways that will help you to correct sage reverse journal entry. Just go through the article to get the best solution in detail.

Sage Reverse Journal Entry Deletion

In case you are using Sage 50 v22 or higher version and you have posted the journal entry by utilizing the current release, you can easily delete your journal entry.

Reversal – You may utilize the Reversals function in order to post the sage reverse journal entry.

Manual reversal – In case you prefer, then you may post additional journal entries to reverse the effect of wrong journals.

  • You also can set a journal entry in order to reverse on the provided date automatically.
  • In case you wish to activate this function, in the Settings > go to the Company Preferences > then click the Parameters > now choose the Enable Reversing Journals button > then click the OK button.
  • An extra Reversing Date dialogue box and then check the box after that. It will display a sage reverse Journal Entry screen.

Delete journals

    • In the Sage 50 v22 and higher version, you may now delete the journals which you have entered manually, such as, the salary journals.
    • Journals which created the Sage 50, system generated journals or imported journals, for example, those are created once you are running the year-end, then you cannot delete it.

But, you may still reverse it if needed, you need more information to reverse the journals, and then refer to the below-mentioned points.

  • Go to the Transactions > choose the journal which you wish to delete > then click the Delete button.
  • In case you wish to maintain a record of your journals prior to deleting them then you can utilize the Print List option or you can send it to the Excel options.
  • Go to the Delete button> then click the Yes button
  • When deleted, the journals will be displayed in the red from the Transactions module.

Utilize the Reversals function

  • Go to the Nominal codes option> click the Journal reversal button.
  • We suggest that you take back up now.
  • Go to the Backup Now function> now take all the backup of data > when the data backup is finished > then click the OK button.
  • Go to the Transaction Range dialogue box > type your transaction number range option and the date of transaction for journals which you need to reverse > then hit the OK button.

In order to find the journals which you want to reverse, enter the accurate date. This is a date of the transaction and not the date of posting. In case you do not know the transaction numbers, you may leave a range of transaction as default range in order to locate all the journals on that date.

  • Choose the journals which you wish to reverse >go to the Reverse button > then hit the Save button.
  • You have posted the reverse journal entry now. The reverse journals may show up on audit trail along with a reference of the REVERSE, and a detail box will appear on the actual transaction number.

Reverse a journal manually

  • In case you want to do Sage reverse journal entry manually, you should post the opposite entry along with the similar date as the actual posting. 

Here in this example, the accompanying journal is actually posted along with a wrong date:

N/C Name Details T/C Debit Credit
1103 Prepayment Prepayment entry T9 600.00
7100 Rent Prepayment entry T9 600.00

 

  • If you need to post the reverse journal entry
  • Go to the Nominal codes function> visit the Journal entry.
  • Complete your Journals screen, by utilizing the original wrong date as well as opposite debit or credit sums. In the example:

 

N/C Name Details T/C Debit Credit
1103 Prepayment Correction T9 600.00
7100 Rent Correction T9 600.00

 

  • In order to sage reverse journal entry correctly then you should utilize the similar date as an original journal.
  • In case you are not sure about the accurate information, you may get the details by running a Day Books: the Nominal Ledger report for an original journal date.
  • This report is accessible into the Nominal codes > go to the Reports section> then click the Day books.
  • Now hit the Save button.

Conclusion

After reading the above article If you still face any issue related to journal entry in sage 50, sage reverse journal entry or reverse transaction sage 50. Then directly call on ✆+1-800-961-6588 which is toll-free and talk with our team. We are available for you 24×7. If you want our instant reply then visit our website and talk with our team via Sage live chat.

Sage Support Number

Leave a Reply

Your email address will not be published. Required fields are marked *