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How to reverse or void a transaction

Created on  | Last modified on 

Summary

Sage 50 Accounting doesn't allow deleting transactions, but you can reverse them.

Description

When you reverse a transaction, the debits and credits reverse back from the original state. The system saves a reversal entry for audit trail purposes.

Resolution

 NOTE: Before deleting a paid invoice, you need to reverse the vendor payment or reverse the customer receipt.

  1. Create a backup.
  2. If you're in Classic View, click Switch to Enhanced View at the top right.
    • These steps are easier to follow in Enhanced view

To reverse a general journal entry

  1. Go to Company, General Journal.
  2. Click the drop-down arrow on General Journal.
  3. Select Find General Journal Entry.
  4. Enter the Start and Finish dates.
  5. Click OK.
  6. Locate the journal entry that you want to reverse.
  7. Click Select to open the entry.
  8. From the top menu, select Entry, then Reverse Entry.
  9. A message will come up: "Are you sure you want to reverse this transaction?"
  10. Select Yes.

To reverse a paycheque

  1. Go to Employees & Payroll, Paycheques,
  2. Click the drop-down arrow on Paycheques.
  3. Select Find Paycheque.
  4. Enter the Start and Finish dates.
  5. Enter the Employee name.
  6. Click OK.
  7. Locate the paycheque that you want to reverse.
  8. Click Select.
  9. From the top menu, select Paycheque, Reverse Paycheque.
  10. A message will come up: "Are you sure you want to reverse this cheque?"
  11. Select Yes.

To reverse a sales or purchase invoice

  1. Go to Receivables/ Customers & Sales, Sales Invoices
    • Or Payables/ Vendors & Purchases, Purchase Invoices
  2. Click the drop-down arrow on Sales Invoices.
    • Or Purchase Invoices
  3. Select Invoice, Find Invoice.
  4. Enter the Start and Finish dates.
  5. Enter the Customer name or Vendor name.
  6. Click OK.
  7. Locate the invoice that you want to reverse.
  8. Click Select.
  9. From the top menu, select Sales, Reverse Invoice.
    • Or Purchase, Reverse Invoice
  10. A message will come up: "Are you sure you want to reverse this invoice?"
  11. Select Yes.