Reversing Transactions
Sage 50 Accounting provides two ways to make corrections to transactions: adjustments and reversals.
If you find an error in a transaction, you can reverse the transaction in one of two ways: click the Void button in the transaction window or reverse the transaction manually. You can reverse the following transactions:
- General Journal entries.
- Sales invoices, and receipts. To record an NSF cheque from a customer, you should reverse the receipt.
- Purchase invoices, and payments.
- Paycheques. You can reverse payroll transactions in the previous fiscal or calendar year, whichever is more recent.
- Paycheques. You can reverse payroll transactions in the next fiscal or calendar year.
- Remittance payments made in the Payments window.
Note: Also if you want to reverse paycheques in the next fiscal year or calendar year, you must have a service plan.
Reverse Transactions - One Step
For transactions that include details and are in the
current or previous fiscal period, you can use the
Void button 
in the transaction
window. Sage 50 Accounting automatically makes the necessary entries to
quickly reverse the transaction.
Reverse Transactions Manually
You must make a manual reversal when you no longer have the transaction details in your company file, or if the transaction is not from the current or previous fiscal period. If you find an error in a transaction after its details have been cleared, you must reversal it manually, and then enter the correct transaction details. You cannot delete transactions.
Note:
If you are using Sage 50 Accounting Sage 50 Accountant Edition, you have access to all of your client's accounts through the General Journal.