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a week ago
a week ago
How to record the reversing entry for 'Spend Money' (direct debit used for finance repayment) that was accrued (show in bank feed) when our bank did not have enough funds in MYOB account right?
Solved! Go to Solution.
a week ago
a week ago
I used 'Receive Money' to do the reverse - see attached photo. Just wondering if it's correct
@Lisapapa1173 wrote:
How to record the reversing entry for 'Spend Money' (direct debit used for finance repayment) that was accrued (shown in bank feed) when our bank did not have enough funds in MYOB account right?
a week ago
a week ago
This is a public forum so you need to be a bit cautious about what you post. There are several ways to reverse an entry and I find using the Security function to "lock" transactions is the cleanest. Go to Setup, Preferences, and click on the Security tab - tick the first option "Transactions CAN'T be Changed; They Must be Reversed (System-wide)", click OK. You can then Edit the original transaction and Reverse it. Once you have recorded the reversal, you can go back into Security and untick the option to allow future Edits.
Cheers
Liz
a week ago
a week ago
Hi Liz
Thank you reply!
I know how to do this purchase reverse. This question here is, original transaction was a direct debit, normaly we do it from bank feed, spend money. But once as we didn't have enough fund in the bank, the amount debited bounced back, so how can I do this entry?
Cheers
a week ago
a week ago
Hi @Lisapapa1173,
Thanks for your post.
I understand you're seeking guidance on how to handle a reversing entry for a "Spend Money" transaction in MYOB due to insufficient funds in your bank account. In MYOB, you have the flexibility to reverse transaction and reprocess it with the correct details. One method is to record a "Receive Money" transaction for the same amount and using the same accounts as the original "Spend Money" transaction, effectively reversing its impact on your accounts.
If you have any further questions or need additional assistance, please don't hesitate to reach out.
Cheers,
Princess
a week ago
a week ago
Thank you, Princess. So I did correct
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