GL didn't update after updating account code for item

Qiu

Hi there,

I have two stock purchases, two stock item's asset account code were set up wrongly to income account, and caused these two purchases booked as income instead of inventory. After updating to correct account code to asset, the transaction journal didn't update accordingly, though it is updated via recap the transaction in purchase. how can we fix it?

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gavin12345

Hi Qiu,

 

When you change a setting in MYOB, it does not change existing transactions, it only applies to new transactions.

 

Recap Transaction is a misleading feature in MYOB when looking at an existing transaction - it does not show how the transaction was recorded, but rather shows how it would be recorded if you processed now.

 

So what you will need to do is put the settings back as they were when the transaction was recorded,  then reverse or delete the transaction. Fix the settings, then record the transaction again the way it should be. If this is not an option in your situation, the earlier transactions should be corrected via a general journal etc - discuss with your bookkeeper or accountant.

 

Regards

Gavin

gavinw222@gmail.com