Reverse Entry for Spend Money

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?

Princess_R
7 months 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

Lisapapa1173
Contributing User
7 months 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?
- Princess_R
  MYOB Moderator
  7 months 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
  - Lisapapa1173
    Contributing User
    7 months ago
    Thank you, Princess. So I did correct
- Liz_A
  Valued User
  7 months ago
  Hi Lisapapa1173
  
  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
  - Lisapapa1173
    Contributing User
    7 months 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