Forum Discussion

Lisapapa1173's avatar
Contributing User
3 months ago

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's avatar
    3 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.