Forum Discussion

Lisapapa1173's avatar
Lisapapa1173
Contributing User
2 years ago
Solved

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
    Princess_R
    2 years 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

Princess_R's avatar
Princess_R
MYOB Moderator
2 years 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's avatar
Lisapapa1173
Contributing User
2 years ago

Thank you, Princess. So I did correct

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.