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Lisapapa1173's avatar
Lisapapa1173
Contributing User
14 days 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
    13 days 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

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's avatar
Princess_R
MYOB Moderator
13 days 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
    12 days ago

    Thank you, Princess. So I did correct