Reverse or delete a journal entry in QuickBooks Online (2024)

by Intuit•251• Updated 3 days ago

Learn how to reverse a journal entry to swap the debits and credits, or delete it entirely.

You should only create journal entries as a last resort or with the help of your accountant. If you need to, you can reverse a journal entry to update and correct it. Or, if you created the entry by mistake, you can delete it.

For a better experience, open this article in QuickBooks Online. Launch side-by-side view

Reverse a journal entry

If you need to allocate a transaction between two accounting periods or fix a debit and credit error, follow these steps. This simply reverses the debits and credits - it doesn't delete the original journal entry:

1. Select Settings and thenChart of accounts (Take me there).
2. Find the account you created the journal entry for. Then selectView register.
3. Find the journal entry in the account register. The word "Journal" should be in theRef No. orType column.
4. Select the journal entry to expand the view. Then selectEdit.
5. SelectReverse.
6. SelectSave.

When you reverse a journal entry, QuickBooks creates a new journal entry to balance it. This is a record of the change you made. It has slightly different information:

• The new journal entry keeps the original journal no. and adds the letter "R". This means it's reconciled.
• The new journal entry is dated the first day of the month following the original journal entry date.
• The new journal entry keeps the same info, such as the Account, Name, and Description, as the original journal entry.

Delete a journal entry

If you created a journal entry by mistake, follow these steps to permanently delete it.You must be absolutely sure you need to delete the journal entry. This can quickly unbalance your accounts:

Note: If you invited your accountant to review your books, they can alsomake an adjusting journal entryinstead of deleting the original entry.

1. SelectSettings and then Chart of accounts (Take me there).
2. Find the account you created the journal entry for. Then selectView register.
3. Find the journal entry in the account register. The word "Journal" should be in theRef No. orType column.
4. Select the journal entry to expand the view.
5. SelectDelete.
6. SelectYes to confirm.