I sold a vacuum cleaner to my business when it started in January and created a journal entry for this, with the estimated current value of the item being allocated to the 'owners contribution' account. I would like to now buy an new model for the shop and return this item to my home.
How do I reverse this transaction? It was part of my last BAS but as a sale from myself there was no GST so can I just remove it, or is the total value still reflected in the BAS, and therefore it's not able to be changed?
If so, would I just create a new journal entry with the item being 'sold' from the business back to mysaelf.
