How do I correct or edit ttransactions for the previous financial year. qbo will not allow me to do it.

regencyorganics · ‎November 19, 2020

GeorgiaC · ‎November 20, 2020

Thanks for getting back to me regencyorganics. The reason you are not able to correct/edit transactions does relate to you being on the FRS scheme.

Once an FRS period has been filed it's not possible to edit or delete a transaction within that period. What you can do to correct this is enter a journal entry which reverses those transaction(s) by following the steps below:

1. Open the transaction you want to create reverse journal for
2. View transaction journal (More > transaction journal)
3. Screenshot or open QuickBooks in a separate tab on the browser
4. Select + New > Journal entry
5. Enter the same date and account accounts -> reverse the debits and credits columns for each line
6. Exclude VAT control
7. Add vat onto each line of the journal

Thanks!

View solution in original post

GeorgiaC · ‎November 19, 2020

Hi regencyorganics,

Please check if you have the 'Close the books' settings enabled by going to the Cogwheel > Account & settings > Advanced > Accounting.

Thanks

regencyorganics · ‎November 19, 2020

close the books setting is off

GeorgiaC · ‎November 19, 2020

Thanks for checking that, were any of the transactions that you're trying to edit filed within QuickBooks on the Flat Rate Scheme?

regencyorganics · ‎November 20, 2020

Yes, we use the flat rate scheme although we no longer do our VAT return through QBO due to errors with the purchase of reverse charge services from the EU.

GeorgiaC · ‎November 20, 2020

Thanks for getting back to me regencyorganics. The reason you are not able to correct/edit transactions does relate to you being on the FRS scheme.

Once an FRS period has been filed it's not possible to edit or delete a transaction within that period. What you can do to correct this is enter a journal entry which reverses those transaction(s) by following the steps below:

1. Open the transaction you want to create reverse journal for
2. View transaction journal (More > transaction journal)
3. Screenshot or open QuickBooks in a separate tab on the browser
4. Select + New > Journal entry
5. Enter the same date and account accounts -> reverse the debits and credits columns for each line
6. Exclude VAT control
7. Add vat onto each line of the journal

Thanks!

regencyorganics · ‎November 20, 2020

This sounds really good. I will give it a try.

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How do I correct or edit ttransactions for the previous financial year. qbo will not allow me to do it.