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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!
Hi regencyorganics,
Please check if you have the 'Close the books' settings enabled by going to the Cogwheel > Account & settings > Advanced > Accounting.
Thanks
close the books setting is off
Thanks for checking that, were any of the transactions that you're trying to edit filed within QuickBooks on the Flat Rate Scheme?
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.
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!
This sounds really good. I will give it a try.
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