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Sheen Solutions
Level 2
posted
‎July 09, 2020 10:03 PM
last updated ‎July 09, 2020 2:03 PM

Reclassification from Profit & Loss or Balance Sheet

Can someone help me  in doing reclassification from balance sheet. The owner uses own money to make purchases and the payment went to  cash in error instead of owners equity and reduces the cash balance in quickbooks.

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2 REPLIES 2
gayatriluthfias20
Level 7
‎July 11, 2020 06:47 AM

Reclassification from Profit & Loss or Balance Sheet

Hi @Sheen Solutions , i think you could make a reverse journal entry from the first journal that you make or delete it. See reverse and delete journal entry Then entry the right journal. 

Comment below for follow up question. Cheer.

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gayatriluthfias20
Level 7
‎July 11, 2020 06:51 AM

Reclassification from Profit & Loss or Balance Sheet

I mean not reversing the first journal, but make a new reverse journal.

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