I'm here to assist you in recording your transaction properly by creating Journal entries in QuickBooks Online, @EmmBook.
Before proceeding, I recommend consulting an accountant to ensure accurate financial recordings.
Firstly, you'll need to create a Journal entry and Debit your affected bank account. Then, Credit your Accounts Payable. By following this process, you can effectively manage reversed transactions and resolve discrepancies between your business records and bank statements.
Here's how:
- Select + New.
- Click Journal entry.
- On the first line, select an account from the Account field for Debit and Credit column.
- Select Save and new or Save and close.
Next, unlink the payment from your bill and associate it with the Journal entry you created.
Once the original payment is unlinked from the bill, the bill's status will revert to open. Then, you can then proceed to reissue a new payment against this open bill. This ensures that the financial records remain accurate and up-to-date, reflecting the true status of your accounts payable.
If you need further assistance in managing your transaction, leave me a comment below. It's always a pleasure to help you, @EmmBook.
