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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Reversing Increase an...
Finance | Project Operations, Human Resources, ...
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Reversing Increase and Decrease Adjustments from a prior period or year

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Posted on by Community member 1
How do you reverse Increase adjustments and decrease adjustments from prior periods (not prior years). These were most likely duplicate entries because they were not reconciled on the bank rec.  I know I can re-open the period but have already produced financials for those periods. 
 
Thanks
 
 
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Microsoft Dynamics GP
  • Community member Profile Picture
    Community member 2 on at
    Reversing Increase and Decrease Adjustments from a prior period or year
    First, identify the specific duplicate entries that need correction. These could be incorrect transactions, misclassifications, or other errors. Determine whether the adjustments should increase or decrease net income based on the nature of the error. You can reference this post: https://www.financestrategists.com/accounting/adjusting-merge fruits-entries/prior-period-adjustments/
  • Suggested answer
    Joseph Markovich Profile Picture
    Joseph Markovich 3,896 on at
    Reversing Increase and Decrease Adjustments from a prior period or year
    These transactions can be voided. When you open the Bank Transactions window, select "Void Transaction" in the drop-down box. Then pick the bank account and lookup the transaction to void.
     
    It should be in the lookup to select. 
     
    Then just change the date to the current date and hit Void at the top.
     
    In your bank rec, it will create a negative entry of the original entry. Then when doing bank rec, just select them both.
     
    I hope this helps.
    Joe

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