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Sage 50 - How do I correct a Journal transaction?

Annasweetbaby
  • 49 posts
  • # 71635

Hi there, I wonder if anyone could help please: I use Sage 50, and there is a depreciation transaction I entered in the wrong nominal ledger code, it should be: JC 0041 Fixture & Fittings £100 JD 8002 Depreciation F&F £100 but I entered as JC 0041 Fixture & Fittings £100 JD 0042 Depreciation F&F £100 I went in the maintenance and try to correct it in the normal way, but it seems not letting me "Edit" or "Delete". What shall I do to correct this mess? Help is mostly appreciated. Anna

  • Member PM.Dip
  • Practice Licence
  • 39 posts
  • # 71636

Hi Anna
When you use jounal entries and make a wee mistake you cannot delete them you must reverse them. Take a note of the transaction number an date, go to company, reversal and enter these figures.
regards
Angie
Annasweetbaby
  • 49 posts
  • # 71647

Hi Angie,

Many thanks for your response. I did as you sugguested but all the transactions shows in my Audit Trail report, which is not very nice as people can see that I made a mistakeTongue out! Is there any other way to balance this but not to show what I did wrong? I am wondering would I be marked down if this happens in exam (I am taking the computeried exam in Level II next week)??

Many thanks

Anna
annepebo
  • Member PM.Dip
  • Practice Licence
  • 58 posts
  • # 71651

I believe the best way to correct a journal in Sage is to post another journal - either post the amount required to correct the original error, or post as the original but reversing the dr/cr and then enter your correct figures.  Record the reasoning behind the extra journals in your journal log, or narrative in the transaction.
Hope this helps
  • 46 posts
  • # 71652

Hi Anna

There are worse accounting crimes out there than journal errors...what's more important is putting it right. You won't be scorned for getting it wrong.

Aside from restoring from backup, there is no way around not showing it.

Have fun :-)
Helen.
  • Member PM.Dip
  • Practice Licence
  • 39 posts
  • # 71656

hellonwheels said:

“

Hi Anna

There are worse accounting crimes out there than journal errors...what's more important is putting it right. You won't be scorned for getting it wrong.

Aside from restoring from backup, there is no way around not showing it.

Have fun :-)
Helen.

”

I agree with Helen, we all make mistakes, whats important is that you find them and know how to correct them.
Best of luck in your exam.

Regards

Angie
Annasweetbaby
  • 49 posts
  • # 71677

AngieP said:

“hellonwheels said:
“

Hi Anna

There are worse accounting crimes out there than journal errors...what's more important is putting it right. You won't be scorned for getting it wrong.

Aside from restoring from backup, there is no way around not showing it.

Have fun :-)
Helen.

”

I agree with Helen, we all make mistakes, whats important is that you find them and know how to correct them.
Best of luck in your exam.

Regards

Angie
”

Hi Anne, Helen and Angie,

Thank you for your kind response. I have to admit that I didn't think from the ethical aspect and I agree with you.

 "whats most important is to find the mistakes and know how to correct them"

I think I learned something not only for accounting but also for life - very well said, Ladies.
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