How do I clear outstanding transactions from previous years

How do I Clear Outstanding Transactions from Previous Years

Any transaction included in a previous BAS cannot be deleted. It must be cancelled

To do this you will need to enter a reversing transaction

Step 1: Find the Transaction

In the Reconcile screen find the brought forward transaction

Step 2: Add

Click Add at the bottom of the screen to make a reversing transaction

Step 3: Create Reversing Transaction

If the brought forward transaction is a receipt the reversing transaction needs to be entered with the same dissections details (same account code) but with a negative for the Gross amount

Step 4: Reconcile

When reconciling tick both of the transactions. This will remove them from the reconcile screen while not changing your bank balance as they cancel each other out

Article ID 777