Reverse Transactions with GST

Before proceeding please contact your accountant.

Transactions with GST dated in a previously submitted BAS period can't be deleted as the GST has been included in your BAS.

Step 1. Edit the Original Transaction

• Locate the original transaction in Cashbook and click on the Edit button to view the details
• If the transaction is a brought forward transaction, you will need to change the accounting year (File > Change Accounting Year) where the transaction was originally entered
• You may wish to make a note of the details (account code, amount, GST, enterprise and quantity) used in each dissection for Step 3

Step 2. Make a reversing Transaction

Step 3. Complete the reversing transaction 

• The transaction type of the reversing entry must be the same as the original entry. i.e. if the brought forward/ duplicate entry was a payment, the reversing entry must also be a payment.
• Likewise, if the original was a receipt, the reversing entry must also be a receipt.
• The reversing transaction needs to be entered with the same dissections details (same account code, amount, GST, enterprise and quantity) but all amounts as negatives of the original entry.

Step 4. Reconcile and Tick both Transactions

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