Quick Tip: Journal Entries Made Easy in Microsoft Dynamics GP

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Microsoft Dynamics GP has great features that you can take advantage of including the Journal Entry correction feature.  This feature allows you to correct journal entries that have been posted while providing you with a complete audit trail.  To use this feature, first go to the Transaction Entry window (Transactions > Financial > General). Then, click the Correct button. This will bring you to the Correct Journal Entry window where you will be presented with the option to either Back out a Journal Entry or Back out a Journal Entry and create a correcting entry.

If you select the Back out a Journal Entry option, specify the Journal Entry number and year of the transaction you want to correct.  GP will then create an entry which is the opposite of the original Journal Entry with a new Journal Entry number to offset the one you want to correct.  Post this correcting entry and you're done.

If you choose the Back out a Journal Entry and create a correcting entry option, specify the Journal Entry number and year of the transaction you want to correct.  The first entry created reverses your original entry. When you post or save the back out entry, a second entry is created. This is your original entry as a new journal that you can modify as needed.  Once you have completed all desired modifications, post the journal entry.

Dynamics GP provides quick and easy ways of managing all of your financial transactions including journal entries. For more information regarding Dynamics GP, visit Dynamics GP Partner, SBS Group or email [email protected].

By: SBS Group – New Jersey Microsoft Dynamics GP Gold Partner

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