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Crestwood Associates

Dynamics GP: How do you correct an entry that is already posted?  


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Dynamics GP General Ledger Back outIn Dynamics GP, you cannot void or alter an entry that has already been posted in the general ledger (GL). However, you can post a new entry to replace the incorrect one.

Dynamics GP comes with the ability to use Back Out or Back Out and Correct Entries functions. To use, click on the Correct button in the General Ledger Transaction window. But, if the entry was one from a subsidiary ledger, such as the Payables Transaction Entry, it is necessary to set the General Ledger Setup option first so that you can correct or void the subsidiary transactions.

Method

If the batch came from a subsidiary such as Payables, ensure that the General Ledger Setup is set to Allow Voiding/Correcting of Subsidiary Transactions. Follow this path from the Microsoft Dynamics GP button: Tools > Setup > Financial > General Ledger.

Dynamics GP Back out journal entries

Go into the Transaction Entry window by following this path: Transactions > Financial > General Entry. Then, click the Correct button located at the top of the window.

In the Action field, choose ‘Back Out a Journal Entry and Create a Correcting Entry’. Then enter the Original Journal Entry you want to fix.

If the entry came from a subsidiary such as Payables, you will be notified that the transaction was entered in the subsidiary ledger. It will ask you want to continue.

Click the Yes button to accept. Then click OK on the Correct Journal Entry window.

Dynamics GP Back out journal entries

This will create two journal entries. Post both of them.

The first entry will have the Reference: Back Out Journal Entry #### (with ##### being the number you are correcting). Post this one as is since you are reversing the original entry. You need to be sure the period is open related to the transaction date of the transaction.

Dynamics GP Back out journal entries

The second entry will appear right after you post the first. The reference will display Correct Journal Entry ##### (with ##### being the number you are correcting). Before posting, you can change the Transaction Date to fit in the period where it should have been entered. This is also the time to make any other necessary changes to accounts.

Dynamics GP Backout journal entries

Need someone to guide you through this or other processes? We can help. Get in touch by emailing us at [email protected].

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