{"id":566,"date":"2015-03-14T09:33:30","date_gmt":"2015-03-14T14:33:30","guid":{"rendered":"http:\/\/www.terrcon.com\/dynamics-gp-support\/?p=566"},"modified":"2018-01-11T17:39:24","modified_gmt":"2018-01-11T22:39:24","slug":"correcting-journal-entries-dynamics-gp","status":"publish","type":"post","link":"https:\/\/www.terrcon.com\/dynamics-gp-support\/2015\/03\/correcting-journal-entries-dynamics-gp\/","title":{"rendered":"Correcting Journal Entries in Dynamics GP"},"content":{"rendered":"<p>Use the Correct Journal Entry window to back out posted transactions in Dynamics GP. When you back out a transaction, a new transaction is created using the debits and credits of the original transaction reversed. Any tax distributions and multidimensional analysis information also will be reversed. The source document code, currency ID, and transaction date are copied from the original transaction.<\/p>\n<p>You also have the option to create a new, correcting transaction using the debits and credits of the original transaction. The source document code, tax information, currency ID, transaction date, and multidimensional analysis information also are copied from the original transaction.<\/p>\n<p>You can back out the following posted transactions:<\/p>\n<ul>\n<li>Standard<\/li>\n<li>Reversing<\/li>\n<li>Clearing<\/li>\n<li>Quick Journal<\/li>\n<\/ul>\n<p>You can back out transactions that were posted during an open year or the most recent historical year.<\/p>\n<p>You can&#8217;t back out the following transactions:<\/p>\n<ul>\n<li>Voided Transactions<\/li>\n<li>Consolidated Transactions<\/li>\n<li>Transactions that were created during the year-end closing process<\/li>\n<li>Transactions that were posted to a historical year<\/li>\n<li>Clearing entries that use multiple currencies<\/li>\n<li>Clearing entries that use a single currency other than the functional currency<\/li>\n<li>Transactions that already have been backed out<\/li>\n<li>Transactions that were entered to back out a previous transaction<\/li>\n<\/ul>\n<p>You can back out and correct transactions originating in other modules if you marked the Voiding\/Correcting of Subsidiary Transactions option in the General Ledger Setup window. You also can back out intercompany transactions if you marked the Back Out of Intercompany Transactions option in the window.<\/p>\n<ol>\n<li>Open the General Ledger Setup window.<br \/>\n(Microsoft Dynamics GP menu &gt;&gt; Tools &gt;&gt; Setup &gt;&gt; Financial &gt;&gt; General Ledger)<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.terrcon.com\/tips\/images\/008-01.png\" alt=\"correct journal entry\" width=\"508\" height=\"530\" border=\"0\" \/><\/li>\n<li>Click the boxes under the allow to Void\/Correcting of Subsidiary Transaction and\/or Back Out of Intercompany Transactions<\/li>\n<li>Select OK to save your changes.<\/li>\n<\/ol>\n<p><span style=\"font-size: medium;\"><strong>To back out and correct a posted transaction:<\/strong><\/span><\/p>\n<ol>\n<li>Open the Transaction Entry window.<br \/>\n(Transactions &gt;&gt; Financial &gt;&gt; General)<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.terrcon.com\/tips\/images\/008-02.png\" alt=\"correcting journal entries\" width=\"508\" height=\"475\" border=\"0\" \/><\/li>\n<li>Choose Correct. The Correct Journal Entry window will open.<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.terrcon.com\/tips\/images\/008-03.png\" alt=\"gp tech tips\" width=\"466\" height=\"272\" border=\"0\" \/><\/li>\n<li>In the Correct Journal Entry window, select the Back Out a Journal Entry and Create a Correcting Entry option or the Back Out a Journal Entry option.<\/li>\n<li>Select the year that the transaction you&#8217;re backing out and correcting was posted. Select the journal entry number for the transaction.<\/li>\n<li>Choose OK. The Correct Journal Entry window will close and the new transaction will appear in the Transaction Entry window. The debits and credits from the original transaction will be reversed when you post the new transaction.<\/li>\n<li>Choose Post to post the transaction, or enter or select a batch ID number and choose Save to save the transaction in a batch.<\/li>\n<li>The correcting transaction will appear in the Transaction Entry window. The transaction will include the debits and credits of the original transaction. Modify the transaction, as necessary.<\/li>\n<li>Choose Post to post the correcting transaction, or enter or select a batch ID number and choose Save to save the transaction in a batch.<\/li>\n<li>Close the window.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Use the Correct Journal Entry window to back out posted transactions in Dynamics GP. When you back out a transaction, a new transaction is created using the debits and credits of the original transaction reversed. Any tax distributions and multidimensional analysis information also will be reversed. The source document code, currency ID, and transaction date &#8230; <a title=\"Correcting Journal Entries in Dynamics GP\" class=\"read-more\" href=\"https:\/\/www.terrcon.com\/dynamics-gp-support\/2015\/03\/correcting-journal-entries-dynamics-gp\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":"","footnotes":""},"categories":[1,17],"tags":[18],"class_list":["post-566","post","type-post","status-publish","format-standard","hentry","category-dynamicsgphelp","category-dynamics-gp-tech-tips","tag-gp-tech-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Correcting Journal Entries in Dynamics GP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.terrcon.com\/dynamics-gp-support\/2015\/03\/correcting-journal-entries-dynamics-gp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Correcting Journal Entries in Dynamics GP\" \/>\n<meta property=\"og:description\" content=\"Use the Correct Journal Entry window to back out posted transactions in Dynamics GP. 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When you back out a transaction, a new transaction is created using the debits and credits of the original transaction reversed. Any tax distributions and multidimensional analysis information also will be reversed. The source document code, currency ID, and transaction date ... 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