This short video demonstrates how to back out the posted transaction and create a correcting entry in Microsoft Dynamics GP. This method provides a clean audit trail as Original and Correcting Entries will be referenced on the Journal Entry Inquiry windows.

 

 

As shown in the video, the steps are as follows:

1. Open the Transaction Entry window

2. Click the “Correct” button

3. Select the Action “Back Out a Journal Entry and Create a Correcting Entry”
You can also select “Back Out a Journal Entry” and it will not create a correcting entry

4. Select the year the journal entry was posted

5. Click on the lookup icon to select the original journal entry

6. Click “OK”

7. The Transaction Entry window will populate with a backing out entry

8. Click “Post”

9. The Transaction Entry window will populate with a correcting entry

10. Make the necessary corrections in the line items

11. Click “Post”

12. Print the posting journal
Posting Journal printing is ‘on’ by default, but can be turned off or modified at Tools>Setup>Posting>Posting

 

Please reach out if you have questions or need assistance.

Recorded by:
Alex Smyth, Senior GP Consultant
FMT Consultants