Delete the Expense and re-enter it

If you are not using the Cashbook feature of the Incisive application you can just delete the incorrect expense entry and enter it again with the correct details.

  1. Delete the expense.
  2. Enter a new expense with the same date, correct amount and correct expense allocation.

If the GST period the transaction relates to has previously been closed off, the reversal transaction and new transaction will appear on your current GST return if the transaction was GST applicable.  This is correct.

Reconciled Expenses

Where an expense entry has been reconciled in the Cashbook it can no longer be deleted.

If you need to amend the expense transaction there are two ways this:

Un-reconcile the expense and delete it.

    1. In the cashbook, undo the reconciliation of all entries in the cashbook back to one entry beyond the incorrect expense.  Use the ‘Unreconcile’ button for this.
    2. Reconcile the last correct entry that you have just unreconciled.
    3. Close out of the Cashbook.
    4. Delete the expense.
    5. Enter a new expense with the correct details.
    6. In the cashbook reconcile this new (corrected) entry.

Create Journals entries.

If it is not possible to undo the reconciliation because the entry is too far back in the Cashbook, you can enter what is effectively a two sided journal entry.

  1. Enter a negative expense (- dollar value) with exactly the same details as the incorrect entry, i.e. same date, same dollar value (but negative) and same allocation to expense headings.
  2. Enter a new transaction with the correct dollar value, date and allocation to expense headings.
  3. In the cashbook, reconcile the reversal entry, i.e. –ve amount, together with the new corrected entry.  If these are the same dollar value they will cancel each other out and your bank balance will not be affected.  Reconcile them with the current date you are up to on your bank statement.  DO NOT try and make the date reconciled the same date as the transaction date of the expense entry as this may result in your Cashbook Control Report being out of balance.