Hi Trinity Church, If you are working in 2024 you can only make changes to 2023 or 2024. Sage allows you to work in one fiscal year and the immediate prior fiscal year. The best you can do to adjust for this reversing entry would be to use a general journal dated January 1, 2023. January 1, 2022 would still work if you have not advanced to 2024.

This entry would be reversing the original entry using the same accounts as the original with the exception of the revenue and expense accounts. In the entry for any of the 4xxx or 5xxx accounts use the account for Prior Period Retained Earnings (not 3600 Current Earnings) or any other 3xxx account. 

The above action could affect your bank balance and throw out your reconciliation. Sometimes it is better to reset your Bank Reconciliation as at a more recent date and not include this entry. You will then have to adjust your starting balance to remove the Discrepancy that will show up.

Hope this helps.

Hi Alwyn, 

Thank you dearly for your reply.  I am still working in 2023.  I reviewed the old data and there were two entries reversing each other but the reversal started showing up in my most recent back reconciliation.  I decided to just undue the entry.  So far I do not think any issues :-)  I am not a trained bookkeeper but I work at a church and doing my best.  So thankful for this community!

Blessings!

Rachel

Hi Alwyn, 

Thank you dearly for your reply.  I am still working in 2023.  I reviewed the old data and there were two entries reversing each other but the reversal started showing up in my most recent back reconciliation.  I decided to just undue the entry.  So far I do not think any issues :-)  I am not a trained bookkeeper but I work at a church and doing my best.  So thankful for this community!

Blessings!

Rachel