Reversing Anything
This is fairly easy. In MOST CASES, whatever you did - do it again and put minus (-) signs in front of all the MONEY numbers you are asked for. (In the case of inventory items, enter minus QUANTITIES only.)
For example you wrote the following payment.
It's a nice payment - you just wrote it to the wrong account. Well, start over and write the payment again to the SAME account but put in these numbers.
The -$160.00 will get it off the account - note the last two lines of receipts. You are right back where you started with a balance of $2551.43.
Now go and write the receipt to the correct account.
Reversing sales etc. is done the same way. Just remember when dealing with the inventory, the number sold is entered with a minus sign, NOT the price you are selling it for.