IN000010 in the income transaction list shown below is incorrect.
The dividend should have been $111.25 with a franking credit of $48.20.
To amend:
oClick on the Journal ID (IN000010)
oMclowd™ displays the transaction details:
A message may display at the top of the window detailing plans for software improvements to make editing easier.
Mclowd™ displays a warning message.
Click REVERSE TRANSACTION.
The Income List is displayed. IN000010 is no longer shown.
.
The corrected entry will be included in the INCOME LIST.
Go to ACCOUNTING and scroll down to Account 4-1180 Franked Dividend Amount.
Mclowd™ displays a list of Franked Dividend Income entries, including the newly entered correct dividend from Telstra.
At the bottom of the list, a section titled ”DELETED TRANSACTION FOR THE FINANCIAL YEAR nnnn-nnnn” displays both the incorrect transaction and the reversal.
Listing deleted transactions and their reversals in this manner preserves the audit trail, ensuring you and your auditor can verify that no improper deletions were made.
