Edit or void reconciled transactions
Related information
Related topics
How you edit or void reconciled transactions depends on whether or not the period is open. If the period is open, edit or void the transaction as normal.
If the period is closed, you do one of the following:
- Void the payment using a void date in the current period.
- Reopen the books and reopen the reconciliation to make edits.
Then, reconcile and close the books again.
If you need to go back multiple reconciliations to make the necessary change, you need to re-reconcile all subsequent reconciliation periods to make sure all your information is correct.
Generally Accepted Accounting Principles (GAAP) is an accounting standard. Set by the standards organizations Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and Financial Accounting Foundation (FAF), GAAP ensures uniform and consistent financial reporting across governments, businesses, and noprofit organizations.
GAAP compliance works to make sure that financial reporting is transparent and adheres to well defined rules.
Sage Intacct adheres to these standards when creating workflows that help maintain GAAP compliance.
For example, some accounting software allows editing transactions in closed periods. Sage Intacct requires books to be reopened to make changes. This way, Sage Intacct ensures GAAP compliance, an accurate audit trail, and complete historical reporting.
