I have come to the conclusion that you should never reverse a transaction.  The problem is that when you reverse a sales receipt and/or receiving voucher, it creates reversing transaction on the day that you reversed the transaction even though the original transaction maybe weeks ago. 

So what is the harm??  Let’s say you create a receiving voucher and then realize the following week that some of the items are the wrong price.  You go back and reverse the voucher, but some of those items have been sold.  POS has the wrong cost for those items and therefore your inventory value as well as Cost of Goods sold are now off.

So the proper way to fix this problem is to go back to the original transaction, copy it and then change all of the items to return items.  Change the date to the original date.  Record the transaction.  Then copy the original voucher and put the proper costs in.  Now inventory is correct.  You will need to manually adjust the costs accounts as it will not correct the balance automatically.  To do so find the Cost of Goods entry for the day of the sale and change the amount to match your new adjusted cost.

If you deal with a lot of cash sales, you will have to figure out a way to track when cash is pulled out of the drawer.  Create an other current asset account in QuickBooks Financial called Cash Drop.  When the cash is pulled from the drawer, code the amount to this account and in the comments put who pulled the cash.  During your z-out report, you will see a list of payouts that will include these amounts.  Count your cash from the drawer.  That plus the paid outs will equal the cash for the day.  In QuickBooks Financial, when you make your deposit of cash, it will have 2 parts.  The net cash from the transfer and then the amount from the Cash drop account will equal your deposit

Sorry, my life got a little crazy the past few months with a lot of personal drama.  But we are back.  I promise to update this blog as least once a week so hang in there.